JAMB UTME - Economics - 1980 | Green Bridge CBT

Question 1 Rapport

If a firm doubles its output and its cost increase by 60%, the firm is experiencing

increase cost

economies of scale

decreasing returns

decreasing cost

none of the above

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 2 Rapport

In a subsistence economy?

there is no shortage of goods and services

the state is the sole owner of resources

production is largely oriented towards consumption in the rular sector

there is no exchange of goods and services

women predominate in all economic activities

Détails de la réponse

Voir la réponse

Question 3 Rapport

Which would you NOT consider an advantage of one-man business?

freedom of action

limited liabiities

Quick decision-making

Personal contact with customers

none o the albove

Détails de la réponse

Read lesson note on Business Organizations (WAEC)

Read lesson note on Distributive Trade (WAEC)

Business Organizations

Distributive Trade

Voir la réponse

Question 4 Rapport

If the government is interested in raising the highest revenue from a tax system, then for any two commodities

It is better to tax one whose demand is more elastic

It is better to tax one whose demand is more inelastic

Revenue will be the same from both commodities

It is not possible to say which will yield higher revenue

Government cannot make much revenue from taxing commodities

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 5 Rapport

Which of the following is NOT a determinant of changes in supply?

Changes in the cost of production

Technical progress

Weather

Changes in the number of producers

Changes in the number buyers

Détails de la réponse

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

The Theory Of Supply

Theory Of Price Determination

Voir la réponse

Question 6 Rapport

In a normal (typical) demand schedule, the quantity demand is?

directly related to price

inversely related to price

independent of price

proportional related to supply

solely dependent on haggling skill

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

Voir la réponse

Question 7 Rapport

In a free market economy, the rationing of scarce goods is done principally by

the government

business organizations

the price mechanism

consumers

both A and B

Détails de la réponse

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

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

Voir la réponse

Question 8 Rapport

Division of labour means?

the labour is divided into different section

the work is divided into different parts to be completed by each labour

production is completed by the different department of a factory

commodities are produced at different times by a single labourer

the labour force in the country is not united

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 9 Rapport

Nigeria earns the major part of her foreign exchange from the export of?

manpower to another countries

crude oil

petroleum products

groundnuts and cotton

palm oil and cocoa

Détails de la réponse

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

Petroleum And The Nigerian Economy

Voir la réponse

Question 10 Rapport

Division of labour is limited by the?

available of raw materials

size of the labour force

size of a labour firm

absolute size of the country's population

per capital income and number of potential buyers

Détails de la réponse

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Population (JAMB)

Factors Of Production

Population

Voir la réponse

Question 11 Rapport

The fundamental problem of Economics is?

money

poverty

unemployment

the scarcity of resources relative to wants

inflation

Détails de la réponse

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

Definition And Scope Of Economics

Voir la réponse

Question 12 Rapport

Capital earns income because?

it is productive

it is expensive

it is always cheaper to substitute capital for labour

it is technically more efficient than labour

both A and B above

Détails de la réponse

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Production

Market Structures

Voir la réponse

Question 13 Rapport

In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

wholly by the supplier

wholly by the consumer

partly by the supplier and partly by the consumer

wholly by the middlemen

partly by stockholder and partly by consumer

Détails de la réponse

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Supply

Economics As A Science

Voir la réponse

Question 14 Rapport

In a limited liability company, the greatest risk is borne by?

debenture holders

company executives

ordinary shareholders

preference shareholders

borad of directors

Détails de la réponse

Read lesson note on Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 15 Rapport

Which of the following is a correct definition of equilibrium price?

A price which covers production cost

A price which maximizes entreprenuer's profits

A price at which the quantity demanded equals the quantity supplied

A price at which a competitive firm is at equilibrium

A price which stabilizes farmer's income

Détails de la réponse

Voir la réponse

Question 16 Rapport

Which is NOT a cause of high population growth in Nigeria?

Family planing Unit of Nigeria

Improve medical facilities

Reduction in death rate

Improve hygiene

Increased birth rate

Détails de la réponse

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

Voir la réponse

Question 17 Rapport

Commercial banks can create money in the following ways?

by using coins and paper money

by borrowing money from banks abroad

by receiving deposit from individuals

by printing money on the instruction of the central bank

none of the above

Détails de la réponse

Read lesson note on Banking (JAMB)

Banking

Voir la réponse

Question 18 Rapport

Which of the following is the standard concept for measuring and analyzing population growth?

The rate of natural increase

The net migrate

The rate of population increase

The fertility rate

All of the above

Détails de la réponse

Read lesson note on Population (JAMB)

Population

Voir la réponse

Question 19 Rapport

Production in Economics occurs when

a commodity or service is sold

utility is created or added

a commodity is manufactured

raw materials are produced or extracted from mines

all of these

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 20 Rapport

Which of the taxes appear generally progressive in nature?

Sales taxes

The personal income tax

Property taxes

Corporation taxes

none of the above

Détails de la réponse

Read lesson note on Public Finance (JAMB)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

Voir la réponse

Question 21 Rapport

A limited liability company is owned by?

an individual

two or more partners

shareholders

government

a bank

Détails de la réponse

Read lesson note on Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 22 Rapport

The terms of trade are said to be favorable only if

Value of total exports equals value of total imports

Value of merchandise exports is greater than value of merchandise imports

There are no balance of payments problems

There is an increase in the value of a unit of export in terms of imports

Foreign exchange reserves do not change

Détails de la réponse

Read lesson note on International Trade (JAMB)

International Trade

Voir la réponse

Question 23 Rapport

In Nigeria, cheques are not money because?

their use is confined to business houses

there are no banks in rular areas

they are not legal tender

they are not generally acceptable as a medium of exchange

most Nigerians cannot identify them

Détails de la réponse

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

Voir la réponse

Question 24 Rapport

A commercial bank is able to create money

by printing it

by maintaining reserve

by creating a demand deposit as it gives a new loan

by issuing cheques to depositors

by borrowing from the central bank

Détails de la réponse

Read lesson note on Banking (JAMB)

Banking

Voir la réponse

Question 25 Rapport

Which of the following is NOT one of the balance of payment entries?

the current account

foreign exchange

Import and Export duties

Short-term capital

Long-term capital

Détails de la réponse

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

International Trade And Balance Of Payments

Voir la réponse

Question 26 Rapport

Utility of a commodity means?

its usefulness

power to satisfy a want

price of the commodity

satisfaction derived from the product of commodity

its adaptability

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Voir la réponse

Question 27 Rapport

Which of the following is NOT a function of Nigeria commercial Banks?

Acceptance of deposit

Lending of money

Investment in securities and business

Issue of currency

Selling and buying of travellers cheques

Détails de la réponse

Read lesson note on Banking (JAMB)

Banking

Voir la réponse

Question 28 Rapport

When we draw a market demand curve, we?

ignore tastes, incomes and other prices

assumes that tastes, income and prices do not matter

assumes that taste, income and all other prices change in same direction as prices

assume that tastes, incomes and all other prices remain constant

both A and B above

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

Voir la réponse

Question 29 Rapport

Which is NOT a function of Central Bank in West Africa

Dealing in foreign exchange

Issuing of currency

Accepting deposit from private customers

Acting as government bank

Acting as bankers bank

Détails de la réponse

Read lesson note on Public Finance (JAMB)

Read lesson note on Banking (JAMB)

Public Finance

Banking

Voir la réponse

Question 30 Rapport

International trade arise because?

one country has more abundant resource

one country has the technology to produce the commodity whilst the other has not

one country has the maximum comparative advantage or minimum comparative disadvantage in the production

one country has manpower to produce the commodity than the country

All of the above

Détails de la réponse

Read lesson note on International Trade (JAMB)

International Trade

Voir la réponse

Question 31 Rapport

One of the disadvantages of division of labour is that?

there is saving of time

it result in workers acquiring greater skill at their jobs

there is a greater risk of unemployment

it makes possible the use of machinery

it makes the worker less fatigued by his work

Détails de la réponse

Read lesson note on Market Structure (JAMB)

Market Structure

Voir la réponse

Question 32 Rapport

Price control indicate the following

price is fixed at equilibrium level

price is fixed above equilibrium level

price is not fixed but determined by demand and supply

price is fixed below equilibrium level

none of the above

Détails de la réponse

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Production (WAEC)

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

Read lesson note on Demand (WAEC)

Theory Of Price Determination

Theory Of Production

The Theory Of Price Determination

Demand

Voir la réponse

Question 33 Rapport

An economic problem arises when?

manufactured goods are in short supply

money is in short supply

buyers are many

sellers are few

scarcity and choice are involved

Détails de la réponse

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Economics As A Science

Voir la réponse

Question 34 Rapport

The budget of Nigeria will be deficit if

revenue expenditure exceeds the revenue receipts

capital expenditure exceeds the capital receipts

revenue and capital receipts exceeds revenue and capital receipts

the government is spending more than its receipts

all of the above

Détails de la réponse

Read lesson note on Public Finance (JAMB)

Public Finance

Voir la réponse

Question 35 Rapport

The value of money depends primarily on?

the gold backing of the currency

the gold backing of both currency and deposit

the general price level

government decree that it is legal tender

none of the above

Détails de la réponse

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

Read lesson note on Money And Inflation (JAMB)

The Theory Of Price Determination

Money And Inflation

Voir la réponse

Question 36 Rapport

A disadvantage of the corporate form of business is the?

risk of the owners of loss of personal effects if the business should fail

ability of the corporation to is financial resources

limited life span of the corporation

problems presented by separation ownership from control

None of the above

Détails de la réponse

Read lesson note on Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 37 Rapport

By balance of visible trade we mean?

import and export of goods

import and export of service

balance of current account in the balance of payment

balance of capital account in the baalance of payment

all of this

Détails de la réponse

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

International Trade And Balance Of Payments

Voir la réponse

Question 38 Rapport

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

zero

not measurable

its price in money

infinite

equal to one

Détails de la réponse

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

Voir la réponse

Question 39 Rapport

The marginal physical product of labour is?

the out put of labour unaided by machinery

the extra revenue from the output of one additional woker

the difference in the output of two workers

additional output achieved when one extraworker is added to fixed account of other factors

none of the above

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 40 Rapport

By subsistence production we mean?

goods and services are produced for consumption only

goods and services are sold to others

raw materials are produced in the country

goods and services are produced for the market

none of these

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 41 Rapport

Which of the following is NOT a measure for controlling inflation?

Reduction in money supply

Wage restraint and wage freeze

Reduction in taxes and increase in government spending

price control

Credit restriction

Détails de la réponse

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

Voir la réponse

Question 42 Rapport

Which is NOT a method of raising capital funds in Nigeria?

Borrowing from abroad

Internal borrowing

Nigerianization of foreign companies

Gifts from abroad

Saling government bonds

Détails de la réponse

Read lesson note on Economic Systems (JAMB)

Economic Systems

Voir la réponse

Question 43 Rapport

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

normal

abnormal

inferior

superior

scarce

Détails de la réponse

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Theory Of Price Determination

The Theory Of Demand

Economics As A Science

Voir la réponse

Question 44 Rapport

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

proportional tax

progressive tax

competitive tax

excise tax

regressive tax

Détails de la réponse

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Consumer Behaviour

Economics As A Science

Voir la réponse

Question 45 Rapport

From an economic point of view, an activity does not have a cost when

someone else pays for it

the returns are greater than the cost

the choice involves giving up nothing

the government pays for it

it is paid for from a gift

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Voir la réponse

Question 46 Rapport

Which is the dominant form of tax in Nigeria

Direct tax

Indirect tax

Inheritance tax

Personal income tax

Value added tax

Détails de la réponse

Read lesson note on Public Finance (JAMB)

Read lesson note on Market Structure (JAMB)

Public Finance

Market Structure

Voir la réponse

Question 47 Rapport

Which would you NOT consider an agro-based industry in Nigeria?

a diary enterprise producing milk

a yam floor mill

a poultry industry

a fertilizer plant

none of the above

Détails de la réponse

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

Voir la réponse

Question 48 Rapport

Indicate which of the following are invisible trade items in a country’s balance of payments?

oil exports and imports

Gold and foreign reserves

foreign investment

Dividends and profit

Expenditure on the shipping and tourism

Détails de la réponse

Read lesson note on International Trade (JAMB)

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

International Trade

International Trade And Balance Of Payments

Voir la réponse

Question 49 Rapport

Commercial banks can create money in the following ways

by issuing coins and paper money

by borrowing money from Banks abroad

by receriving deposits from individuals

by printing money on the instructions of the Central Bank

none of the above

Détails de la réponse

Read lesson note on Banking (JAMB)

Banking

Voir la réponse

Question 50 Rapport

Which sector can you say is growing fastest in the Nigeria economy?

Agriculture

Industry

Education

Transport

Labour

Détails de la réponse

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

Voir la réponse






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