A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise...
ECONOMICS
JAMB 1995
A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?
- A. Check how much he has
- B. Find out which is the cheapest of the items
- C. Draw up a scale of preference
- D. Weigh the opportunity cost of each item against the other
Correct Answer: C. Draw up a scale of preference
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