Basic Concepts - Jamb Economics Past Questions and Answers

Question 41:

• JAMB 1990

In economic life, choice among alternatives depends on the?

A. Income of the decision maker
B. Scarcity of resources
C. Scale of preference of the decision maker
D. Status of the decision maker

Question 42:

• 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 43:

• JAMB 1991

A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

A. The five naira she spent on the book
B. Five naira real cash value
C. The mirror
D. The book

Question 44:

• JAMB 1992

Scale of preference refers to?

A. Consumers preference for luxury goods
B. The household monthly income
C. List of goods and servicesin order of priority
D. Budget perparation without paying due regard to priority

Question 45:

• JAMB 1993

It is impossible to satisfy all human wants because?

A. Areas of fertile land are very limited
B. Oceans and seas limit land space for farming
C. Resources are not equitably distributed
D. Available resources are limited