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JAMB questions for "Economics :: Economic as a science"
Q1
Economics is the study of human behaviour as it relates to the
A
efficient allocation of resources
B
operation of companies
C
production of goods
D
generation of income
E
Q2
Musa has a choice of buying a shirt, a book and a bag, what is the opportunity cost of buying a book?
A
A bag only
B
A book and a bag
C
A shirt and a bag
D
A shirt only
E
Q3
The logical sequence of basic concepts in economics is
A
scarcity, choice, scale of preference and opportunity cost
B
scarcity, wants, choice and scale of preference
C
wants, choice, scarcity and opportunity cost
D
wants, scarcity, choice and opportunity cost
E
Q4
A decision on input combination solves the economic problems of
A
for whom to produce
B
what to produce
C
how to produce
D
when to produce
E
Q5
Choice involves opportunity cost because
A
not all goods have the same price
B
goods give different utilities
C
there are many goods to select from
D
available resources are inadequate
E
Q6
The opportunity cost of moving from K to L is
A
17 units of rice
B
2 units of rice
C
20 units of beans
D
5 units of beans
E
Q7
When a generalization is made based on observed facts, it is known as
A
deductive reasoning
B
inductive reasoning
C
theoretical reasoning
D
normative reasoning
E
Q8
Economics is regarded as a social science because it
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
deals with social problems
E
Q9
Economics can be defined as
A
reduction in spending in the face of competiting alternatives
B
the study of economic aggregates like inflation and national income
C
economic behaviour of small units like the household and the firm
D
allocation of resource to alternative uses
E
Q10
I What and how much will be produced? II. How will it be produced III. For whom will it be produced? IV. How much will be exported and consumed? From the above, identify the combination of basic resource allocation questions in economic analysis
A
I, II and III
B
I, II and IV
C
I, III and IV
D
II, III and IV
E
Q11
Abubakar has the choice of buying either a house or a Mercedes Benz car for N1.5m plus N0.5m running cost. If he decides to buy the Mercedes Benz car, his opportunity cost is
A
N1.5m
B
N2.0m
C
the house
D
the car
E
Q12
Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preference are therfore
A
inconsistent
B
consistent
C
transitive
D
rational
E
Q13
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
organisation production at the lowest cost
D
decide under what circumstances the government should intervene in the economy
E
Q14
A student in Obu'pu Secondary School discovers that he simultaneously needs a biro, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?
A
Check how much money he has
B
Find out which is the cheapest of the items
C
Draw up a scale of preference
D
weigh the opportunity cost of each item against the others
E
Q15
What to produce in any society is determined by the
A
expenditure of the people on different commodities
B
competition among the different producers
C
competition among the different consumers
D
supply and demand in the factor market
E
Q16
The basic economic problems of the society include
A
what to produce, how and for whom
B
how to produce and sell
C
scarcity, when to produce and how
D
scarcity, for whom to produce and where
E
Q17
Opportunity cost is an economic concept which describes the
A
monetary equivalent of the utility of a commodity
B
amount of time or money invested on a commodity
C
sacrifice made for the satisfaction of a want
D
cost of retailing an optimum level of production of commodities
E
Q18
The necessity of choice is due to the fact that
A
human wants are insatiable
B
consumers like to maximize satisfaction
C
resources are abundant
D
consumers are selective
E
Q19
It is impossible to satisfy all human wants because
A
areas of fertile land are very limited
B
ocean and seas limit land space for farming
C
resources are not equitably distributed
D
available resources are limited
E
Q20
Which of the following situations can give rise to economic problems?
A
Unlimited human wants
B
Wants of varying importance
C
Limited means available for satisfying wants
D
Means used in different ways
E
Q21
Scale of preference refers to
A
consumers preference for luxurious goods
B
the household monthly income
C
list of goods and services in order of priority
D
budget preparation without paying due regarded to priority
E
Q22
In market economy, the question of what, how and for whom to produce are solved by the
A
elected representatives of the people
B
planning committee
C
price mechanism
D
government
E
Q23
Economic goods are termed scarce goods when they are
A
not available in sufficient quantities to satisfy all wants for them
B
not produced in sufficient quantities to satisfy the effective demand for them
C
of high quality
D
of primary importance in satisfying the needs of a society
E
Q24
Macro-economics is a study of economic science from the point of view of
A
resource markets or production units
B
individual producers or consumers
C
aggregate of general economy
D
companies or individual firms
E
Q25
If one orange cost 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is
A
50 oranges
B
10 oranges
C
5 oranges
D
N9.80
E
Q26
In economics life, choice among alternatives depends on the
A
income of the decision maker
B
scarcity of resources
C
scale of preference of the decision maker
D
status of the decision maker
E
Q27
The need to construct a scale of preference is necessitated by
A
the need to satisfy wants
B
scarcity and the need for choice
C
scarcity of resources
D
non-availability of factors of production
E
Q28
The primary problem of economics is
A
to obtain a more equitable distribution of money income
B
the scarcity of productive resources relative to material needs
C
how to reach prices which correctly depict that products and resources are not in abundance
D
to teach people how to save so as to make more money
E
Q29
Scarcity in economics means that
A
human wants are limitless
B
the economy has very few resources
C
the economy can scarcely produce anything
D
resources are limited in relation to wants
E
Q30
Economics is often described as a science because
A
laboratory experiments are performed
B
it makes use of controlled experiments
C
it uses scientific methods to explain observed phenomena and predict future events
D
it makes use of field work
E
Q31
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
A
rational
B
consistent
C
inconsistent
D
tansitive
E
Q32
The study of the economic behaviours of individual decision-making units (consumers resources owners and business firms) in a free-enterprises economy is known as
A
micro-economics
B
macro-economics
C
production
D
difference curve
E
Q33
Which of the following best describes the concept of opportunity cost?
A
A special bargain or sale at below market price
B
Costs of inputs tend to go up as we use more of them
C
Goods that are not produced in order to produce more of another good
D
A cost that constantly decreases
E
Q34
Choice in economic life is necessitated by
A
the need to construct scale of preference
B
the opportunity cost of consumption
C
unlimited wants
D
scarcity of economic resource
E
Q35
Graham's law in Economics shows that
A
bad money drives good money out of circulation
B
good money drives bad money out of circulation
C
gold must be available to maintain the value of paper money
D
the price level varies directly with the quality of money
E
Q36
Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat the opportunity cost of his choice is the
A
cost of the book
B
cost of the hat
C
book
D
hat
E
N10.00
Q37
An economic problem exists whenever
A
there is scarcity and choice
B
there are no buyers for our goods
C
there are too many sellers
D
many people are out of work
E
all raw materials are imported
Q38
The meaning of scale of preference is
A
preparing a list of goods and services to be purchased in order of priority
B
showing the monthly income
C
budget-prepartion without due regard to proper priorities
D
consumers preference for luxurious good
E
consumers preference for foreign godds
Q39
The main economic objective behind the production of goods and services in any economy is to
A
maximize profits
B
satisfy human wants
C
become self-reliant
D
create job opportunities
E
make people wealthy
Q40
Which of the following defines Economics most comprehensively?
A
Buying and selling
B
Organization of industries
C
Study of human behaviour in the allocation of scarce resources
D
National development planning and budgeting
E
Banking and insurance
Q41
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
Q42
Economists speck about 'opportunity cost' when a person
A
has the opportunity to attain a high degree of cost minimization
B
has to forgo one thing in order to have another
C
can equate his fixed costs with his variable costs
D
is able to run his business without much expenditure
E
has to maximize utility in order to maintain a high standard of living
Q43
Choice arises because of scarcity of resources. In discussing this statement which of the following is NOT correct?
A
Human wants are numerous but the resources needed to satisfy them are limited
B
Given numerous wants are limited resources only individuals and business firms make choice
C
The process of making a choice involves opportunity cost
D
An economist is not interested in the morality or otherwise of any choice so made
E
Usually choice is made from a list of wants compiled in the context of scale of preference
Q44
Economics may be defined as
A
the study of money and banking
B
the study of markets and prices
C
the study of production and distribution
D
the study of human behaviour in the allocation of scarce resources
E
the study of the employment of labour, land and capital
Q45
Scarcity in economics generally refers to
A
a period of framing
B
monopolization of existing supply of resources
C
nationalization of sources of raw materials
D
the control of outlets to sell goods
E
none of the above
Q46
The most basic concern of economists is to
A
create human wants
B
satisfy all human wants
C
redistribute in income so that it is used correctly
D
create perfect competition
E
study ways of allocating scarce resources in order to satisfy human wants
Q47
Which of these statements is NOT true of economics as discipline?
A
It is a social science
B
It is analytical
C
It is concerned with people's material wellbeing
D
It assumes limited human wants
E
It assumes unlimited human resources
Q48
Opportunity cost is best defined as
A
the penalty for not seizing opportunity
B
sacrificed alternative (output, income etc.)
C
the cost of creating job opportunities
D
payment made to an industrial worker
E
the difference between fixed and variable costs
Q49
The fundamental problem of economies is
A
money
B
poverty
C
unemployment
D
the scarcity of resources relative to wants
E
inflation
Q50
If you do not have to give up anything in order to get a particular thing, then its opportunity cost is
A
zero
B
not measurable
C
its price in money
D
infinite
E
equal to one
Q51
Opportunity Cost is the
A
price of scarce goods
B
resources required for making a commodity
C
cost of luxury goods
D
accrual of financial losses by change
E
alternative that is forgone in order to satisfy a want
Q52
Economics is called a social science because it is
A
a branch of the social studies
B
a study of the ways man devises to satisfy his unlimited wants from limited resources
C
a dismal science in the Malthusian sense
D
governed by scientific laws
E
the study of human wants by means of scientific methods of observation
Q53
Opportunity cost is a term which describes
A
the initial cost of setting up a business venture
B
cost of one product in terms of foregone production of others
C
the monetary equivalent of utility of a commodity
D
cost related to an optimum level of production
E
implicit costs
Q54
Which of the following is NOT strictly included in the study of economics
A
The study of wants
B
The study of choice
C
Whether a particular want satisfies a good or bad purpose
D
The study of scarcity
E
The study of substitution