JAMB UTME - Economics - 1978

In economics, production is complete when

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Which of the following is not a form of business organization

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The largest liability appearing in the book of a commercial bank is

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A Tax which takes a higher percentage from higher incomes is called?

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Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?

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A budget deficit means

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Which of the following financial assets consist the lowest rate of interest in Nigeria?

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Which is an example of an invisible item in the trade Account of Ghana?

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A rational consumer will adjust his spending pattern so that

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If the demand of a product with perfectly elastic supply increases, there will be

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The numerical measure of elasticity is

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Which is NOT a direct effort to increase Agricultural production in Nigeria?

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The advantage of sole proprietorship is as follow

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Inferior goods are referred to in Economics as goods

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The foreign exchange market is a market where

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Economics is called a social science because it is

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By ‘trade by barter’, we mean

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Which of the following can be regarded as a liability of a commercial bank?

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Disposable income is the same thing as

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Which of the following item in the balance of payment of account is an invisible transaction?

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Which of the following sector of the economy is estimated to be the largest employer of labour in the country

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Which of the following is NOT strictly included In the study of economics?

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Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities

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In order to build up its capital stock, the typical less developed country should ideally

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Price control cannot work in Nigeria because

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Malthus became famous through his theory which may be stated simply

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Less developed countries obtain foreign exchange reserve mainly from the export of

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If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

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If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X

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Opportunity cost is a term which describe

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Bondholders are treated more favorably than shareholders because

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The effect of the demand for product A caused by a change in the price of a product B is called?

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Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

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Which of these would NOT increase population of a country

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When elasticity is zero, the demand curve is

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Which of the following activities of government precludes the existence of a market economy?

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An increase in liquid reserve requirements by the central bank of Nigeria will result in

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The Lagos clearing house is

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A distinguishing characteristics of a consumers' cooperative is the fact that

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Marginal cost is

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Which of these would not be included in the fundamental principle of a free enterprise economy

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The expression ‘terms of trade’ is used to describe

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A country has a surplus in its balance of visible trade if

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The following is NOT a reason for the existence of small firms

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In the diagram equilibrium price is:

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The biggest source of government revenue in Nigeria is

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As consumption of beer increases, its marginal utility to a drinker will

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The optimum population of a country is reached when

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Which of the following statements is true?

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A commercial bank is unique in that it is only the institution that

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