JAMB UTME - Economics - 1987 | Green Bridge CBT

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?

10.20

3.57

1.25

0.80

Answer Details

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The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

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Question 16 Report

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?

the quantity supplied is infinitely elastic

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

Answer Details

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Theory Of Price Determination

The Theory Of Price Determination

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Question 17 Report

The liability of the sole trader is?

indeterminable

unlimited

transferable

limited

Answer Details

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Business Organizations

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Question 18 Report

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

75 units

35 units

7 units

not determinable from the schedules except when graphed

Answer Details

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Question 19 Report

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

Answer Details

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Economics As A Science

Economic Systems

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Question 20 Report

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate

the growth of full employment output will be accelerated

people will want to hold more money

Answer Details

Read lesson note on Money And Inflation (WAEC)

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Money And Inflation

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Question 21 Report

Which of the following is a disadvantage of regional concentration of industries?

Development of congested urban areas

Existence of regional unempolyment

High cost of labour

Immobility of labour

Answer Details

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Distributive Trade

Industry And Industrialization

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Question 22 Report

To which of the following sectors do services belong?

Primary

Secondary

Tertiary

Construction

Answer Details

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Market Structure

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Question 23 Report

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

microeconomics

macroeconomics

production

indifference curve

Answer Details

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The Theory Of Demand

Economics As A Science

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Question 24 Report

In the keynesian model?

the demand for money is inversely related to the rate of interest

investment is directly related to the rate of interest

investment is not related to the rate of interest to the rate of interest

the demand for money is directly related to the rate of interest

Answer Details

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The Theory Of Demand

Economics As A Science

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Question 25 Report

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits

mobilize more funds for development

Answer Details

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Economics As A Science

Economic Systems

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Question 26 Report

In the long run a firm will leave an industry if price?

does not cover at at least Average Total Cost

is not equal to Marginal Cost

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Answer Details

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The Theory Of Production

Theory Of Costs

Market Structure

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Question 27 Report

A budget with a projected revenue in excess of its expenditure is said to be?

balanced

surplus

deficit

inflationary

Answer Details

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Public Finance

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Question 28 Report

Economic development is defined as?

positive change plus growth

avalibility of more goods and services

outward shift of the production possibility curve

growth in the national income

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Economic Growth And Development

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Question 29 Report

Which of the following is compatible with a firm in a purely competitive market?

demand is inelastic

demand is infinitely inelastic

Marginal Cost is falling

Price is greater than Marginal Cost

Answer Details

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The Theory Of Supply

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Question 30 Report

The difference between personal income and personal disposal income is?

personal income tax

investment income

personal savings

consumption expenditure

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Economics As A Science

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Question 31 Report

In the history of Economic Thought the concept of Division of labour is usually associated with?

David Richardo

J.M. Keynes

Adam Smith

Karl Marx

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Question 32 Report

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Answer Details

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.

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Factors Of Production And Their Theories

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Question 33 Report

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

elastic

inelastic

perfectly elastic

unitary elastic

Answer Details

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The Theory Of Demand

Demand

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Question 34 Report

Market is defined as?

one geographical location where people meet to buy and sell

the demand and supply of goods and services

a group of people whose sole interest is to make profit

any organizational framework which links the buyers and sellers of a good and service

Answer Details

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Theory Of Consumer Behaviour

Market Structures

Economics As A Science

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Question 35 Report

The rate of exchange between a domestic and a foreign currency is defined as the?

terms of trade

domestic currency price of a unit of the foreign currency

foreign currency price of gold

domestic currency price of gold

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International Trade

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Question 36 Report

Frictional unemployment?

is total unemployment minus structural unemployment

occurs when the unemployed are persons with specific training

occurs when the number of job seekers exceeds the number of vacancies

occurs when people are changing jobs

Answer Details

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National Income

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Question 37 Report

Labour productivity is defined as?

output per man/hour

average output

the maximum number of hours worked

total level of output

Answer Details

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Market Structures

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Question 38 Report

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

industrial capital

social capital

fixed capital

circulating capital

Answer Details

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The Theory Of Production

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Question 39 Report

Which of the following best explains the structural changes in the population of a country?

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population

Answer Details

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Population And Labour Market

Population

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Question 40 Report

Efficiency of labour is enhanced by?

Average Total Cost less the sum of Varriable Cost

half the sum of all costs

Total Fixed Cost divided by the the level of output

Total Fixed Cost plus Marginal Cost

Answer Details

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Factors Of Production And Their Theories

Theory Of Costs

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Question 41 Report

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income

payment transferred from one account to another

Answer Details

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Question 42 Report

What form of market is found in an imperfect competition where there are few buyers and many sellers?

Oligopoly

Monopoly

Duopoly

Oligopsony

Answer Details

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Market Structure

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Question 43 Report

Price can be defined as?

a rate of exchange

a mediumof exchange

the cost of product

the standard of accounting

Answer Details

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Theory Of Price Determination

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Question 44 Report

Which of the following is NOT a type of business ownership?

Debenture holding

private company

Parnership

Joint Stock venture

Answer Details

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Business Organizations

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Question 45 Report

For the improvement of the welfare of a people, a high production level is not enough because

the have-nots deserve more than a fair share

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

Answer Details

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The Theory Of Production

Economics As A Science

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Question 46 Report

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative

the poor buy the good only out of habit

Answer Details

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Theory Of Consumer Behaviour

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Demand

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Question 47 Report

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Total fixed cost plus marginal cost

Answer Details

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Methods And Tools Of Economic Analysis

Theory Of Costs

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Question 48 Report

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?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change

Answer Details

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Theory Of Price Determination

The Theory Of Demand

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Question 49 Report

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?

65 units

40 units

30 units

20 units

Answer Details

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The Theory Of Demand

Demand

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Question 50 Report

Statistical information available in most West African countries suggests that?