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Thursday, 02 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:
Scarcity in economics means that?
  • A Human wants are limitless
  • B The economy has very few resources
  • C The economy can scarcely produce anything
  • D Resources are limited in relation to wants
View Answer & Explanation
Question 2:
Scarcity in economics means that?
  • A Human wants are limitless
  • B The economy has very few resources
  • C The economy can scarcely produce anything
  • D Resources are limited in relation to wants
View Answer & Explanation
Question 3:
Economic is often described as a science because?
  • A Laboratory experiments are performed
  • B It makes use of controlled experiments
  • C It uses scientific methods to explain observed phenomena and predict future events
  • D It makes use of field work
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Question 4:
When a variable is associated with time period, it is?
  • A A flow
  • B A stock
  • C Circular
  • D Static
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Question 5:
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
  • A Rational
  • B Consistent
  • C Inconsistent
  • D Transitive
View Answer & Explanation