JAMB UTME - Economics - 1980

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

When we draw a market demand curve, we?

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

The value of money depends primarily on?

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

Which is NOT a function of Central Bank in West Africa

Division of labour means?

Capital earns income because?

A commercial bank is able to create money

By balance of visible trade we mean?

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

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

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

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

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

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

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

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

The terms of trade are said to be favorable only if

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

An economic problem arises when?

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

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

The fundamental problem of Economics is?

Utility of a commodity means?

A limited liability company is owned by?

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

Commercial banks can create money in the following ways?

Which is the dominant form of tax in Nigeria

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

The budget of Nigeria will be deficit if

Price control indicate the following

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?

By subsistence production we mean?

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

Division of labour is limited by the?

Which of the taxes appear generally progressive in nature?

One of the disadvantages of division of labour is that?

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

Commercial banks can create money in the following ways

International trade arise because?

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

Production in Economics occurs when

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

A disadvantage of the corporate form of business is the?

The marginal physical product of labour is?

In Nigeria, cheques are not money because?

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

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

In a subsistence economy?