Economics as a science - Jamb Economics Past Questions and Answers

Question 61:

• JAMB 1993

It is impossible to satisfy all human wants because?

A. Areas of fertile land are very limited
B. Oceans and seas limit land space for farming
C. Resources are not equitably distributed
D. Available resources are limited

Question 62:

• JAMB 1993

It is impossible to satisfy all human wants because?

A. Areas of fertile land are very limited
B. Oceans and seas limit land space for farming
C. Resources are not equitably distributed
D. Available resources are limited

Question 63:

• JAMB 1994

The basic economic problems of the society include?

A. What to produce, how and for whom
B. How to produce and sell
C. Scarcity, when to produce and how
D. Scarcity, for whom to produce and where

Question 64:

• JAMB 1994

The basic economic problems of the society include?

A. What to produce, how and for whom
B. How to produce and sell
C. Scarcity, when to produce and how
D. Scarcity, for whom to produce and where

Question 65:

• JAMB 1994

Opportunity cost is an economic concept which describes the?

A. Monetary equivalent of the utility of a commodity
B. Amount of time or money invested on a commodity
C. Sacrifice made for the satisfaction of a want
D. Cost of retaining an optimum level of production of commodities