Jamb Economics Past Questions and Answers

Question 2141:

• JAMB 2013

The optimum level of output of the firm is

A. BC
B. OB
C. OS
D. BS

Question 2142:

• 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

Question 2143:

• 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 2144:

• JAMB 2020

Which of the following is an example of an invisible item on the balance of payments account

A. Shipping and aviation
B. Exports and imports
C. Merchandise
D. Bullion

Question 2145:

• JAMB 2020

A major factor affecting the value of money is the?

A. Price level
B. Banking habits
C. Transaction motive
D. Divisible nature of money