Basic Concepts - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 1981

The most basic concern of economists is to?

A. Create human wants
B. Satisfy all human want
C. Redistribute income so that it is used correctly
D. Create perfect competition
E. Study ways of allocating scarce resources in order to satisfy human wants

Question 22:

• 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 23:

• JAMB 1982

Economics is a science which deals basically with

A. The factors of production
B. Allocation of scarce resources
C. Oil exportation
D. The gross domestic product (GDP)
E. National income

Question 24:

• JAMB 1982

Economics is a science which deals basically with

A. The factors of production
B. Allocation of scarce resources
C. Oil exportation
D. The gross domestic product (GDP)
E. National income

Question 25:

• 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