Economic Systems Jamb Economics Past Questions
Question 1
Which of the following is correct?
- A. Traditional budgeting focuses on goals and objectives
- B. Zero based budgeting produces a single level of appropriation for an activity
- C. Traditional budgeting starts with last yearâs funding appropriation
- D. Zero based budgeting does not systematically consider alternatives to current operations
Question 2
The graphs illustrate
- A. joint demand
- B. derived demand
- C. composite demand
- D. competitive demand
Question 3
In capitalist economies, questions about what to produce are ultimately answered by
- A. income level of households
- B. available technical skills in the economy
- C. output decisions of firms
- D. holding decision of households
Question 4
In a free market economy, the price system allocates resources?
- A. under government's directives
- B. to ensure general welfare
- C. to their best alternatives
- D. to reduce poverty
Question 5
If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?
- A. 6.00 tonnes
- B. 5.68 tonnes
- C. 0.60 ton
- D. 0.57 ton
