JAMB 1989 : Economics

1In its simplified form, the circular flow of income concept refers to the

  • A. real flow in goods and services between the product and factor markets
  • B. monetary payment for goods and services produced by individual firms
  • C. transactions in goods and services and payment for such transactions between individual firms and households
  • D. money flows associated with transactions between individual firms and households
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2The need to construct a scale of preference is necessitated by

  • A. the need to satisfy wants
  • B. scarcity and the need for choice
  • C. scarcity of resources
  • D. non-availability of factors of production
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3A shift in the production possibility frontier could result from

  • A. unemployment
  • B. changes in the combination of goods produced
  • C. inflation
  • D. changes in production techniques
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4The primary problem of Economics is

  • A. to obtain a more equitable distribution of money income
  • B. the scarcity of productive resources relative to material needs
  • C. how to reach prices which correctly depict that products and resources are not in abundance
  • D. to teach people how to save so as to make more money
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5Efficiency in production involves

  • A. reducing the size of the workforce
  • B. producing a given output with the lowest cost combination of factors of production
  • C. adoption of capital-intensive technology
  • D. increasing the quantity of the fixed factor of production
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