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Economics 1986 JAMB Past Questions

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1
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
View Answer & Discuss JAMB 1986
2
Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?
  • A. Variable cost
  • B. opportunity cost
  • C. Total cost
  • D. Prime cost
View Answer & Discuss (1) JAMB 1986
3

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
View Answer & Discuss (5) JAMB 1986
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4
A firm is at its optimum size when?
  • 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
View Answer & Discuss JAMB 1986
5
The degree of specialization is limited by the
  • A. avalibility of specialized skills and machinery
  • B. marginal cost exceeding marginal revenue
  • C. extent of the market
  • D. disadvantage of standardization
View Answer & Discuss (5) JAMB 1986
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