JAMB UTME - Economics - 1985

Under perfect competition, the long-run equilibrium requires?

Antwoorddetails

Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

Antwoorddetails

The table above illustrates the law of

Antwoorddetails

Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

Antwoorddetails

One main quality of a good is that it

Antwoorddetails

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?

Antwoorddetails

The meaning of scale of preference is?

Antwoorddetails

Which of the following is NOT a part of the fixed costs of a limited liability company?

Antwoorddetails

Study the figure above. At paint H the price elasticity of supply is

Antwoorddetails

Because money serves as a standard for deferred payments

Antwoorddetails

Limited liability means?

Antwoorddetails

If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

Antwoorddetails

Tax which is levied on goods manufactured, sold or used within a country is?

Antwoorddetails

The petro- chemical industries are located in the River State of Nigeria due to?

Antwoorddetails

The process by which a country attempts to reduce the import of manufactured goods at home is described as?

Antwoorddetails

The unemployment associated with a recession is called?

Antwoorddetails

The act of combining factor inputs in order to obtain specific output is known as

Antwoorddetails

Disguised unemployment

Antwoorddetails

The interdependence between households and business enterprises illustrated in the figure is known as

Antwoorddetails

When total revenue is at a maximum, marginal revenue is?

Antwoorddetails

The purchasing power of the naira will fall when?

Antwoorddetails

In the table, the marginal cost when output is two, units is

Antwoorddetails

By terms of trade, we mean the?

Antwoorddetails

Terms of trade (TOT) refers to the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

Antwoorddetails

A firm is said to be a public Joint Stock Company when it?

Antwoorddetails

Foreign exchange control in Nigeria is administered by the?

Antwoorddetails

The age distribution of a population is NOT influenced by?

Antwoorddetails

Which of the following is NOT among the canons of taxation as set out by Adam Smith?

Antwoorddetails

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

Antwoorddetails

The argument of tariff protection in less developed economies is that such a measure would

Antwoorddetails

When a business has unlimited liability

Antwoorddetails

If monopoly is attempting to maximize profit which of the following should it attempt to do?

Antwoorddetails

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

Antwoorddetails

A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

Antwoorddetails

One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?

Antwoorddetails

At every point on a indifference curve, the

Antwoorddetails

Which of the following is NOT a feature of underdevelopment?

Antwoorddetails

An economic problem exists whenever

Antwoorddetails

In market economies, resources are allocated through the?

Antwoorddetails

The amount of labour a producer hires relative to labour factor inputs depends on the?

Antwoorddetails

An example of a regressive tax is?

Antwoorddetails

Examples of regressive taxes include sales taxes, user fees and, arguably, property taxes.

Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

Antwoorddetails

Which of the following is a necessary prerequisite for trade by barter?

Antwoorddetails

One of the functions of the commercial banks is that it is?

Antwoorddetails

A state budget is an outline of planned

Antwoorddetails

Optimum population is desirable because it enables an economy to obtain maximum?

Antwoorddetails

If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

Antwoorddetails

Warehousing facilities in the distribution and marketing of products are provided by?

Antwoorddetails

How many National Development Plans did Nigeria have between 1960 and 1984?

Antwoorddetails

In the figure above, the broken line labelled M is the marginal revenue curve of a

Antwoorddetails