Economics as a science - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2019

Human wants are insatiable because wants are____________

A. Limited while means are scarce
B. Unlimited and means are also unlimited
C. Limited and means are also limited
D. Unlimited while means are scarce.

Question 7:

• 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 8:

• 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 9:

• 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 10:

• JAMB 2019

The basic economic problems of society include___________

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