JAMB UTME - Economics - 1983

Which of the following sets fully represents factors of production?

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

Petroleum 'glut' in international trade means

Division of labour has many advantages . Not withstanding, it is greatly limited by?

Nigeria is currently implementing the?

Agriculture plays a dominant role in West Africa economics because

International trade is necessary because?

Full employment is a situation in which?

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

Differentiated product is the characteristic feature of?

A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

Public expenditure creates expansionary effects in the economy when it is

Which of thefollowing items is NOT an argument for locating industries in rural areas?

The quickest way of achieving an economic union on regional basis is to remove all?

In a sole proprietorship, the decisions are made by the?

Which of the following are direct taxes?

What is the market equilibrium price?

When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

Comparative cost doctrine of international trade means specialization in production

When demand is elastic, it means that consumers

The meaningof 'Dumping' is selling goods in a foreign market

Disequilibrium in the balance of payment means?

Marginal cost curve intersects average cost curve ?

Mono production economies are those that?

Which of the following is NOT an advantage of localization of industries?

Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

Demand for a factor of production is?

In the diagram P₁ S is a supply curve for a manufactured. its shows that

The concept of economic efficiency primary refers to?

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

A Nigerian household's demand curve for semovita is downward because?

The natural growth rate of a population is the

Which of the following enterprises does NOT pursue the sole objective of profit maximization?

The effect of emigration on a country's population, all other things remaining equal, is to

A major function of middlemen in Nigeria is the distribution of?

Which of the following is NOT include in measuring national income by the income approach?

The monetary system that requires double coincidence of want is known as?

Age-structure in Nigeria is such that the working age-group is in the years

In an inflationary period which of the following statements is NOT true?

Which of the following defines Economics most comprehensively?

A greater burden of the taxes on essential goods is borne by the?

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

The maintenance of general economic stability in the country necessarily relies heavily on?

The meaning of ‘wage-price spiral’ is?

The supply of loanable funds is significantly influenced by?

NEPA as a public corporation is?

Palm oil industry is located in Bendel State because the State?

In the event of a limited liability company going into liquidation each

Retailers in an economy perform the function of