Economics as a science - Jamb Economics Past Questions and Answers

Question 76:

• JAMB 2000

Economic can be defined as?

A. Reduction in spending in the face of competing alternative
B. Allocation of resources to alternative uses
C. Economic behaviour of small units like the household and the firm
D. The study of economic aggregates like inflation and national income

Question 77:

• JAMB 2000

Economic can be defined as?

A. Reduction in spending in the face of competing alternative
B. Allocation of resources to alternative uses
C. Economic behaviour of small units like the household and the firm
D. The study of economic aggregates like inflation and national income

Question 78:

• JAMB 2000

(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(IV) How much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.

A. I, ii and iii
B. I, ii and iv
C. I, iii and iv
D. Ii, iii and iv

Question 79:

• JAMB 2001

Economics is regarded as a social science because it?

A. Adopts the scientific method in production
B. Is an agent of socialization
C. Adopts the scientific method in the study of human behaviour
D. Adopts the scientific method with social problems

Question 80:

• JAMB 2001

A major problem facing all economies is how to?

A. Increase consumption of imported goods
B. Improve trade among nations
C. Transform from a developing to a developed economy
D. Allocate scarce resources