JAMB UTME - Economics - 1987

Economic development is defined as?

If a good is an inferior good, then?

In the keynesian model?

To which of the following sectors do services belong?

For normal goods the income elasticity of demand is?

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

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?

A production possibility curve shows?

An increase in supply will lower price unless?

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

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

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

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

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

Market is defined as?

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

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

Labour productivity is defined as?

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

Efficiency of labour is enhanced by?

Ad valorem tax means?

Statistical information available in most West African countries suggests that?

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

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?

A limited liability company is usually owned by?

Frictional unemployment?

The difference between personal income and personal disposal income is?

Average fixed cost is

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

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

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

Money market differs from capital market in that it?

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?

Capital consumption allowance refers to?

Price can be defined as?

The liability of the sole trader is?

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

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

The main reason for charging interest is to?

Transfer payment are

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

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

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

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

If inflation is anticipated to continue?

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

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

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

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?

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