JAMB UTME - Economics - 1987

Price can be defined as?

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

A production possibility curve shows?

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

In the keynesian model?

The money which government spends yearly for the maintenance of its school is?

Statistical information available in most West African countries suggests that?

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

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

Money market differs from capital market in that it?

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

Ad valorem tax means?

For normal goods the income elasticity of demand is?

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

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

Frictional unemployment?

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?

Labour productivity is defined as?

The liability of the sole trader is?

Which of the following best describes the concept of opportunity cost?

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?

Economic development is defined as?

Average fixed cost is

The main reason for charging interest is to?

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

In which of the diagrams above, is the consumer surplus correctly shaded?

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

To which of the following sectors do services belong?

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

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

In the operation of market forces, the market is in equilibrium at the point where?

The difference between personal income and personal disposal income is?

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

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

The residual of production which accrues to the owner of land after all other expenses have been met is called?

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

Efficiency of labour is enhanced by?

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?

An increase in supply will lower price unless?

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

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?

Transfer payment are

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

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

If a good is an inferior good, then?

Capital consumption allowance refers to?

If inflation is anticipated to continue?

Market is defined as?

A limited liability company is usually owned by?

The shut-down point for a firm in the short run is the output at which?