Jamb Economics 1985 Past Questions and Answers

Question 1:

• JAMB 1985

One main quality of a good is that it

A. Is sold in the market
B. Satisfies wants
C. Is made in the factory
D. Is always tangible
E. Is non-perishable

Question 2:

• JAMB 1985

One main quality of a good is that it

A. Is sold in the market
B. Satisfies wants
C. Is made in the factory
D. Is always tangible
E. Is non-perishable

Question 3:

• JAMB 1985

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 bok
B. Cost of the hat
C. Book
D. Hat
E. N10.00

Question 4:

• JAMB 1985

An economic problem exists whenever

A. There is scacity 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

Question 5:

• JAMB 1985

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 preparation without due regard to proper proirities
D. Consumers' preference for luxury goods
E. Consumers preference for foreugn goods