Economics as a science - Jamb Economics Past Questions and Answers

Question 86:

• 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 87:

• JAMB 2007

The choice of what to produce in a command economy is determined by

A. Industrial establishments
B. Labour unions
C. The government and labour unions
D. The central government

Question 88:

• JAMB 2007

The term ceteris paribus implies that

A. Resources are scarce
B. Human problems can be solved
C. Human beings are unpredictable
D. All factors are fully utilized

Question 89:

• 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 90:

• 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