Basic Concepts Economics(wants, Scarcity, Choice, Scale Of Preference, Opportunity Cost, Rationality) Jamb Economics Past Questions
Question 1
An economic problem arises when________
- A. Sellers are few
- B. Scarcity and choices are involved
- C. Buyers are many
- D. Money is in short supply
Question 2
Scale of preference shows
- A. incomes of consumers in order of size
- B. utilities enjoyed by consumers
- C. opportunity cost of goods consumed
- D. consumer's wants in order of priority
Question 3
Economics problems arise in all societies because
- A. resources are mismanaged by leaders
- B. there is no proper planning
- C. resource are not in adequate supply
- D. the services of economists are not employed
Question 4
Opportunity cost helps the government to:
- A. Distribute money to citizens
- B. support better production
- C. remove competition
- D. prepare budget
Question 5
The need to construct a scale of preference is necessitated by____________
- A. scarcity and the need for choice
- B. The needs to satisfy wants
- C. Non - availability of factors of production
- D. Scarcity of resources
