Basic Concepts Economics(wants, Scarcity, Choice, Scale Of Preference, Opportunity Cost, Rationality) Jamb Economics Past Questions
Question 56
Under normal circumstances, the concept of consumers sovereignty implies that
- A. the consumer and not the producer owns the means of production
- B. the producer and not the consumer determines what is to be produced
- C. the consumer and not the producer determines what is to be produced
- D. both the consumer and the producer determines what should be produced
Question 57
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 58
Which of the following is NOT strictly included In the study of economics?
- A. The study of wants
- B. The study of choice
- C. Whether a particular want satisfies a good or bad purpose
- D. The study of scarcity
- E. The study of substitution
Question 59
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
Question 60
An economic problem arises when?
- A. manufactured goods are in short supply
- B. money is in short supply
- C. buyers are many
- D. sellers are few
- E. scarcity and choice are involved
