Economics as a science - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 1988

Economic is often described as a science because?

A. Laboratory experiments are performed
B. It makes use of controlled experiments
C. It uses scientific methods to explain observed phenomena and predict future events
D. It makes use of field work

Question 47:

• JAMB 1988

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

A. Rational
B. Consistent
C. Inconsistent
D. Transitive

Question 48:

• JAMB 1988

Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?

A. Thrift
B. Value
C. Abundance
D. Scarcity

Question 49:

• JAMB 1989

The need to construct a scale of preference is necessitated by?

A. The need to satisfy wants
B. Scarcity and the need for choice
C. Scarcity of resources
D. Non-availability of factors of production

Question 50:

• JAMB 1989

The primary problem of Economics is?

A. To obtain a more equitable distribution of money income
B. The scarcity of productive resources relative to material needs
C. How to reach prices which correctly depict that products and resources are not in abundance
D. To teach people how to save so as to make more money