JAMB Economics Past Questions, Answers & Explanations - Economics

Jamb Economics Questions

Question 1:

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

A Human wants are numerous but the resources needed to satisfy them are limited
B Given numerous wants and limited resources only individuals and businesss firms make choice
C The process of making a choices involves opportunity cost
D An economist is not interested morality or otherwise of any choice so made
E Usually choice is made from a list of wants compliled in the context of a scale of preference

Question 2:

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

A Human wants are numerous but the resources needed to satisfy them are limited
B Given numerous wants and limited resources only individuals and businesss firms make choice
C The process of making a choices involves opportunity cost
D An economist is not interested morality or otherwise of any choice so made
E Usually choice is made from a list of wants compliled in the context of a scale of preference

Question 3:

Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

Question 4:

Two goods, X and Y, are said to be complementary when?

Question 5:

Which of the following is NOT true about specialization or division of labour?

A Specialization and exchange go hand in hand
B Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
C Division of labour needs not take account of the extent of the market
D Division of labour results in increased productivity
E Division of labour involves the danger of unemployment