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Jamb Economics Past QuestionsQuestions and Answers on Basic ConceptsQuestion 16:opportunity cost is the A. Price of scarce goods B. Resources required for making a commodity C. Cost of luxury goods D. Accrual of financial loses by chance E. Althernative forgone in other to satisfy a want Question 17:The fundamental problem of Economics is? A. Money B. Poverty C. Unemployment D. The scarcity of resources relative to wants E. Inflation Question 18: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 19:'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? A. Human wants are numerous but the resources needed to satisfy them are limited B. Given numerous wants and limited resources only individuals and businesss firms make choice C. The process of making a choices involves opportunity cost D. An economist is not interested morality or otherwise of any choice so made E. Usually choice is made from a list of wants compliled in the context of a scale of preference Question 20:'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? A. Human wants are numerous but the resources needed to satisfy them are limited B. Given numerous wants and limited resources only individuals and businesss firms make choice C. The process of making a choices involves opportunity cost D. An economist is not interested morality or otherwise of any choice so made E. Usually choice is made from a list of wants compliled in the context of a scale of preference |
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