JAMB UTME - Economics - 1987
Pregunta 1 Informe
Which of the following best describes the concept of opportunity cost?
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Pregunta 2 Informe
Which of the following is compatible with a firm in a purely competitive market?
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Pregunta 3 Informe
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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Pregunta 4 Informe
In the history of Economic Thought the concept of Division of labour is usually associated with?
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Pregunta 5 Informe
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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Pregunta 7 Informe
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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Pregunta 11 Informe
The money which government spends yearly for the maintenance of its school is?
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Pregunta 12 Informe
In the operation of market forces, the market is in equilibrium at the point where?
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Pregunta 13 Informe
Which of the following best explains the structural changes in the population of a country?
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Pregunta 15 Informe
The difference between personal income and personal disposal income is?
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Pregunta 18 Informe
The additional revenue obtained by using one more unit of a factor is called its?
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Pregunta 19 Informe
The shut-down point for a firm in the short run is the output at which?
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Pregunta 20 Informe
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.
Pregunta 22 Informe
The residual of production which accrues to the owner of land after all other expenses have been met is called?
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Pregunta 24 Informe
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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Pregunta 26 Informe
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
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Pregunta 27 Informe
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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Pregunta 28 Informe
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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Pregunta 29 Informe
For the improvement of the welfare of a people, a high production level is not enough because
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Pregunta 30 Informe
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Pregunta 33 Informe
In the long run a firm will leave an industry if price?
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Pregunta 35 Informe
The rate of exchange between a domestic and a foreign currency is defined as the?
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Pregunta 36 Informe
Which of the following is a disadvantage of regional concentration of industries?
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Pregunta 37 Informe
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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Pregunta 38 Informe
In which of the diagrams above, is the consumer surplus correctly shaded?
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Pregunta 39 Informe
A budget with a projected revenue in excess of its expenditure is said to be?
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Pregunta 40 Informe
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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Pregunta 41 Informe
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
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Pregunta 44 Informe
Statistical information available in most West African countries suggests that?
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Pregunta 46 Informe
Which of the following is NOT a type of business ownership?
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