Opportunity cost - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1999

Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?

A. N 1.5 m
B. N 2.0m
C. The house
D. The car

Question 17:

• 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 18:

• 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 19:

• 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 20:

• 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