Jamb Economics 1987 Past Questions and Answers

Question 1:

• JAMB 1987

A production possibility curve shows?

A. How much of the resources of society are used to produce a particular commodity
B. The rate of inflation
C. The rate of unemployment in the economy
D. The various combinations of two commodities that can be produced

Question 2:

• JAMB 1987

A production possibility curve shows?

A. How much of the resources of society are used to produce a particular commodity
B. The rate of inflation
C. The rate of unemployment in the economy
D. The various combinations of two commodities that can be produced

Question 3:

• JAMB 1987

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

A. Microeconomics
B. Macroeconomics
C. Production
D. Indifference curve

Question 4:

• JAMB 1987

Which of the following best describes the concept of opportunity cost?

A. A special bargain or scale at below market price
B. Cost of input tends to go up as we use more of them
C. Goods that are not produced in order to produce more of another good
D. A cost that constantly decreases

Question 5:

• JAMB 1987

Market is defined as?

A. One geographical location where people meet to buy and sell
B. The demand and supply of goods and services
C. A group of people whose sole interest is to make profit
D. Any organizational framework which links the buyers and sellers of a good and service