Economics as a science - Jamb Economics Past Questions and Answers

Question 96:

• JAMB 2020

Economics is often described as a social science because?

A. Laboratory experiments are performed
B. It makes use of controlled experiments
C. It uses scientific methods to explain an observed phenomenon and predict future events
D. It makes use of fieldwork

Question 97:

• JAMB 2020

In economic life, the choice among alternatives depends on the?

A. Income of the decision maker
B. Scarcity of resources
C. The scale of preference of the decision-maker
D. Status of the decison maker

Question 98:

• JAMB 2021

An economic problem arises when ____________

A. Sellers are few
B. Scarcity and choices are involved
C. Buyers are many
D. Money is in short supply

Question 99:

• JAMB 2021

Economics may be defined as ____________

A. The study of human behaviour in the allocation of scarce resources
B. The study of money and banking
C. The study of markets and prices
D. The study of production and distribution