Economics as a science - Jamb Economics Past Questions and Answers

Question 16:

• 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 17:

• JAMB 2015

The source of all economic problems arises from

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

Question 18:

• JAMB 1978

Economics is called a social science because it is

A. A branch of social studies
B. A study of the ways man devises to satisfy his unlimited wants from unlimited resources
C. A dismissal science in the Malthusian sense
D. Governed by scientific law
E. The study of human wants by the means of scientific method of observation

Question 19:

• 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 20:

• 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