JAMB and WAEC Economics questions: Economics as a science

30 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· WAEC

   Mrs. Bello has ₦10,000 but wants food, clothes and school books costing ₦25,000. Her problem illustrates

   • Aunemployment
   • Binflation
   • Cscarcity and choice
   • Dsurplus

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   Explanation and discussion

4. Question 4· 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

5. Question 5· 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

6. Question 6· 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

7. Question 7· 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

8. Question 8· 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

9. Question 9· 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

10. Question 10· 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

11. Question 11· 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

12. Question 12· 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

13. Question 13· 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

14. Question 14· 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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15. Question 15· 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

16. Question 16· 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

17. Question 17· 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

18. Question 18· 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

19. Question 19· 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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20. Question 20· 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