JAMB UTME - Economics - 1983 | Green Bridge CBT

Question 1 Report

When demand is elastic, it means that consumers

react more proportionately to price change Correct answer

are not sensitive to price changed

will stop buying when price increases

react less proportionately to price change

react equally to price change

Answer Details

Read lesson note on The Theory Of Price Determination (JAMB)

The Theory Of Price Determination

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Question 2 Report

Which of the following is NOT an advantage of localization of industries?

Reaping of external economies

Development of a pool or skilled labour for industry

Development of subsidiary industries

Development of organized markets

Growth of conurbations Correct answer

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Industry And Industrialization (JAMB)

Agriculture

Industry And Industrialization

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Question 3 Report

Palm oil industry is located in Bendel State because the State?

imports raw material for palm oil Industry

is a palm tree growing area Correct answer

soil is unsuitable for other crops

government does engage land for other crops

land is suitable for oil

Answer Details

Read lesson note on Market Structures (WAEC)

Read lesson note on Petroleum And The Nigerian Economy (JAMB)

Read lesson note on Money And Inflation (JAMB)

Market Structures

Petroleum And The Nigerian Economy

Money And Inflation

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Question 4 Report

A Nigerian household's demand curve for semovita is downward because?

the demand for semovita is high

the loal markets are flooded with semovita

it is produced in Nigeria

every household can afford to buy semovita Correct answer

higher prices attract lower quantities while lower prices attract larger quantities

Answer Details

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Production

The Theory Of Demand

Demand

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Question 5 Report

In an inflationary period which of the following statements is NOT true?

Wages rise simultaneously with prices Correct answer

The purchasing power of money diminishes

More money runs after a limited quantity of goods

Money supply increases

Aggregate real demand exceeds aggregate real supply

Answer Details

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Question 6 Report

In the diagram P₁ S is a supply curve for a manufactured. its shows that

when price is OP₁ quantity supplied is infinitely elastic Correct answer

the higher the price the greater the quantity supplied

the higher the price the lower the quantity supplied

when price is zero quantity supplied becomes infinite

when price is infinite quantity supplied becomes zero

Answer Details

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Question 7 Report

The supply of loanable funds is significantly influenced by?

commercial banks

mortage banks

financial intermediaries Correct answer

the Central Bank

insurance companies

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 8 Report

The maintenance of general economic stability in the country necessarily relies heavily on?

federal fiscal policy

coordinated federal, state and local fiscal policies Correct answer

tax and revenue policies of state governments

federal grants to state and local government

federal grants to local governments

Answer Details

Read lesson note on Public Finance (WAEC)

Read lesson note on Public Finance (JAMB)

Public Finance

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Question 9 Report

Division of labour has many advantages . Not withstanding, it is greatly limited by?

monotony of work

decline of craftmanship

risk of unemployment Correct answer

extent of market demand

boredom

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 10 Report

Marginal cost curve intersects average cost curve ?

from above at its lowest point

from below before the lowest point

from below at its lowest point Correct answer

from below after the lowest point

at zero point

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Supply

Theory Of Costs

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Question 11 Report

Demand for a factor of production is?

a composite demand

a joint demand

a derived demand Correct answer

an elastic demand

cross-elasticity of demand

Answer Details

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Production

The Theory Of Demand

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Question 12 Report

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

land and related factors Correct answer

abundance of natural resources

level of human capital

technical progress or other factors

the discipline of political leadership

Answer Details

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

The Theory Of Price Determination

Market Structure

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Question 13 Report

The concept of economic efficiency primary refers to?

obtaining the maximum output from available resources at the lowest cost Correct answer

conservation of our petroleum resources

equity in the distribution of the nation's wealth

producing without waste

the limited wants-unlimited resources dilemma

Answer Details

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Question 14 Report

NEPA as a public corporation is?

a power generating industry in Nigeria Correct answer

organized in a perfect competitive market

a duopoly

a monopolistically competitive industry

a monopoly

Answer Details

Read lesson note on Business Organizations (JAMB)

Read lesson note on Market Structure (JAMB)

Business Organizations

Market Structure

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Question 15 Report

Comparative cost doctrine of international trade means specialization in production

according to absolute cost advantage

according to absolute cost disadvantage

according to comparative cost disadvantage

according to comparative cost advantage Correct answer

on the basis of the availability of labour

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on Financial Institutions (WAEC)

International Trade

Financial Institutions

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Question 16 Report

The meaning of ‘wage-price spiral’ is?

demand pull and cost push inflation pulling each other in different director

demand pull and cost push inflation intensifying each other Correct answer

both of them bringing about a reduction in the price level

that demand pull and cost push inflation increases employment

that wages and prices are rising at a proportional rate

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

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Question 17 Report

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

Curve I

Curve ll

Curve lll

Curve lV Correct answer

Curves l and lll

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

The Theory Of Supply

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Question 18 Report

In a sole proprietorship, the decisions are made by the?

governmnet

borad of directors

management

shareholders'conference

owner Correct answer

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 19 Report

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

the productivity of labour

the law of diminishing marginal utility

the law diminishing returns Correct answer

the concept of factor intensity

labour intensive production

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Theory Of Production (WAEC)

The Theory Of Production

Theory Of Costs

Theory Of Production

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Question 20 Report

A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

both price and quantity will increased Correct answer

only price increases

only quantity increases

the price remains constant

the price falls

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 21 Report

The natural growth rate of a population is the

sum of the birth rate and the death rate

sum of the birth rate and the net migrate rate

birth rate minus death rate Correct answer

birth rate divided by the net migration

death rate minus the net imgration

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Question 22 Report

Public expenditure creates expansionary effects in the economy when it is

in excess of government revenue

channelled into capital products Correct answer

diverted into imports

financed through part of the year's total collection of taxes

Answer Details

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Question 23 Report

Differentiated product is the characteristic feature of?

perfect competition

pure competition

monopolistic competition Correct answer

monopoly

oligopoly

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Price Determination

Market Structures

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Question 24 Report

A greater burden of the taxes on essential goods is borne by the?

middle income group

higher income group

lower income group Correct answer

people falling between the middle and higher income groups

top few richest people of the country

Answer Details

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

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Question 25 Report

What is the market equilibrium price?

5.00

8.00

9.00

7.00

6.00 Correct answer

Answer Details

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Question 26 Report

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

The supply curve will shift from S_oS_o to S₂S₂

Correct answer

The supply curve will shift from S_oS_o to S₁S₁

The supply curve will shift fromS ₂S₂ to S₁S₁

The supply curve will shift from S₁S₁ to S_oS_o

The demand curve will shift from D_oD_o to D₁D₁

Answer Details

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Question 27 Report

Disequilibrium in the balance of payment means?

imports of the country exceeding its exports

overall deficit or surplus in the current account and capital account of the balance of payment Correct answer

capital flowing out of the country exceeds the capital flowing into the country

deficit in the trade balance

export earnings exceeds cost of imports

Answer Details

Read lesson note on International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

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Question 28 Report

Nigeria is currently implementing the?

third development plan

second development plan

fourth development plan Correct answer

fifth development plan

Answer Details

Read lesson note on Economic Development And Planning (WAEC)

Economic Development And Planning

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Question 29 Report

International trade is necessary because?

no country can live in economic isolation

different countries are differently endowed in natural and man-made resources Correct answer

ome countries have comparative costs advantage in the production of particular commodities over other countries

the word demand for and supply of various categories of commodities is expanding very fast

countries want to build up their foreign exchange reservers

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on Public Finance (WAEC)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Economics As A Science (JAMB)

International Trade

Public Finance

Factors Of Production

Theory Of Production

Economics As A Science

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Question 30 Report

Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

money is regarded as a medium of exchange

measure for value

unit of account

store of value Correct answer

standard for deferred payments

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on International Economic Organizations (WAEC)

Money And Inflation

International Economic Organizations

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Question 31 Report

Which of the following defines Economics most comprehensively?

Buying and selling

Organization and Industries

study of human behaviour in the allocation of scarce resources Correct answer

National development planning and budgeting

Banking and Insurance

Answer Details

Read lesson note on Definition And Scope Of Economics (WAEC)

Definition And Scope Of Economics

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Question 32 Report

Retailers in an economy perform the function of

production

exchange

distribution Correct answer

horading

investment

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 33 Report

Full employment is a situation in which?

every adult is employed

all adults who can work are employed

all person who attained the age of 15 and above are employed

only the disabled are not employed

all those who are able and eligible can find employment Correct answer

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Population And Labour Market

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Question 34 Report

The effect of emigration on a country's population, all other things remaining equal, is to

increase its size

cause overpopulation

increase its growth rate

reduce the proportion of children

reduce its size

Correct answer

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Question 35 Report

Mono production economies are those that?

have a rich cultural heritage

produces only raw materials

live from the export of their raw product

produce one main commodities Correct answer

specialized in agricultral industries

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

The Theory Of Supply

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Question 36 Report

Production possibilities(alternatives)

P Q R S T

Units of shelter 5 4 3 2 0

Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

one unit of shelter

three units of shelter

one third of a unit of shelter Correct answer

six units of shelter

two units of shelter

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 37 Report

Petroleum 'glut' in international trade means

a fall in petroleum production

an over supply of petroleum Correct answer

a higher petroleum price offered by the buyer

a higher petroleum price demanded by the seller

higher prices for the consumtion of petroleum

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 38 Report

Agriculture plays a dominant role in West Africa economics because

the green Revolution in Nigeria is agriculture

it supplies all the foodstuff consumed in West Africa

there are large plantation of cocoa, groundnut and palm oil in West Africa

it is the main source of revenue in Nigeria

it employs more than 50% of the total labour force in West Africa Correct answer

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Read lesson note on National Income (JAMB)

Agriculture

Money And Inflation

National Income

View Answer

Question 39 Report

The meaningof 'Dumping' is selling goods in a foreign market

at a low price that recieved in the home market Correct answer

at a price higher than that recieved in the foreign market

at a price equal to the cost price in the home market

in order to encourage indigenous producers

at a price equal to the selling price in the home market

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 40 Report

Age-structure in Nigeria is such that the working age-group is in the years

1-15

15-65 Correct answer

30-40

40-65

65 and above

Answer Details

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Question 41 Report

A major function of middlemen in Nigeria is the distribution of?

commodities to all consumers regardless of income Correct answer

commodities to consuming centres and the collection of money income to producing centres

economic welfare to all

wealth to all

poverty within the society

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 42 Report

The quickest way of achieving an economic union on regional basis is to remove all?

currency barriers

language barriers

politcal barriers

customs barriers Correct answer

legal barriers

Answer Details

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Question 43 Report

Which of the following is NOT include in measuring national income by the income approach?

Wages and salaries of public servant

student grants and scholarship Correct answer

Profit of companies

income earned by self employed persons such as lawyers

Rents on property

Answer Details

Read lesson note on National Income (JAMB)

National Income

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Question 44 Report

Which of thefollowing items is NOT an argument for locating industries in rural areas?

Rural areas supply agricultural raw material

The pace of development will be quickened in rural areas

Employment will be provided for rural inhabitants

Capital is easily available in rural areas Correct answer

Suitable humid climate is sometimes found in rural areas

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Question 45 Report

The monetary system that requires double coincidence of want is known as?

the gold standard

barter Correct answer

the commodity system

the gold exchange standard

the cheque system

Answer Details

Read lesson note on Demand (WAEC)

Demand

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Question 46 Report

Which of the following sets fully represents factors of production?

Sunlight, machinery, man , land,

Land, labour, capital, enterprise, technology Correct answer

Capital, technology, idaes, markets, land

Land, water, weather

Money, market , middlemen

Answer Details

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

View Answer

Question 47 Report

Which of the following are direct taxes?

Sales taxes

Excise taxes

Income and company taxes

Correct answer

Tariff duties

Commodity taxes

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Question 48 Report

Which of the following enterprises does NOT pursue the sole objective of profit maximization?

Roads of Nigeria Ltd

Union Bank of Nigeria Ltd

Nigeria Electric Power Authority Correct answer

Volkswagen (VW) Nigeria Ltd

Kingsway Nigeria Ltd

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 49 Report

In the event of a limited liability company going into liquidation each

shareholder may lose the maximum of the amount he has invested Correct answer

shareholder loses nothing

shareholders loses everything including his house

shareholder''s liability becomes unlimited

shareholder will lose the amount he has invested plus a proportion of his bank account

Answer Details

Read lesson note on Business Organizations (JAMB)

Business Organizations

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Question 50 Report

When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

More capital is provided

Price policy may be the interest of consumers

Government workers may be indifferents towards the public Correct answer

Infrasturcture are rapidly developed

income may be more evenly distributed

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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