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Economics 1998 JAMB Past Questions

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1
One of the economic problems of Nigeria today arises from?
  • A. the over utilization of human and natural resources
  • B. unavailability of mineral resources
  • C. inadequate manpower resources
  • D. the under-utilization of human and natural resources
View Answer & Discuss (2) JAMB 1998
2
In certain circumstances, a centrally planned economy adopts the rationing system because of?
  • A. the scarcity of goods and services in the market
  • B. low real and money wages
  • C. the need for equitable distribution of goods and services
  • D. transportation and distribution problems
View Answer & Discuss JAMB 1998
3
Given that
B = Births
D = Death
X = Emigrants
M = Immigration
The population of a country over a period of time will rise if?
  • A. B = D and X > M
  • B. B - D = O and M > X
  • C. D - B = O and M = X
  • D. X > M and D > B
View Answer & Discuss JAMB 1998
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4
The short-run period in production is defined as a period when?
  • A. there is at least one fixed factor
  • B. all costs of production must be covered
  • C. the output cannot be varied
  • D. current output is not profitable
View Answer & Discuss JAMB 1998
5
Specialization often improves economic performance because it?
  • A. permits exploitation of economies of scale
  • B. incorporates external economies
  • C. is based on the law of variable proportions
  • D. allocates resources according to absolute advantage
View Answer & Discuss JAMB 1998
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