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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

One main quality of a good is that it

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A Is sold in the market
B Satisfies wants
C Is made in the factory
D Is always tangible
E Is non-perishable

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Question 2:

One main quality of a good is that it

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A Is sold in the market
B Satisfies wants
C Is made in the factory
D Is always tangible
E Is non-perishable

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Question 3:

Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

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A Cost of the bok
B Cost of the hat
C Book
D Hat
E N10.00

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Question 4:

An economic problem exists whenever

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A There is scacity and choice
B There are no buyers for our goods
C There are too many sellers
D Many people are out of work
E All raw materials are imported

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Question 5:

The meaning of scale of preference is?

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A Preparing a list of goods and services to be purchased in order of priority
B Showing the monthly income
C Budget preparation without due regard to proper proirities
D Consumers' preference for luxury goods
E Consumers preference for foreugn goods

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