Question 511:

• JAMB 1980

The fundamental problem of Economics is?

A. Money
B. Poverty
C. Unemployment
D. The scarcity of resources relative to wants
E. Inflation

Question 512:

• JAMB 1980

If you do not have to give 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

Question 513:

• JAMB 1980

Which of the following is the standard concept for measuring and analyzing population growth?

A. The rate of natural increase
B. The net migrate
C. The rate of population increase
D. The fertility rate
E. All of the above

Question 514:

• JAMB 1980

When we draw a market demand curve, we?

A. Ignore tastes, incomes and other prices
B. Assumes that tastes, income and prices do not matter
C. Assumes that taste, income and all other prices change in same direction as prices
D. Assume that tastes, incomes and all other prices remain constant
E. Both A and B above

Question 515:

• JAMB 1980

Capital earns income because?

A. It is productive
B. It is expensive
C. It is always cheaper to substitute capital for labour
D. It is technically more efficient than labour
E. Both A and B above