Economics as a science - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1981

Economics may be defined as?

A. The study of money and banking
B. The study of markets and prices
C. The study of production and distribution
D. The study of human behaviour in the allocation of scarce resources
E. The study of the employment of labour, land, and capital

Question 27:

• JAMB 1981

The most basic concern of economists is to?

A. Create human wants
B. Satisfy all human want
C. Redistribute income so that it is used correctly
D. Create perfect competition
E. Study ways of allocating scarce resources in order to satisfy human wants

Question 28:

• JAMB 1981

Which of these statement is NOT true of economics as a discipline?

A. It is a social science
B. It is analytical
C. It is concerned with people's material well-being
D. It assumes limited human wants
E. It assumes unlimited human resources

Question 29:

• JAMB 1981

Opportunity cost is best defined as?

A. The penalty for not seizing golden opportunities
B. Sacrificed alternative (output, income etc.)
C. The cost of creating job opportunities
D. Payment made to an industrial worker
E. The difference between fixed and variable costs

Question 30:

• JAMB 1982

Economics is a science which deals basically with

A. The factors of production
B. Allocation of scarce resources
C. Oil exportation
D. The gross domestic product (GDP)
E. National income