Economics as a science - Jamb Economics Past Questions and Answers

Question 41:

• JAMB 1986

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

A. Variable cost
B. Opportunity cost
C. Total cost
D. Prime cost

Question 42:

• JAMB 1987

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

A. Microeconomics
B. Macroeconomics
C. Production
D. Indifference curve

Question 43:

• JAMB 1987

Which of the following best describes the concept of opportunity cost?

A. A special bargain or scale at below market price
B. Cost of input tends to go up as we use more of them
C. Goods that are not produced in order to produce more of another good
D. A cost that constantly decreases

Question 44:

• JAMB 1988

Scarcity in economics means that?

A. Human wants are limitless
B. The economy has very few resources
C. The economy can scarcely produce anything
D. Resources are limited in relation to wants

Question 45:

• JAMB 1988

Scarcity in economics means that?

A. Human wants are limitless
B. The economy has very few resources
C. The economy can scarcely produce anything
D. Resources are limited in relation to wants