Opportunity cost - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1987

Which of the following best describes the concept of opportunity cost?

A. A special bargain or scale at below market price
B. Cost of input tends to go up as we use more of them
C. Goods that are not produced in order to produce more of another good
D. A cost that constantly decreases

Question 12:

• JAMB 1990

If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?

A. 50 oranges
B. 10 oranges
C. 5 oranges
D. 9.80

Question 13:

• JAMB 1990

If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?

A. 50 oranges
B. 10 oranges
C. 5 oranges
D. 9.80

Question 14:

• JAMB 1991

A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

A. The five naira she spent on the book
B. Five naira real cash value
C. The mirror
D. The book

Question 15:

• JAMB 1994

Opportunity cost is an economic concept which describes the?

A. Monetary equivalent of the utility of a commodity
B. Amount of time or money invested on a commodity
C. Sacrifice made for the satisfaction of a want
D. Cost of retaining an optimum level of production of commodities