Basic Concepts - Jamb Economics Past Questions and Answers

Question 61:

• 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

Question 62:

• JAMB 2010

Economics is the study of human behaviour as it relates to the

A. Efficient allocation of resources
B. Production of goods
C. Operation of companies
D. Generation of income

Question 63:

• JAMB 2020

Scarcity in economics means?

A. Human wants are limitless
B. The economy has very few resources
C. The economy can scarcely produce anything
D. Resources are limited in relation to wants

Question 64:

• JAMB 2020

In economic life, the choice among alternatives depends on the?

A. Income of the decision maker
B. Scarcity of resources
C. The scale of preference of the decision-maker
D. Status of the decison maker

Question 65:

• JAMB 2021

Economics may be defined as ____________

A. The study of human behaviour in the allocation of scarce resources
B. The study of money and banking
C. The study of markets and prices
D. The study of production and distribution