JAMB Economics questions

378 questions with answers and explanations. Tap an option to check yourself.

1. Question 41· Economic growth and development· JAMB

   A major obstacle to economic development in Nigeria is

   • Ainadequate infrastructure such as power and roads
   • Btoo many skilled workers
   • Cvery low population
   • Dexcess capital

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2. Question 42· Economic growth and development· JAMB

   Foreign direct investment helps development by bringing

   • Aonly imports
   • Bonly loans
   • Conly aid
   • Dcapital, technology and jobs

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   Explanation and discussion

3. Question 43· Economic growth and development· JAMB

   Human capital development refers to investment in

   • Aforeign reserves
   • Bmachinery
   • Croads and bridges
   • Deducation and health

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4. Question 44· Economic growth and development· JAMB

   A rolling plan is a development plan that

   • Ais never written down
   • Blasts for twenty years unchanged
   • Cis revised and extended every year
   • Dcovers one month

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5. Question 45· Economic growth and development· JAMB

   Nigeria's NEEDS programme of 2004 stood for

   • ANational Economic Empowerment and Development Strategy
   • BNational Education and Employment Development Scheme
   • CNew Economic Export Development System
   • DNational Energy and Electricity Development Strategy

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6. Question 46· Economic systems· JAMB

   A traditional economy relies mainly on

   • Acentral planning
   • Bcustom and tradition
   • Cstock markets
   • Dcomputers

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7. Question 47· Economic systems· JAMB

   In a capitalist economy, resources are allocated mainly through

   • Areligious leaders
   • Bgovernment directives
   • Ctradition
   • Dthe price mechanism

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   Explanation and discussion

8. Question 48· Economic systems· JAMB

   Commercialisation of public enterprises means they

   • Aare sold to private owners
   • Bare run on business lines to cover costs
   • Care closed
   • Dare made free

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9. Question 49· Economic systems· JAMB

   Privatisation means

   • Anationalising private firms
   • Btransferring ownership of public enterprises to private investors
   • Cfixing prices of goods
   • Dbanning foreign firms

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10. Question 50· Economic systems· JAMB

    A feature of a capitalist economy is

    • Acentral planning of all output
    • Bthe profit motive and private enterprise
    • Cstate ownership of all land
    • Dabsence of competition

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11. Question 51· Economic systems· JAMB

    Under socialism, the major means of production are owned by

    • Aforeign companies
    • Bprivate individuals
    • Cthe state
    • Dtraditional rulers

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12. Question 52· Economic systems· JAMB

    The questions 'what to produce, how to produce and for whom to produce' are

    • Aquestions about foreign trade only
    • Bproblems found only in socialist economies
    • Cquestions answered only by the central bank
    • Dthe basic questions every economy must answer

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13. Question 53· Economic systems· JAMB

    A production possibility curve that shifts outwards shows

    • Aunemployment
    • Beconomic growth
    • Cinflation
    • Da fall in resources

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14. Question 54· Economic systems· JAMB

    A mixed economy is one in which

    • Aonly the government owns resources
    • Bboth the private sector and the government own and control resources
    • Conly individuals own resources
    • Dthere is no money

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15. Question 55· Economic systems· JAMB

    Consumer sovereignty is a feature of

    • Aa command economy
    • Ba market economy
    • Ca traditional economy only
    • Dfeudalism

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16. Question 56· Economic systems· JAMB

    In a traditional economy, what to produce is decided mainly by

    • Acentral planners
    • Bthe price mechanism
    • Ccustom and tradition
    • Dforeign investors

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17. Question 57· Economic systems· JAMB

    Consumer sovereignty in a free market economy means that

    • Aprices are fixed by law
    • Bthe government decides what consumers buy
    • Cconsumers own all factories
    • Dconsumers decide what is produced through their spending

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18. Question 58· Economic systems· JAMB

    In a command economy, prices are set mainly by

    • Athe government
    • Bmarket forces
    • Cconsumers' votes
    • Dtrade unions

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19. Question 59· Economic systems· JAMB

    A major disadvantage of a command (planned) economy is

    • Atoo much competition
    • Blimited consumer choice
    • Cexcessive advertising
    • Dhigh profits for individuals

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20. Question 60· Economic systems· JAMB

    In a command economy, resources are allocated mainly by

    • Agovernment planning
    • Bconsumer demand
    • Cprices
    • Dtradition

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    Explanation and discussion