JAMB UTME - Economics - 1979 | Green Bridge CBT

If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

composite demand

elastic demand

derived demand

competitive demand Correct answer

inelastic demand

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science

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Question 21 Report

In most cases the marginal utility derived from a particular good

increases as additional units are consumed

increases at a decreasing rate as additional units are consumed

decreases at a constant rate as additional units are consumed

decreases as additional units are consumed Correct answer

remains constant as additional units are consumed

Answer Details

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

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Question 22 Report

A typical corporate form of business organization is owned by

President of a country

Shareholders Correct answer

The general manager and the executives

A local government

Foreigners and citizens of the country

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 23 Report

Which of the following is not true of the theory of optimum population?

It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors

The quantity of labour which combined with the other factors gives the minimum output is known as optimum population Correct answer

The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population

The test for over-population is whether it exceed the optimum

It is possible for a thinly populated country to be over populated if it has a poor supply of other factor

Answer Details

Read lesson note on Population (JAMB)

Population

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Question 24 Report

Which is the most liquid of the following financial assets held by an individual?

Outstanding balance on the current account of a commercial bank

A credit balance on a savings account Correct answer

A crossed postal order

An insurance policy

All of the above

Answer Details

Read lesson note on Financial Institutions (WAEC)

Financial Institutions

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Question 25 Report

The country will be over populated when

the rate of birth is high

the death rate is low

the growth rate is high

population is increasing more than resources in the country Correct answer

unemployement is high in the country

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Question 26 Report

By utility we mean

usefulness

power of satisfying a want Correct answer

beneficial

advantageous

consumable

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 27 Report

The burden of tax on a commodity whose demand is infinitely inelastic

is zero

will be borne by the seller alone

will be borne by the buyer alone Correct answer

will be borne by both buyer and seller

is impossible to tell who bears it

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

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

The Theory Of Demand

The Theory Of Price Determination

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Question 28 Report

Which of the following is not a component of national income at factor cost?

Wages earned by doctor

Rent paid to landlords

Indirect tax Correct answer

Undistributed company profits

Interest on loan

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 29 Report

The 'terms of trade' means

the trade agreement between two countries

the difference in the volumes of exports of two countries

the value of a unit of export in relation to the value of a unit of import Correct answer

the production of total value of exports to the value of total trade

None of the above

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 30 Report

Pure monopoly describes market where

there are many sellers and a few buyers

goods are sold at different price

entry is not blocked, but no one cares to enter

a few sellers and one buyer exist

None of the above Correct answer

Answer Details

Read lesson note on Market Structures (WAEC)

Market Structures

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Question 31 Report

The price mechanism

regulates supply and demand Correct answer

rations the consumers

rewards the producers

allocates scarce resources

does all of the above

Answer Details

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Question 32 Report

One of the reason why the condition of supply of a commodity may change is

a change in real income

changes in the technique of production Correct answer

a change of fashion or taste

change in population

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Population (JAMB)

The Theory Of Supply

The Theory Of Production

Population

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Question 33 Report

The pre-dominance of non-working housewives and maids in West Africa

will understate the national income of the countries Correct answer

will overstate the national income of the countries

will lead to constant per capita income over the years

will lead to balance of payment deficits

will cause unfavourable terms of trade

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on Banking (JAMB)

National Income

Banking

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Question 34 Report

which of the following is not true about occupational distribution of the labour force of West Africa?

A large percentage of the labour force is engaged in agriculture

Agriculture is the most important occupation in West Africa

The manufacturing sector employs a large percentage of the population Correct answer

Agriculture does not constitute an important source of paid employment

The public sector forms an important source of paid employment

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

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Question 35 Report

Production covers all but one of the following activities:

changing the position of a good in time as, for example, holding stock of goods until they are required

the provision of some kind of service e.g retailing

changing the form of a good from the raw material to the finished product

changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt

the use of good and services to satisfy individual wants Correct answer

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 36 Report

The quantity supplied of a commodity increases best when

Production increases

Demand increases

Price of the commodity increases Correct answer

Population of the country increases

More commodities are imported

Answer Details

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Supply (WAEC)

Theory Of Production

Supply

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Question 37 Report

The central bank controls the activities of other banks by all but one of the following

The use of bank rate

The purchase or sale of government bonds on the open market

special deposite

the use of directives

taxation Correct answer

Answer Details

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

Read lesson note on Public Finance (JAMB)

Read lesson note on Banking (JAMB)

Methods And Tools Of Economic Analysis

Public Finance

Banking

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Question 38 Report

which of these alternative is wrong? central banks are

bankers to the government

bankers to commercial banks

merchant banks Correct answer

controllers and regulators of money supply

issuers of bank note

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Banking (JAMB)

Public Finance

Banking

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Question 39 Report

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

Free market

Perfectly competitive market Correct answer

Controllled market

Stock exchange market

Open market

Answer Details

Read lesson note on Market Structures (WAEC)

Market Structures

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Question 40 Report

When the average physical product curve is rising the marginal physical product is

below it

above it Correct answer

falling

zero

None of the above

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

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Question 41 Report

An ad valorem tax means

total amount of an income tax

a certain percentage on the value of a commodity Correct answer

a certain percentage tax on the volume of commodity

a tax on capital gain

a profit tax

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 42 Report

Which of the following assets of the commercial bank does not yield revenue?

Money in the tills of the bank Correct answer

money at call

Treasury certificates

Treasury bills

Bills of exchange

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 43 Report

The foreign exchange rate of a country is

the interest rate fixed by the central bank

the price of one national currency in terms of another Correct answer

the rate at which the central bank issues money

the rate of interest on government bonds

None of the above

Answer Details

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International Trade

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Question 44 Report

The value of money is generally measured in reference to

the interest rate charged on bank loans

the general price level Correct answer

the size of countries gold stock

the level of economic development in a country

the price of stocks and shareson the stock exchange

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 45 Report

When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

elastic supply

joint demand

excess supply

derived demand

none of the above Correct answer

Answer Details

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Question 46 Report