Economics As A Science Jamb Economics Past Questions
Question 11
The most basic concern of economists is to?
- A. create human wants
- B. satisfy all human want
- C. redistribute income so that it is used correctly
- D. create perfect competition
- E. study ways of allocating scarce resources in order to satisfy human wants
Question 12
Economics is a science which deals basically with
- A. the factors of production
- B. allocation of scarce resources
- C. oil exportation
- D. the gross domestic product (GDP)
- E. national income
Question 13
Production in Economics can be defined as the
- A. totality of producing, buying and consuming
- B. transformation of raw materials and services in order to provide ultimate utility
- C. transformation of raw materials and services in order to make maximum profit
- D. production of goods and services for consumption
