eZine · Nigerian exams
Economics as a science
JAMB Economics topic guide with 2 practice questions.
What to revise
- basic concepts: wants, scarcity, choice, scale of preference, opportunity cost, rationality, production, distribution, consumption
- economic problems of what, how and for whom to produce and efficiency of resource use
- application of PPF to solution of economic problems
You should be able to
- compare various concepts in economics and their applications
- interpret graphs/schedules in relation to the concepts
- identify economic problems
- proffer solutions to economic problems
From JAMB's Economics syllabus official. Full syllabus →
eZine's published bank has 9 questions on this topic (counted 29 October 2026).
Practice questions
Question 1 · Economics as a science
A production possibility curve for Nigeria shows maximum combinations of cassava and cement. A point INSIDE the curve indicates that
Show answer and explanation
Answer: B. some resources are unemployed or used inefficiently
Points inside the PPC are attainable but show idle or inefficiently used resources. Points outside are unattainable; growth is shown by an outward shift of the whole curve; opportunity cost is not "zero only at that point" — more of both goods can be produced, but that is about slack, not a special cost.
eZine practice question (original, teacher-reviewed)
Question 2 · Economics as a science
An Onitsha trader who, faced with limited capital, chooses the stock that gives her the highest expected satisfaction or profit is said to be acting
Show answer and explanation
Answer: A. rationally
Rational behaviour means choosing so as to maximise satisfaction or profit given scarce means. "Normative" refers to value judgements, "inductive" to a method of reasoning from observations, and "altruistic" to acting for others' benefit — none describes maximising choice.
eZine practice question (original, teacher-reviewed)
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