JAMB UTME - Economics - 1983 | Green Bridge CBT

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)?

Curve I

Curve ll

Curve lll

Curve lV

Curves l and lll

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Question 5 Report

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

shareholder may lose the maximum of the amount he has invested

shareholder loses nothing

shareholders loses everything including his house

shareholder''s liability becomes unlimited

shareholder will lose the amount he has invested plus a proportion of his bank account

Answer Details

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Question 6 Report

Which of the following are direct taxes?

Sales taxes

Excise taxes

Income and company taxes

Tariff duties

Commodity taxes

Answer Details

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Public Finance

Economics As A Science

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Question 7 Report

Differentiated product is the characteristic feature of?

perfect competition

pure competition

monopolistic competition

monopoly

oligopoly

Answer Details

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Theory Of Price Determination

Market Structures

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Question 8 Report

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

when price is OP₁ quantity supplied is infinitely elastic

the higher the price the greater the quantity supplied

the higher the price the lower the quantity supplied

when price is zero quantity supplied becomes infinite

when price is infinite quantity supplied becomes zero

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Question 9 Report

The concept of economic efficiency primary refers to?

obtaining the maximum output from available resources at the lowest cost

conservation of our petroleum resources

equity in the distribution of the nation's wealth

producing without waste

the limited wants-unlimited resources dilemma

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Question 10 Report

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

Wages rise simultaneously with prices

The purchasing power of money diminishes

More money runs after a limited quantity of goods

Money supply increases

Aggregate real demand exceeds aggregate real supply

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Question 11 Report

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

the demand for semovita is high

the loal markets are flooded with semovita

it is produced in Nigeria

every household can afford to buy semovita

higher prices attract lower quantities while lower prices attract larger quantities

Answer Details

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Theory Of Production

The Theory Of Demand

Demand

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Question 12 Report

Production possibilities(alternatives)

P Q R S T

Units of shelter 5 4 3 2 0

Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

one unit of shelter

three units of shelter

one third of a unit of shelter

six units of shelter

two units of shelter

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The Theory Of Production

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Question 13 Report

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

1-15

15-65

30-40

40-65

65 and above

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Question 14 Report

Public expenditure creates expansionary effects in the economy when it is

in excess of government revenue

channelled into capital products

diverted into imports

financed through part of the year's total collection of taxes

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Question 15 Report

Which of the following sets fully represents factors of production?

Sunlight, machinery, man , land,

Land, labour, capital, enterprise, technology

Capital, technology, idaes, markets, land

Land, water, weather

Money, market , middlemen

Answer Details

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Factors Of Production

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Question 16 Report

What is the market equilibrium price?

5.00

8.00

9.00

7.00

6.00

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Question 17 Report

Comparative cost doctrine of international trade means specialization in production

according to absolute cost advantage

according to absolute cost disadvantage

according to comparative cost disadvantage

according to comparative cost advantage

on the basis of the availability of labour

Answer Details

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International Trade

Financial Institutions

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Question 18 Report

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

governmnet

borad of directors

management

shareholders'conference

owner

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Business Organizations

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Question 19 Report

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?

the productivity of labour

the law of diminishing marginal utility

the law diminishing returns

the concept of factor intensity

labour intensive production

Answer Details

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The Theory Of Production

Theory Of Costs

Theory Of Production

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Question 20 Report

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

increase its size

cause overpopulation

increase its growth rate

reduce the proportion of children

reduce its size

Answer Details

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Population And Labour Market

Population

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Question 21 Report

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

currency barriers

language barriers

politcal barriers

customs barriers

legal barriers

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Question 22 Report

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

money is regarded as a medium of exchange

measure for value

unit of account

store of value

standard for deferred payments

Answer Details

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Money And Inflation

International Economic Organizations

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Question 23 Report

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?

The supply curve will shift from S_oS_o to S₂S₂

The supply curve will shift from S_oS_o to S₁S₁

The supply curve will shift fromS ₂S₂ to S₁S₁

The supply curve will shift from S₁S₁ to S_oS_o

The demand curve will shift from D_oD_o to D₁D₁

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Question 24 Report

The meaning of ‘wage-price spiral’ is?

demand pull and cost push inflation pulling each other in different director

demand pull and cost push inflation intensifying each other

both of them bringing about a reduction in the price level

that demand pull and cost push inflation increases employment

that wages and prices are rising at a proportional rate

Answer Details

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Money And Inflation

Financial Institutions

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Question 25 Report

Demand for a factor of production is?

a composite demand

a joint demand

a derived demand

an elastic demand

cross-elasticity of demand

Answer Details

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Question 26 Report

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

at a low price that recieved in the home market

at a price higher than that recieved in the foreign market

at a price equal to the cost price in the home market

in order to encourage indigenous producers

at a price equal to the selling price in the home market

Answer Details

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Economic Systems

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Question 27 Report

The supply of loanable funds is significantly influenced by?

commercial banks

mortage banks

financial intermediaries

the Central Bank

insurance companies

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Banking

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Question 28 Report

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

monotony of work

decline of craftmanship

risk of unemployment

extent of market demand

boredom

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Economics As A Science

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Question 29 Report

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

Roads of Nigeria Ltd

Union Bank of Nigeria Ltd

Nigeria Electric Power Authority

Volkswagen (VW) Nigeria Ltd

Kingsway Nigeria Ltd

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Business Organizations

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Question 30 Report

Nigeria is currently implementing the?

third development plan

second development plan

fourth development plan

fifth development plan

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Economic Development And Planning

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Question 31 Report

Agriculture plays a dominant role in West Africa economics because

the green Revolution in Nigeria is agriculture

it supplies all the foodstuff consumed in West Africa

there are large plantation of cocoa, groundnut and palm oil in West Africa

it is the main source of revenue in Nigeria

it employs more than 50% of the total labour force in West Africa

Answer Details

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Agriculture

Money And Inflation

National Income

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Question 32 Report

The natural growth rate of a population is the

sum of the birth rate and the death rate

sum of the birth rate and the net migrate rate

birth rate minus death rate

birth rate divided by the net migration

death rate minus the net imgration

Answer Details

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Population And Labour Market

Population

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Question 33 Report

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

More capital is provided

Price policy may be the interest of consumers

Government workers may be indifferents towards the public

Infrasturcture are rapidly developed

income may be more evenly distributed

Answer Details

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Economic Systems

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Question 34 Report

Mono production economies are those that?

have a rich cultural heritage

produces only raw materials

live from the export of their raw product

produce one main commodities

specialized in agricultral industries

Answer Details

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Question 35 Report

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

middle income group

higher income group

lower income group

people falling between the middle and higher income groups

top few richest people of the country

Answer Details

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Economic Systems

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Question 36 Report

Marginal cost curve intersects average cost curve ?

from above at its lowest point

from below before the lowest point

from below at its lowest point

from below after the lowest point

at zero point

Answer Details

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The Theory Of Supply

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Question 37 Report

Full employment is a situation in which?

every adult is employed

all adults who can work are employed

all person who attained the age of 15 and above are employed

only the disabled are not employed

all those who are able and eligible can find employment

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Population And Labour Market

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Question 38 Report

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

commodities to all consumers regardless of income

commodities to consuming centres and the collection of money income to producing centres

economic welfare to all

wealth to all

poverty within the society

Answer Details

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Distributive Trade

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Question 39 Report

Disequilibrium in the balance of payment means?

imports of the country exceeding its exports

overall deficit or surplus in the current account and capital account of the balance of payment

capital flowing out of the country exceeds the capital flowing into the country

deficit in the trade balance

export earnings exceeds cost of imports

Answer Details

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International Trade And Balance Of Payments

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Question 40 Report

Retailers in an economy perform the function of

production

exchange

distribution

horading

investment

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Distributive Trade

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Question 41 Report

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

both price and quantity will increased

only price increases

only quantity increases

the price remains constant

the price falls

Answer Details

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Question 42 Report

Petroleum 'glut' in international trade means

a fall in petroleum production

an over supply of petroleum

a higher petroleum price offered by the buyer

a higher petroleum price demanded by the seller

higher prices for the consumtion of petroleum

Answer Details

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Money And Inflation

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Question 43 Report

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

federal fiscal policy

coordinated federal, state and local fiscal policies

tax and revenue policies of state governments

federal grants to state and local government

federal grants to local governments

Answer Details

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Public Finance

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Question 44 Report

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

Wages and salaries of public servant

student grants and scholarship

Profit of companies

income earned by self employed persons such as lawyers

Rents on property

Answer Details

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National Income

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Question 45 Report

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

Rural areas supply agricultural raw material

The pace of development will be quickened in rural areas

Employment will be provided for rural inhabitants

Capital is easily available in rural areas

Suitable humid climate is sometimes found in rural areas

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Industry And Industrialization

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Question 46 Report

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?

land and related factors

abundance of natural resources

level of human capital

technical progress or other factors

the discipline of political leadership

Answer Details

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Factors Of Production And Their Theories

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Market Structure