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Economics 1995 JAMB Past Questions

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1
The ultimate objective of Economics is to?
  • A. make effort to understand how the Economy works
  • B. make the best use of scarce resources
  • C. organize production at the lowest cost
  • D. decide under what circumstances the government should intervene inthe economy
View Answer & Discuss (4) JAMB 1995
2
A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?
  • A. Check how much he has
  • B. Find out which is the cheapest of the items
  • C. Draw up a scale of preference
  • D. Weigh the opportunity cost of each item against the other
View Answer & Discuss JAMB 1995
3
What to produce in any society is determined by the?
  • A. expenditure of the people on different commodities
  • B. competition among the different producers
  • C. competition among the different consumers
  • D. supply and demand in the factor markets
View Answer & Discuss (2) JAMB 1995
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4
The active intervention of the central authorities in the management of a country's economy rest upon the?
  • A. failure of the market force to produce satisfactory result
  • B. superiority of the centrally planned economy over the private enterprise economy
  • C. result-oriented nature of the private enterprise economy
  • D. cost-minimization strategy of a mixed economy
View Answer & Discuss (1) JAMB 1995
5
The problems of conducting census include?
  • A. high rate of rural-urban migration
  • B. poor geographical distribution of population
  • C. high birth rate in tthe coutry
  • D. poor town planning in urban areas
View Answer & Discuss (4) JAMB 1995
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