JAMB and WAEC Economics questions: Economics as a science

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

1. Question 21· Economics as a science· WAEC

   A student who buys a textbook instead of a pair of shoes with the same money has incurred an opportunity cost equal to the

   • Atextbook
   • Bpair of shoes
   • Cmoney spent
   • Dbookshop's profit

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   Explanation and discussion

2. Question 22· Economics as a science· WAEC

   Economics is a social science because it studies

   • Ahuman behaviour in relation to scarce resources
   • Brocks and minerals
   • Cplants
   • Dthe stars

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   Explanation and discussion

3. Question 23· 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

4. Question 24· Economics as a science· WAEC

   Microeconomics studies

   • Anational income
   • Bthe behaviour of individual units such as firms and households
   • Cinflation in the whole economy
   • Dtotal employment

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   Explanation and discussion

5. Question 25· 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

6. Question 26· 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

7. Question 27· Economics as a science· WAEC

   Opportunity cost is

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

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   Explanation and discussion

8. Question 28· 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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   Explanation and discussion

9. Question 29· 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

10. Question 30· 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