Economics 1988 JAMB Past Questions

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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

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Economic 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

View Answer & Discuss (2) JAMB 1988

When a variable is associated with time period, it is?

A. a flow
B. a stock
C. circular
D. static

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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