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31
Economics is called a social science because it is
A.
A branch of social studies
B.
A study of the ways man devises to satisfy his unlimited wants from unlimited resources
C.
A dismissal science in the Malthusian sense
D.
Governed by scientific law
E.
The study of human wants by the means of scientific method of observation
View Answer & Discuss (29)
JAMB 1978
32
Opportunity cost is a term which describe
A.
The initial cost of setting up a business venture
B.
Cost of one product in terms of foregone production of others
C.
The monetary equivalent of the utility of commodity
D.
Cost related to an optimum level of production
E.
Implicit cost
View Answer & Discuss (11)
JAMB 1978
33
If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X
A.
X and Y are complementary commodities
B.
X and Y are substitute goods
C.
X and Y are independent goods
D.
X and Y are jointly supplied
E.
X and Y are inferior commodities
View Answer & Discuss (7)
JAMB 1978
34
Which of the following item in the balance of payment of account is an invisible transaction?
A.
Import of cars
B.
Export of cocoa
C.
Export of crude petroleum
D.
Tourism
E.
Import of building materials
View Answer & Discuss (6)
JAMB 1978
35
Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?
A.
Interest rates
B.
Opportunity costs
C.
Economic rent
D.
Indirect costs
E.
Wages
View Answer & Discuss (11)
JAMB 1978
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