Economic Problems Of What To Produce, How To Produce, Whom To Produce Jamb Economics Past Questions
Question 1
The economic questions about what and how to produce in an economy is solely answered by the _______?
- A. government
- B. labour union
- C. private and public enterpriser
- D. system of economy practised
Question 2
A distribution is said to be positively skewed if it
- A. has a long tail to the left
- B. has a long tail to the right
- C. is bimodal
- D. is bell-shaped
Question 3
In a capitalist economy, the economic problem of what goods to produce is decided mainly by?
- A. shadow prices
- B. profit level
- C. relative prices
- D. a central planner
Question 4
(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(iv) How much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.
- A. i, ii and iii
- B. i, ii and iv
- C. i, iii and iv
- D. ii, iii and iv
Question 5
If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?
- A. less than zero
- B. decreasing
- C. constant
- D. increasing
