Accountants' and Economists' notions of cost - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 1980

From an economic point of view, an activity does not have a cost when

A. Someone else pays for it
B. The returns are greater than the cost
C. The choice involves giving up nothing
D. The government pays for it
E. It is paid for from a gift

Question 3:

• JAMB 1995

The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?

A. A fixed cost
B. An implicit cost
C. A variable cost
D. A prime cost

Question 4:

• JAMB 2020

A company's expenditure on raw materials is regarded as?

A. Explicit cost
B. Implicit cost
C. Prime cost
D. Average cost