Opportunity cost - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 1980

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

A. Zero
B. Not measurable
C. Its price in money
D. Infinite
E. Equal to one

Question 7:

• JAMB 1981

Opportunity cost is best defined as?

A. The penalty for not seizing golden opportunities
B. Sacrificed alternative (output, income etc.)
C. The cost of creating job opportunities
D. Payment made to an industrial worker
E. The difference between fixed and variable costs

Question 8:

• JAMB 1982

Economist speak about 'opportunity cost' when a person

A. Has the opporunity to attain a high degree of cost minimization
B. Has to forego one thing in order to have another
C. Can equate his fixed costs with his variable costs
D. Is able to run his business without much expenditure
E. Has to maximize utility in order to maintain a high standard of living

Question 9:

• JAMB 1985

Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

A. Cost of the bok
B. Cost of the hat
C. Book
D. Hat
E. N10.00

Question 10:

• JAMB 1986

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

A. Variable cost
B. Opportunity cost
C. Total cost
D. Prime cost