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Economics Past Questions and Answers

Jamb Economics Questions

Question 6:

A normal good with close substitutes is likely to have its price elasticity of demand?

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A Between zero and one
B Equal to unity
C Less than unity
D Greater than unity

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Question 7:

Economics is regarded as a social science because it?

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A Adopts the scientific method in production
B Is an agent of socialization
C Adopts the scientific method in the study of human behaviour
D Adopts the scientific method with social problems

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Question 8:

A change in supply is best described as a?

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A Movement along the supply curve
B Shift of the supply curve to the left or to the right
C Shift of the supply curve to the left
D Shift of the supply curve to the left

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Question 9:

When a generalization is made based on observed facts, it is known as?

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A Deductive reasoning
B Inductive reasoning
C Theoretical reasoning
D Normative reasoning

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Question 10:

A major problem facing all economies is how to?

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A Increase consumption of imported goods
B Improve trade among nations
C Transform from a developing to a developed economy
D Allocate scarce resources

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