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Economics Past Questions

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3471

The basic economic problems of society include___________

  • A. scarcity, for whom to produce and where
  • B. what to produce, how and for whom
  • B. scarcity, when to produce and how
  • D. how to produce and sell
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3472

In an open economy, the GNP is measured as_____________?

  • A. C + 1 + G(X-M)
  • B. C + 1 + G
  • C. C + 1 + G + X
  • D. C + 1 + G + M
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3473

In a developing economy, productivity is measured by the____________

  • A. output - labour ratio
  • B. capital - output ratio
  • C. output growth rate
  • D. Output per capital
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3474

The need to construct a scale of preference is necessitated by____________

  • A. scarcity and the need for choice
  • B. The needs to satisfy wants
  • C. Non - availability of factors of production
  • D. Scarcity of resources
View Answer & Discuss (2) JAMB 2018
3475

The privatization exercise in Nigeria is a move towards a____________

  • A. command economy
  • B. mixed economy
  • C. subsistence economy
  • D. market economy
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