Economics as a science - Jamb Economics Past Questions and Answers

Question 66:

• JAMB 1994

The necessity of choice is due to the fact that?

A. Human wants are insatiable
B. Consumers like to maximize satisfaction
C. Resources are abundant
D. Consumers are selective

Question 67:

• JAMB 1994

Every economy requires an accurate census because it assist in?

A. Solving inflation problem
B. Providing a sound framework for policy formulation
C. Stimulating economic activities in the national economy
D. Solving unemployment problem

Question 68:

• JAMB 1995

The ultimate objective of Economics is to?

A. Make effort to understand how the Economy works
B. Make the best use of scarce resources
C. Organize production at the lowest cost
D. Decide under what circumstances the government should intervene inthe economy

Question 69:

• JAMB 1995

The ultimate objective of Economics is to?

A. Make effort to understand how the Economy works
B. Make the best use of scarce resources
C. Organize production at the lowest cost
D. Decide under what circumstances the government should intervene inthe economy

Question 70:

• JAMB 1995

A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?

A. Check how much he has
B. Find out which is the cheapest of the items
C. Draw up a scale of preference
D. Weigh the opportunity cost of each item against the other