Economics as a science - Jamb Economics Past Questions and Answers

Question 71:

• JAMB 1995

What to produce in any society is determined by the?

A. Expenditure of the people on different commodities
B. Competition among the different producers
C. Competition among the different consumers
D. Supply and demand in the factor markets

Question 72:

• JAMB 1997

Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore?

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

Question 73:

• JAMB 1998

One of the economic problems of Nigeria today arises from?

A. The over utilization of human and natural resources
B. Unavailability of mineral resources
C. Inadequate manpower resources
D. The under-utilization of human and natural resources

Question 74:

• JAMB 1999

Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?

A. N 1.5 m
B. N 2.0m
C. The house
D. The car

Question 75:

• JAMB 1999

Normative economics deals with?

A. What is and not what should be
B. Facts and not figures
C. Facts and figures
D. Value judgements