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881
Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?
  • A. N 1.5 m
  • B. N 2.0m
  • C. the house
  • D. the car
View Answer & Discuss JAMB 1999
882
The shape of a production possibility frontier is determined by the?
  • A. increasing relative costs
  • B. returns to scale
  • C. diminishing returns to a fixed factor
  • D. increasing returns to a variable factor
View Answer & Discuss JAMB 1999
883
Normative economics deals with?
  • A. what is and not what should be
  • B. facts and not figures
  • C. facts and figures
  • D. value judgements
View Answer & Discuss (1) JAMB 1999
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884
The determinants of elasticity include?
  • A. price, time and availability of alternatives
  • B. technology and cost of production
  • C. time and availability of alternatives
  • D. price, time and technology changes
View Answer & Discuss JAMB 1999
885
A capitalist economy is one characterized by the?
  • A. private ownership of factors of production
  • B. ownership of factors of production by rich members of the society
  • C. use of capital and labour in fixed proportions during production
  • D. use of capital intensive methods of production
View Answer & Discuss JAMB 1999
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