Economics as a science - Jamb Economics Past Questions and Answers

Question 81:

• 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 82:

• 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

Question 83:

• 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 84:

• 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 85:

• JAMB 2006

A decision on input combination solves the economic problem of

A. How to produce
B. For whom to produce
C. When to produce
D. What to produce