Scarcity - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2018

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

A. Scarce
B. Unlimited
C. Free
D. Many

Question 3:

• JAMB 2018

The basic and essential economic problems in a community are related to choice and________

A. Freedom
B. Scarcity
C. Social class
D. Politics

Question 4:

• JAMB 2019

The study of Economics becomes necessary because of the______________

A. Large population size of the world
B. Scarcity of resources
C. Opportunity cost of goods and services
D. Need to satisfy every desire of man

Question 5:

• JAMB 2016

The study of economics is necessary mainly because of

A. Unemployment
B. Unlimited resources
C. Scarcity of resources
D. Overpopulation