Basic Concepts - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 1993

It is impossible to satisfy all human wants because?

A. Areas of fertile land are very limited
B. Oceans and seas limit land space for farming
C. Resources are not equitably distributed
D. Available resources are limited

Question 47:

• JAMB 1994

Opportunity cost is an economic concept which describes the?

A. Monetary equivalent of the utility of a commodity
B. Amount of time or money invested on a commodity
C. Sacrifice made for the satisfaction of a want
D. Cost of retaining an optimum level of production of commodities

Question 48:

• JAMB 1994

The necessity of choice is due to the fact that?

A. Human wants are insatiable
B. Consumers like to maximize satisfaction
C. Resources are abundant
D. Consumers are selective

Question 49:

• JAMB 1995

A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?

A. Check how much he has
B. Find out which is the cheapest of the items
C. Draw up a scale of preference
D. Weigh the opportunity cost of each item against the other

Question 50:

• JAMB 1997

Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore?

A. Inconsistent
B. Consistent
C. Transitive
D. Rational