Economics as a science - Jamb Economics Past Questions and Answers

Question 31:

• 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 32:

• 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

Question 33:

• JAMB 1983

The concept of economic efficiency primary refers to?

A. Obtaining the maximum output from available resources at the lowest cost
B. Conservation of our petroleum resources
C. Equity in the distribution of the nation's wealth
D. Producing without waste
E. The limited wants-unlimited resources dilemma

Question 34:

• JAMB 1983

Which of the following defines Economics most comprehensively?

A. Buying and selling
B. Organization and Industries
C. Study of human behaviour in the allocation of scarce resources
D. National development planning and budgeting
E. Banking and Insurance

Question 35:

• 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