Choice - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 1981

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

A. Human wants are numerous but the resources needed to satisfy them are limited
B. Given numerous wants and limited resources only individuals and businesss firms make choice
C. The process of making a choices involves opportunity cost
D. An economist is not interested morality or otherwise of any choice so made
E. Usually choice is made from a list of wants compliled in the context of a scale of preference

Question 3:

• JAMB 1981

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

A. Human wants are numerous but the resources needed to satisfy them are limited
B. Given numerous wants and limited resources only individuals and businesss firms make choice
C. The process of making a choices involves opportunity cost
D. An economist is not interested morality or otherwise of any choice so made
E. Usually choice is made from a list of wants compliled in the context of a scale of preference

Question 4:

• 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 5:

• 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