Scarcity - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1988

Scarcity in economics means that?

A. Human wants are limitless
B. The economy has very few resources
C. The economy can scarcely produce anything
D. Resources are limited in relation to wants

Question 12:

• JAMB 1988

Scarcity in economics means that?

A. Human wants are limitless
B. The economy has very few resources
C. The economy can scarcely produce anything
D. Resources are limited in relation to wants

Question 13:

• JAMB 1988

Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?

A. Thrift
B. Value
C. Abundance
D. Scarcity

Question 14:

• JAMB 1991

Economic goods are termed scarce goods when they are?

A. Not available in sufficient quantities to satisfy all wants for them
B. Not produced in sufficient quantities to satisfy the effefctive demand for them
C. Of high quality
D. Of primary importance in satisfying the needs of a society

Question 15:

• JAMB 2020

Scarcity in economics means?

A. Human wants are limitless
B. The economy has very few resources
C. The economy can scarcely produce anything
D. Resources are limited in relation to wants