JAMB UTME - Economics - 1987
Frage 1 Bericht
In the operation of market forces, the market is in equilibrium at the point where?
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Frage 2 Bericht
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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Frage 3 Bericht
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.
Frage 5 Bericht
The money which government spends yearly for the maintenance of its school is?
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Frage 6 Bericht
A budget with a projected revenue in excess of its expenditure is said to be?
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Frage 7 Bericht
Statistical information available in most West African countries suggests that?
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Frage 9 Bericht
The difference between personal income and personal disposal income is?
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Frage 13 Bericht
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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Frage 15 Bericht
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
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Frage 16 Bericht
The additional revenue obtained by using one more unit of a factor is called its?
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Frage 18 Bericht
Which of the following best explains the structural changes in the population of a country?
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Frage 23 Bericht
The rate of exchange between a domestic and a foreign currency is defined as the?
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Frage 24 Bericht
Which of the following is compatible with a firm in a purely competitive market?
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Frage 26 Bericht
Which of the following is a disadvantage of regional concentration of industries?
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Frage 30 Bericht
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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Frage 31 Bericht
The shut-down point for a firm in the short run is the output at which?
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Frage 32 Bericht
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Frage 33 Bericht
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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Frage 35 Bericht
The residual of production which accrues to the owner of land after all other expenses have been met is called?
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Frage 36 Bericht
Which of the following best describes the concept of opportunity cost?
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Frage 37 Bericht
For the improvement of the welfare of a people, a high production level is not enough because
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Frage 38 Bericht
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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Frage 41 Bericht
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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Frage 42 Bericht
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Frage 43 Bericht
An increase in supply will lower price unless?
Frage 44 Bericht
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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Frage 45 Bericht
In which of the diagrams above, is the consumer surplus correctly shaded?
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Frage 46 Bericht
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?
Frage 48 Bericht
In the history of Economic Thought the concept of Division of labour is usually associated with?
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