Opportunity 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 2019

The expression of cost in terms of alternative forgone is referred to as ____?

A. Scarce resources
B. Decision making
C. Opportunity cost
D. Choice

Question 3:

• JAMB 2017

Opportunity cost helps the government to:

A. Distribute money to citizens
B. Support better production
C. Remove competition
D. Prepare budget

Question 4:

• JAMB 1978

Opportunity cost is a term which describe

A. The initial cost of setting up a business venture
B. Cost of one product in terms of foregone production of others
C. The monetary equivalent of the utility of commodity
D. Cost related to an optimum level of production
E. Implicit cost

Question 5:

• JAMB 1979

opportunity cost is the

A. Price of scarce goods
B. Resources required for making a commodity
C. Cost of luxury goods
D. Accrual of financial loses by chance
E. Althernative forgone in other to satisfy a want