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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

Choice in economic life is necessitated by?

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A The need to construct scale of preference
B The opportunity cost of consumption
C Unlimited wants
D Scarcity of economic resources

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Question 2:

Choice in economic life is necessitated by?

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A The need to construct scale of preference
B The opportunity cost of consumption
C Unlimited wants
D Scarcity of economic resources

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Question 3:

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

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

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Question 4:

Under normal circumstances the concept of consumers sovereignty implies that

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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

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Question 5:

A firm is at its optimum size when?

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A It produce the greatest output at a minimum cost
B It has a motive to increase output
C Marginal cost equals marginal revenue
D Marginal cost is less than marginal revenue

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