Introduction To Economics Jamb Economics Past Questions
Question 1
The ultimate objectives of economics is to_________?
- A. decide under what circumstances that government should intervene in the economy
- B. Organize production at the lowest cost
- C. Make the best use of scarce resources
- D. make efforts to understands how the economy works
Question 2
The study of Economics becomes necessary because of the______________
- A. Large population size of the world
- B. Scarcity of resources
- C. Opportunity cost of goods and services
- D. Need to satisfy every desire of man
Question 3
The main concern of economists is to________-
- A. Control the growth of population
- B. Redistribute income between the rich and poor
- C. Satisfy all human wants
- D. Allocate scarce resources to satisfy human wants
Question 4
The study of economics is necessary mainly because of
- A. Unemployment
- B. Unlimited resources
- C. Scarcity of resources
- D. Overpopulation
Question 5
The production possibility curve can be used to explain the underlying concepts of
- A. scale of preference and choice
- B. opportunity cost and choice
- C. wants and means
- D. opportunity cost and scale of preference
