Basic Concepts - Jamb Economics Past Questions and Answers

Question 26:

• 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 27:

• JAMB 1985

The meaning of scale of preference is?

A. Preparing a list of goods and services to be purchased in order of priority
B. Showing the monthly income
C. Budget preparation without due regard to proper proirities
D. Consumers' preference for luxury goods
E. Consumers preference for foreugn goods

Question 28:

• JAMB 1985

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

A. Inefficiency in the middlemen
B. Inefficiency in the production process
C. Long chain of the distribution system
D. Sovereignty of the consumers
E. Ineffectiveness of retailers

Question 29:

• JAMB 1986

Choice in economic life is necessitated by?

A. The need to construct scale of preference
B. The opportunity cost of consumption
C. Unlimited wants
D. Scarcity of economic resources

Question 30:

• JAMB 1986

Choice in economic life is necessitated by?

A. The need to construct scale of preference
B. The opportunity cost of consumption
C. Unlimited wants
D. Scarcity of economic resources