JAMB UTME - Economics - 1987

The additional revenue obtained by using one more unit of a factor is called its?

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Average fixed cost is

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What form of market is found in an imperfect competition where there are few buyers and many sellers?

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Ad valorem tax means?

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Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

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The liability of the sole trader is?

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In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

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Which of the following is a disadvantage of regional concentration of industries?

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Which of the following is compatible with a firm in a purely competitive market?

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The residual of production which accrues to the owner of land after all other expenses have been met is called?

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The rate of exchange between a domestic and a foreign currency is defined as the?

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Money market differs from capital market in that it?

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Which of the following is NOT a type of business ownership?

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A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

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The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

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Economic development is defined as?

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Capital consumption allowance refers to?

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A production possibility curve shows?

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The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

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If a good is an inferior good, then?

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Labour productivity is defined as?

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In the operation of market forces, the market is in equilibrium at the point where?

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Price can be defined as?

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If inflation is anticipated to continue?

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To which of the following sectors do services belong?

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Transfer payment are

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Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

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In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

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Frictional unemployment?

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The money which government spends yearly for the maintenance of its school is?

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The shut-down point for a firm in the short run is the output at which?

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Market is defined as?

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The difference between personal income and personal disposal income is?

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In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

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In the keynesian model?

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The main reason for charging interest is to?

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For the improvement of the welfare of a people, a high production level is not enough because

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In the long run a firm will leave an industry if price?

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A budget with a projected revenue in excess of its expenditure is said to be?

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Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

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Statistical information available in most West African countries suggests that?

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In the history of Economic Thought the concept of Division of labour is usually associated with?

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Which of the following best explains the structural changes in the population of a country?

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Efficiency of labour is enhanced by?

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In which of the diagrams above, is the consumer surplus correctly shaded?

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Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

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A limited liability company is usually owned by?

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For normal goods the income elasticity of demand is?

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Which of the following best describes the concept of opportunity cost?

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An increase in supply will lower price unless?

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