JAMB and WAEC Economics questions

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

1. Question 121· Economics as a science· WAEC

   Economics is mainly concerned with how people

   • Arun governments
   • Bmake money quickly
   • Callocate scarce resources among competing wants
   • Dtrade with other countries

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   Explanation and discussion

2. Question 122· Economics as a science· WAEC

   A student who chooses to buy a textbook instead of a pair of shoes faces the problem of

   • Aunlimited resources
   • Bchoice arising from scarcity
   • Cfree goods
   • Dsurplus income

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   Explanation and discussion

3. Question 123· 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 124· 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 125· Economics as a science· WAEC

   Adaeze has ₦2,000 and can buy either a textbook or a pair of sandals. She buys the textbook. Her opportunity cost is

   • Anothing
   • Bthe textbook
   • C₦2,000
   • Dthe sandals

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   Explanation and discussion

6. Question 126· Economics as a science· WAEC

   A statement that can be tested against facts is called a

   • Apositive statement
   • Bnormative statement
   • Cvalue judgement
   • Dpolicy statement

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   Explanation and discussion

7. Question 127· 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

8. Question 128· 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

9. Question 129· Economics as a science· WAEC

   A scale of preference helps an individual to

   • Aavoid all choices
   • Bincrease income
   • Crank wants in order of importance
   • Dcreate resources

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   Explanation and discussion

10. Question 130· Economics as a science· WAEC

    The alternative forgone when a choice is made is known as

    • Amoney cost
    • Bopportunity cost
    • Cfixed cost
    • Dmarginal cost

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    Explanation and discussion

11. Question 131· Economics as a science· WAEC

    A statement that can be checked against facts, such as 'a rise in price reduces quantity demanded', is

    • Aan opinion
    • Ba normative statement
    • Ca value judgement
    • Da positive statement

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    Explanation and discussion

12. Question 132· 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

13. Question 133· Economics as a science· WAEC

    Opportunity cost refers to the

    • Atotal cost of production
    • Bmoney price of a good
    • Calternative given up when a choice is made
    • Dcost of borrowing

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    Explanation and discussion

14. Question 134· Economics as a science· WAEC

    Which of these is a positive economic statement?

    • AGovernment ought to cut taxes
    • BNigeria's inflation rate rose last year
    • CPrices should be controlled
    • DWorkers deserve higher wages

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    Explanation and discussion

15. Question 135· Economics as a science· WAEC

    Economics is best described as the study of how

    • Agovernments print money
    • Bfirms make profit at all costs
    • Csociety allocates scarce resources among competing wants
    • Dpeople save money in banks

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    Explanation and discussion

16. Question 136· 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

17. Question 137· 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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    Explanation and discussion

18. Question 138· 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

19. Question 139· 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

20. Question 140· 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