Economics as a science - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 1985

An economic problem exists whenever

A. There is scacity and choice
B. There are no buyers for our goods
C. There are too many sellers
D. Many people are out of work
E. All raw materials are imported

Question 37:

• JAMB 1985

The meaning of scale of preference is?

A. Preparing a list of goods and services to be purchased in order of priority
B. Showing the monthly income
C. Budget preparation without due regard to proper proirities
D. Consumers' preference for luxury goods
E. Consumers preference for foreugn goods

Question 38:

• JAMB 1985

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

A. Inefficiency in the middlemen
B. Inefficiency in the production process
C. Long chain of the distribution system
D. Sovereignty of the consumers
E. Ineffectiveness of retailers

Question 39:

• JAMB 1986

Choice in economic life is necessitated by?

A. The need to construct scale of preference
B. The opportunity cost of consumption
C. Unlimited wants
D. Scarcity of economic resources

Question 40:

• JAMB 1986

Choice in economic life is necessitated by?

A. The need to construct scale of preference
B. The opportunity cost of consumption
C. Unlimited wants
D. Scarcity of economic resources