Basic Concepts - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 1988

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

A. Rational
B. Consistent
C. Inconsistent
D. Transitive

Question 37:

• JAMB 1988

Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?

A. Thrift
B. Value
C. Abundance
D. Scarcity

Question 38:

• JAMB 1989

The need to construct a scale of preference is necessitated by?

A. The need to satisfy wants
B. Scarcity and the need for choice
C. Scarcity of resources
D. Non-availability of factors of production

Question 39:

• JAMB 1990

If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?

A. 50 oranges
B. 10 oranges
C. 5 oranges
D. 9.80

Question 40:

• JAMB 1990

If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?

A. 50 oranges
B. 10 oranges
C. 5 oranges
D. 9.80