JAMB Economics questions: Economics as a science

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

1. Question 1· 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 2· 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 3· 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 4· 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 5· 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 6· 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 7· 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 8· 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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   Explanation and discussion

9. Question 9· 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 10· 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 11· 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 12· 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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    Explanation and discussion

13. Question 13· 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 14· 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 15· 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