Basic Concepts - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 2015

The study of broad economic aggregates is

A. Macro economics
B. Deductive method of economic analysis
C. Micro economics
D. Inductive method of economics analysis

Question 12:

• JAMB 2015

The information that rank a consumer preferences is given by

A. Scale of preference
B. Indifference map
C. Demand schedule
D. Supply schedule

Question 13:

• JAMB 2015

The source of all economic problems arises from

A. Wants
B. Scarcity
C. Opportunity Cost
D. Scale of Preference

Question 14:

• JAMB 1978

Opportunity cost is a term which describe

A. The initial cost of setting up a business venture
B. Cost of one product in terms of foregone production of others
C. The monetary equivalent of the utility of commodity
D. Cost related to an optimum level of production
E. Implicit cost

Question 15:

• JAMB 1978

Which of the following is NOT strictly included In the study of economics?

A. The study of wants
B. The study of choice
C. Whether a particular want satisfies a good or bad purpose
D. The study of scarcity
E. The study of substitution