Basic Concepts - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2019

The study of Economics becomes necessary because of the______________

A. Large population size of the world
B. Scarcity of resources
C. Opportunity cost of goods and services
D. Need to satisfy every desire of man

Question 7:

• JAMB 2019

The expression of cost in terms of alternative forgone is referred to as ____?

A. Scarce resources
B. Decision making
C. Opportunity cost
D. Choice

Question 8:

• JAMB 2019

The need to construct a scale of preference is necessitated by____________

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

Question 9:

• JAMB 2017

Opportunity cost helps the government to:

A. Distribute money to citizens
B. Support better production
C. Remove competition
D. Prepare budget

Question 10:

• JAMB 2016

The study of economics is necessary mainly because of

A. Unemployment
B. Unlimited resources
C. Scarcity of resources
D. Overpopulation