JAMB UTME - Economics - 1987
Question 4 Rapport
Which of the following best describes the concept of opportunity cost?
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Question 5 Rapport
In the history of Economic Thought the concept of Division of labour is usually associated with?
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Question 7 Rapport
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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Question 8 Rapport
The additional revenue obtained by using one more unit of a factor is called its?
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Question 9 Rapport
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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Question 11 Rapport
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
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Question 13 Rapport
In which of the diagrams above, is the consumer surplus correctly shaded?
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Question 19 Rapport
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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Question 20 Rapport
Which of the following best explains the structural changes in the population of a country?
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Question 21 Rapport
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Question 25 Rapport
A budget with a projected revenue in excess of its expenditure is said to be?
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Question 27 Rapport
The rate of exchange between a domestic and a foreign currency is defined as the?
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Question 28 Rapport
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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Question 31 Rapport
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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Question 33 Rapport
In the operation of market forces, the market is in equilibrium at the point where?
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Question 34 Rapport
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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Question 35 Rapport
Which of the following is NOT a type of business ownership?
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Question 36 Rapport
The difference between personal income and personal disposal income is?
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Question 37 Rapport
The money which government spends yearly for the maintenance of its school is?
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Question 39 Rapport
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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Question 40 Rapport
Which of the following is compatible with a firm in a purely competitive market?
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Question 42 Rapport
The shut-down point for a firm in the short run is the output at which?
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Question 43 Rapport
The residual of production which accrues to the owner of land after all other expenses have been met is called?
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Question 44 Rapport
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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Question 45 Rapport
For the improvement of the welfare of a people, a high production level is not enough because
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Question 46 Rapport
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.
Question 48 Rapport
Statistical information available in most West African countries suggests that?
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Question 49 Rapport
Which of the following is a disadvantage of regional concentration of industries?
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Question 50 Rapport
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
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