Basic Concepts - Jamb Economics Past Questions and Answers

Question 56:

• JAMB 2002

In the diagrams, the opportunity cost of a unit of cotton in terms of cocoa is

A. 4 for Ghana; 2 for Nigeria
B. 20 for Ghana; 60 for Nigeria
C. 1/4 for Ghana; 1/2 for Nigeria
D. 5 for Ghana; 30 for Nigeria

Question 57:

• JAMB 2004

The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

A. 2 units of rice
B. 5 units of beans
C. 17 units of rice
D. 20 units of beans

Question 58:

• JAMB 2006

Choice involves opportunity cost because

A. Goods give different utilities
B. Available resources are inadequate
C. There are many goods to select from
D. Not all goods have the same price

Question 59:

• JAMB 2007

The logical sequence of basic concepts in economics is

A. Wants, scarcity, choice and opportunity cost
B. Wants , choice, scarcity and opportunity cost
C. Scarcity, wants , choice and scale of perference
D. Scarcity, choice ,scale of preference and opportunity cost.

Question 60:

• JAMB 2009

Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?

A. A bag only
B. A book and a bag
C. A shirit and a bag
D. A shirit only