JAMB UTME - Economics - 1987
Vraag 2 Verslag
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
Antwoorddetails
Vraag 3 Verslag
Which of the following is a disadvantage of regional concentration of industries?
Antwoorddetails
Vraag 5 Verslag
A production possibility curve shows?
Antwoorddetails
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.
Vraag 10 Verslag
The shut-down point for a firm in the short run is the output at which?
Antwoorddetails
Vraag 11 Verslag
In which of the diagrams above, is the consumer surplus correctly shaded?
Antwoorddetails
Vraag 12 Verslag
Statistical information available in most West African countries suggests that?
Antwoorddetails
Vraag 13 Verslag
The money which government spends yearly for the maintenance of its school is?
Antwoorddetails
Vraag 14 Verslag
The difference between personal income and personal disposal income is?
Antwoorddetails
Vraag 15 Verslag
The rate of exchange between a domestic and a foreign currency is defined as the?
Antwoorddetails
Vraag 20 Verslag
The residual of production which accrues to the owner of land after all other expenses have been met is called?
Antwoorddetails
Vraag 22 Verslag
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?
Vraag 23 Verslag
Which of the following best explains the structural changes in the population of a country?
Antwoorddetails
Vraag 24 Verslag
For the improvement of the welfare of a people, a high production level is not enough because
Antwoorddetails
Vraag 25 Verslag
A budget with a projected revenue in excess of its expenditure is said to be?
Antwoorddetails
Vraag 26 Verslag
The additional revenue obtained by using one more unit of a factor is called its?
Antwoorddetails
Vraag 27 Verslag
An increase in supply will lower price unless?
Vraag 29 Verslag
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?
Antwoorddetails
Vraag 30 Verslag
What form of market is found in an imperfect competition where there are few buyers and many sellers?
Antwoorddetails
Vraag 31 Verslag
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?
Antwoorddetails
Vraag 32 Verslag
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Vraag 33 Verslag
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
Antwoorddetails
Vraag 37 Verslag
In the history of Economic Thought the concept of Division of labour is usually associated with?
Antwoorddetails
Vraag 41 Verslag
In the operation of market forces, the market is in equilibrium at the point where?
Antwoorddetails
Vraag 42 Verslag
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?
Antwoorddetails
Vraag 44 Verslag
Which of the following best describes the concept of opportunity cost?
Antwoorddetails
Vraag 45 Verslag
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
Antwoorddetails
Vraag 46 Verslag
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
Antwoorddetails
Vraag 47 Verslag
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
Antwoorddetails
Vraag 49 Verslag
Which of the following is compatible with a firm in a purely competitive market?
Antwoorddetails
