Economics As A Science Jamb Economics Past Questions
Question 1
Economics is often described as a social science because?
- A. laboratory experiments are performed
- B. It makes use of controlled experiments
- C. It uses scientific methods to explain an observed phenomenon and predict future events
- D. It makes use of fieldwork
Question 2
Economics may be defined as ________
- A. The study of human behaviour in the allocation of scarce resources
- B. The study of money and banking
- C. The study of markets and prices
- D. The study of production and distribution
Question 3
Economic freedom is a basic feature of economy
- A. an industrialized economy
- B. a planned economy
- C. a developed economy
- D. a market economy
Question 4
Economic can be defined as?
- A. reduction in spending in the face of competing alternative
- B. allocation of resources to alternative uses
- C. economic behaviour of small units like the household and the firm
- D. the study of economic aggregates like inflation and national income
Question 5
The ultimate objective of Economics is to?
- A. make effort to understand how the Economy works
- B. make the best use of scarce resources
- C. organize production at the lowest cost
- D. decide under what circumstances the government should intervene inthe economy
