Human wants are insatiable because wants are____________

Unlimited while means are scarce.

Unlimited and means are also unlimited

Limited and means are also limited

Unlimited while means are scarce.

Commercial bank reserves at the Central Bank____________

controlling credit and money supply

discouraging banking operations

A capital market differs from the money market in that in the former _____?

The percentage of interest charged is more

The population density of a town made up of 50 square kilometer land area and 100 million people is________

2 million people per square kilometer 

50,000 people per square kilometer

2 million people per square kilometer 

0.5 million people per square kilometer

20 million people per square kilometer

The basic economic problems of society include___________

what to produce, how and for whom

scarcity, for whom to produce and where

what to produce, how and for whom

The study of Economics becomes necessary because of the______________

Large population size of the world

Opportunity cost of goods and services

Need to satisfy every desire of man

JAMB UTME - Economics - 2018 | Green Bridge CBT

Question 1 Report

In the history of economics the concept of division of labour is usually associated With______________-

Karl Marx

Adam Smith

David Ricardo

J.M Keynes

Answer Details

The concept of division of labor is usually associated with Adam Smith, a Scottish economist who lived in the 18th century. Smith is known as the father of modern economics and his book "The Wealth of Nations" is considered a landmark in the history of economic thought. Division of labor is the process of breaking down the production of goods or services into smaller tasks, with each worker specializing in a particular task. Smith argued that this specialization allows workers to become more efficient and productive, as they become more skilled at their specific task over time. He famously used the example of a pin factory to illustrate the benefits of division of labor, showing how the productivity of the workers could be increased by breaking down the process of pin-making into smaller, specialized tasks. Smith believed that the division of labor not only increased productivity, but also led to economic growth and prosperity. By allowing each worker to focus on their specific task, and by encouraging trade and exchange between different workers and regions, the economy as a whole could become more efficient and produce more goods and services. This, in turn, would lead to greater wealth and prosperity for society as a whole. Overall, Smith's ideas about the division of labor had a profound impact on the development of modern economics and are still widely studied and discussed today.

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Types And Basic Features Of Economic Systems (WAEC)






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