JAMB Economics questions

378 questions with answers and explanations. Tap an option to check yourself.

1. Question 61· Economics as a science· JAMB

   A student with ₦2,000 decides to buy a textbook instead of a pair of sandals. The opportunity cost of the textbook is the

   • A₦2,000
   • Bpair of sandals
   • Ctextbook
   • Dtime spent shopping

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   Explanation and discussion

2. Question 62· Economics as a science· JAMB

   The basic economic questions include

   • Awhat to produce, how to produce and for whom
   • Bwhen to vote
   • Cwhere to pray
   • Dwho to marry

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   Explanation and discussion

3. Question 63· Economics as a science· JAMB

   A production possibility curve shows

   • Athe prices of two goods
   • Bthe maximum combinations of two goods that can be produced with given resources
   • Cconsumers' demand for two goods
   • Dthe profit of a firm

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   Explanation and discussion

4. Question 64· Economics as a science· JAMB

   Which of the following is a positive statement?

   • AGovernment ought to reduce taxes
   • BAn increase in tax reduced petrol consumption by 5%
   • CFuel should be cheaper
   • DThe rich should pay more tax

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   Explanation and discussion

5. Question 65· Economics as a science· JAMB

   A list of wants arranged in order of importance is a

   • Ascale of preference
   • Bbudget
   • Cdemand schedule
   • Dprice list

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   Explanation and discussion

6. Question 66· Economics as a science· JAMB

   A point inside a country's production possibility curve indicates

   • Aan unattainable output
   • Bfull employment
   • Cunemployed or inefficiently used resources
   • Deconomic growth

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   Explanation and discussion

7. Question 67· Economics as a science· JAMB

   Deductive reasoning in economics moves from

   • Adata to tables
   • Bparticular facts to general laws
   • Copinions to facts
   • Dgeneral principles to particular conclusions

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   Explanation and discussion

8. Question 68· Economics as a science· JAMB

   Opportunity cost is best defined as

   • Athe total cost of production
   • Bthe money price of a good
   • Cthe next best alternative forgone
   • Dthe cost of imports

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9. Question 69· Economics as a science· JAMB

   The basic economic problem arises because

   • Aprices are too high
   • Bmoney is limited
   • Cresources are scarce relative to human wants
   • Dpeople are lazy

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10. Question 70· Economics as a science· JAMB

    The term 'ceteris paribus' means

    • Ain the long run
    • Bother things being equal
    • Cat equilibrium
    • Dthe more, the better

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    Explanation and discussion

11. Question 71· Economics as a science· JAMB

    A production possibility curve is concave to the origin because of

    • Afalling prices
    • Bconstant returns
    • Cunlimited resources
    • Dincreasing opportunity cost

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    Explanation and discussion

12. Question 72· Economics as a science· JAMB

    Which of the following best illustrates scarcity?

    • APrices rise during festive seasons
    • BA shop sells many brands of soap
    • CA state government cannot build all the roads and schools it wants with its budget
    • DA farmer harvests more yam than last year

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13. Question 73· Economics as a science· JAMB

    Economics is described as a social science because it

    • Auses laboratory experiments
    • Bstudies human behaviour in society
    • Cdeals only with money
    • Dstudies plants and animals

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14. Question 74· Economics as a science· JAMB

    Which of the following is a normative statement?

    • AA rise in price reduces quantity demanded
    • BNigeria's population is over 200 million
    • CThe government should reduce the price of fuel
    • DInflation rose last year

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    Explanation and discussion

15. Question 75· Economics as a science· JAMB

    A point inside the production possibility curve indicates

    • Afull employment
    • Bunemployed or inefficiently used resources
    • Cunattainable output
    • Deconomic growth

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    Explanation and discussion

16. Question 76· Factors of production· JAMB

    Geographical immobility of labour can be caused by

    • Agood transport
    • Bhousing costs and family ties
    • Ctraining
    • Dhigh wages elsewhere

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    Explanation and discussion

17. Question 77· Factors of production· JAMB

    The reward for capital is

    • Awages
    • Brent
    • Cinterest
    • Dprofit

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    Explanation and discussion

18. Question 78· Factors of production· JAMB

    Efficiency of labour depends on

    • Athe weather only
    • Bage only
    • Ceducation, health and tools
    • Dcolour of uniform

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19. Question 79· Factors of production· JAMB

    Which factor of production is fixed in supply and has no cost of production?

    • Aentrepreneurship
    • Blabour
    • Ccapital
    • Dland

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    Explanation and discussion

20. Question 80· Factors of production· JAMB

    Land as a factor of production includes

    • Amoney
    • Bmachinery
    • Cworkers
    • Dall natural resources such as minerals and forests

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    Explanation and discussion