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JAMB Economics 1990 Question 1

Question 1

Basic Concepts

If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is

  1. A.50 oranges
  2. B.10 oranges
  3. C.5 oranges
  4. D.N9.80
Show the answer and explanation

Answer: A (50 oranges)

Explanation

N10.00 is 1,000 kobo, and 1,000k ÷ 20k = 50. Buying the beef means giving up 50 oranges.