Basic Concepts Economics(wants, Scarcity, Choice, Scale Of Preference, Opportunity Cost, Rationality) Jamb Economics Past Questions
Question 51
One main quality of a good is that it
- A. is sold in the market
- B. satisfies wants
- C. is made in the factory
- D. is always tangible
- E. is non-perishable
Question 52
The meaning of scale of preference is?
- A. preparing a list of goods and services to be purchased in order of priority
- B. showing the monthly income
- C. budget preparation without due regard to proper proirities
- D. consumers' preference for luxury goods
- E. consumers preference for foreugn goods
Question 53
An economic problem exists whenever
- A. there is scacity and choice
- B. there are no buyers for our goods
- C. there are too many sellers
- D. many people are out of work
- E. all raw materials are imported
Question 54
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
Question 55
Choice in economic life is necessitated by?
- A. the need to construct scale of preference
- B. the opportunity cost of consumption
- C. unlimited wants
- D. scarcity of economic resources
