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Economics 1987 JAMB Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1
A production possibility curve shows?
  • A. how much of the resources of society are used to produce a particular commodity
  • B. the rate of inflation
  • C. the rate of unemployment in the economy
  • D. the various combinations of two commodities that can be produced
View Answer & Discuss (3) JAMB 1987
2
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
  • A. microeconomics
  • B. macroeconomics
  • C. production
  • D. indifference curve
View Answer & Discuss JAMB 1987
3
Which of the following best describes the concept of opportunity cost?
  • A. a special bargain or scale at below market price
  • B. Cost of input tends to go up as we use more of them
  • C. Goods that are not produced in order to produce more of another good
  • D. A cost that constantly decreases
View Answer & Discuss JAMB 1987
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4
Market is defined as?
  • A. one geographical location where people meet to buy and sell
  • B. the demand and supply of goods and services
  • C. a group of people whose sole interest is to make profit
  • D. any organizational framework which links the buyers and sellers of a good and service
View Answer & Discuss JAMB 1987
5
The additional revenue obtained by using one more unit of a factor is called its?
  • A. marginal product
  • B. additional product
  • C. marginal revenue product
  • D. average product
View Answer & Discuss JAMB 1987
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