Jamb Economics 1986 Past Questions and Answers

Question 1:

• JAMB 1986

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 resources

Question 2:

• JAMB 1986

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 resources

Question 3:

• JAMB 1986

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

A. Variable cost
B. Opportunity cost
C. Total cost
D. Prime cost

Question 4:

• JAMB 1986

Under normal circumstances the concept of consumers sovereignty implies that

A. The consumer and not the producer owns the means of production
B. The producer and not the consumer determines what is to be produced
C. The consumer and not the producer determines what is to be produced
D. Both the consumer and the producer determines what should be produced

Question 5:

• JAMB 1986

A firm is at its optimum size when?

A. It produce the greatest output at a minimum cost
B. It has a motive to increase output
C. Marginal cost equals marginal revenue
D. Marginal cost is less than marginal revenue