Basic Concepts - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2018

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

A. Scarce
B. Unlimited
C. Free
D. Many

Question 2:

• JAMB 2018

The basic and essential economic problems in a community are related to choice and________

A. Freedom
B. Scarcity
C. Social class
D. Politics

Question 3:

• JAMB 2018

Economics is a social science concerned with the proper use and______

A. Production of goods and services
B. Distribution of wealth
C. Allocation of resources for growth
D. Creation of utility

Question 4:

• JAMB 2019

The economic term used to refer to human wants, desires or needs is known as?

A. Ends
B. Alternative means
C. Scarce
D. Means

Question 5:

• JAMB 2019

Human wants are insatiable because wants are____________

A. Limited while means are scarce
B. Unlimited and means are also unlimited
C. Limited and means are also limited
D. Unlimited while means are scarce.