JAMB UTME - Economics - 1987

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

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?

Price can be defined as?

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?

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

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

Average fixed cost is

Market is defined as?

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

A limited liability company is usually owned by?

For normal goods the income elasticity of demand is?

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?

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

In the keynesian model?

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

Capital consumption allowance refers to?

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

Economic development is defined as?

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

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

Efficiency of labour is enhanced by?

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

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?

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?

Transfer payment are

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

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

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

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

If inflation is anticipated to continue?

If a good is an inferior good, then?

A production possibility curve shows?

The main reason for charging interest is to?

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

Labour productivity is defined as?

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

The liability of the sole trader is?

Ad valorem tax means?

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

To which of the following sectors do services belong?

The difference between personal income and personal disposal income is?

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

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

Money market differs from capital market in that it?

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

Statistical information available in most West African countries suggests that?

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