JAMB UTME - Economics - 1988

The assumption of profit maximization implies profit?

Bayanin Amsa

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

Bayanin Amsa

When a nation is experiencing balance of payment surplus, it is in a better position to?

Bayanin Amsa

One factor which influences the slope of a non-linear demand curve for a commodity is the?

Bayanin Amsa

The most threatening problem for the less developed countries is?

Bayanin Amsa

Scarcity in economics means that?

Bayanin Amsa

An increase in an economy's productive capacity implies?

Bayanin Amsa

Which of the following would most likely be considered an example of benefit taxation?

Bayanin Amsa

Economic is often described as a science because?

Bayanin Amsa

In estimating the national income of a country, the three approaches usually adopted are the?

Bayanin Amsa

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

Bayanin Amsa

Total fixed cost measures the cost of?

Bayanin Amsa

If in this demand-supply diagram, the quantity supplied is OQ, then

Bayanin Amsa

In any economy, what is used as money is determined by?

Bayanin Amsa

The additional revenue obtained by using one more unit of a factor is called?

Bayanin Amsa

Price leadership is?

Bayanin Amsa

If technology becomes less capital-intensive, it means?

Bayanin Amsa

Which of the following factors enhances the ability of commercial banks to create money?

Bayanin Amsa

Reserve ratio is one of instrument that central bank use to control the activities of commercial banks across the nation. So, a reduction in this reserve ratio will make commercial banks to lend more to the public which in turn yield more interest for them.

Which of the following occurs in the circular flow of economic activities with no leakages

Bayanin Amsa

The average product of labour in a given period is obtained by dividing the?

Bayanin Amsa

If goods were free, a rational consumer would consume?

Bayanin Amsa

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

Bayanin Amsa

Localization of industries refers to the?

Bayanin Amsa

Which of the following BEST describes the production function?

Bayanin Amsa

Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?

Bayanin Amsa

A commodity is said to have a derived demand when the commodity

Bayanin Amsa

In the short run, the monopolistic competitors?

Bayanin Amsa

The Malthusian theory of population predicts that growth in food production will?

Bayanin Amsa

The law of Diminishing Returns begins to operate when?

Bayanin Amsa

When a variable is associated with time period, it is?

Bayanin Amsa

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

Bayanin Amsa

The most important limitation on the partner as a form of business enterprise is the?

Bayanin Amsa

Which of the following is a direct tax?

Bayanin Amsa

Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?

Bayanin Amsa

Which of the following is a good example of invisible item on balance of payments account?

Bayanin Amsa

Deficit financing is mostly facilitated by the existence of?

Bayanin Amsa

Collectivism refers to the system of management of state enterprises in a?

Bayanin Amsa

Merchants banks perform all the following functions EXCEPT?

Bayanin Amsa

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

Bayanin Amsa

In a public company, enterpreneurial functions are performed by the?

Bayanin Amsa

Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?

Bayanin Amsa

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

Bayanin Amsa

Development outside a given firm which reduce the firm costs are called?

Bayanin Amsa

Total revenue is always equal to?

Bayanin Amsa

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

Bayanin Amsa

Restriction on credit creation by commercial banks can be effected through?

Bayanin Amsa

The rate at which money changes hands is known as the?

Bayanin Amsa

The output at which total revenue equals total cost is known as?

Bayanin Amsa

Bayanin Amsa

One of the characteristics of an imperfect market is?

Bayanin Amsa