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Economics as a science - Jamb Economics Past Questions and Answers

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Jamb Economics Past Questions

Jamb Past Questions and Answers on Economics as a science

Question 51:


If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?

A. 50 oranges
B. 10 oranges
C. 5 oranges
D. 9.80


Question 52:


If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?

A. 50 oranges
B. 10 oranges
C. 5 oranges
D. 9.80


Question 53:


In economic life, choice among alternatives depends on the?

A. Income of the decision maker
B. Scarcity of resources
C. Scale of preference of the decision maker
D. Status of the decision maker


Question 54:


Economic goods are termed scarce goods when they are?

A. Not available in sufficient quantities to satisfy all wants for them
B. Not produced in sufficient quantities to satisfy the effefctive demand for them
C. Of high quality
D. Of primary importance in satisfying the needs of a society


Question 55:


A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

A. The five naira she spent on the book
B. Five naira real cash value
C. The mirror
D. The book






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