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Economics 1990 JAMB Past Questions

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1
If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?
  • A. 50 oranges
  • B. 10 oranges
  • C. 5 oranges
  • D. 9.80
View Answer & Discuss (5) JAMB 1990
2
In economic life, choice among alternatives depends on the?
  • A. income of the decision maker
  • B. scarcity of resources
  • C. scale of preference of the decision maker
  • D. status of the decision maker
View Answer & Discuss JAMB 1990
3
One of the major advantages of specialization is that?
  • A. the worker becomes a tenderer of machines
  • B. it causes more employment of labour
  • C. less machinery is required for production
  • D. the worker wastes less time between operations
View Answer & Discuss JAMB 1990
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4
Which of following rewards is associated with entrepreneurship as a factor of production?
  • A. Salaries
  • B. Profit
  • C. Interests
  • D. Rents
View Answer & Discuss JAMB 1990
5
A firm achieves least-cost in production by substituting factors until?
  • A. their prices are equal
  • B. the ratio of their marginal -physical-products equals the ratio of their prices
  • C. their marginal -physical-products are each equal to their factor prices
  • D. their marginal -physical-products are each equal to zero
View Answer & Discuss (4) JAMB 1990
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