Basic Concepts - Jamb Economics Past Questions and Answers

Question 51:

• JAMB 1999

Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?

A. N 1.5 m
B. N 2.0m
C. The house
D. The car

Question 52:

• JAMB 1999

Normative economics deals with?

A. What is and not what should be
B. Facts and not figures
C. Facts and figures
D. Value judgements

Question 53:

• JAMB 2000

Economic can be defined as?

A. Reduction in spending in the face of competing alternative
B. Allocation of resources to alternative uses
C. Economic behaviour of small units like the household and the firm
D. The study of economic aggregates like inflation and national income

Question 54:

• JAMB 2001

A consumer's scale of preference is an arrangement of his?

A. Scarce resources in order of importance
B. Needs in order of importance
C. Sources of income and their importances
D. Requirements and how to satisfy them

Question 55:

• JAMB 2002

A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?

A. The ruler
B. The exercise book
C. N25.00
D. 18.00