JAMB UTME - Economics - 1980 | Green Bridge CBT

In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

wholly by the supplier

wholly by the consumer

partly by the supplier and partly by the consumer

wholly by the middlemen

partly by stockholder and partly by consumer

Detalhes da Resposta

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Supply

Economics As A Science

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Pergunta 28 Relatório

In Nigeria, cheques are not money because?

their use is confined to business houses

there are no banks in rular areas

they are not legal tender

they are not generally acceptable as a medium of exchange

most Nigerians cannot identify them

Detalhes da Resposta

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Pergunta 29 Relatório

Production in Economics occurs when

a commodity or service is sold

utility is created or added

a commodity is manufactured

raw materials are produced or extracted from mines

all of these

Detalhes da Resposta

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Pergunta 30 Relatório

Which would you NOT consider an advantage of one-man business?

freedom of action

limited liabiities

Quick decision-making

Personal contact with customers

none o the albove

Detalhes da Resposta

Read lesson note on Business Organizations (WAEC)

Read lesson note on Distributive Trade (WAEC)

Business Organizations

Distributive Trade

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Pergunta 31 Relatório

Utility of a commodity means?

its usefulness

power to satisfy a want

price of the commodity

satisfaction derived from the product of commodity

its adaptability

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Ver Resposta

Pergunta 32 Relatório

If the government is interested in raising the highest revenue from a tax system, then for any two commodities

It is better to tax one whose demand is more elastic

It is better to tax one whose demand is more inelastic

Revenue will be the same from both commodities

It is not possible to say which will yield higher revenue

Government cannot make much revenue from taxing commodities

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Pergunta 33 Relatório

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

zero

not measurable

its price in money

infinite

equal to one

Detalhes da Resposta

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Pergunta 34 Relatório

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

normal

abnormal

inferior

superior

scarce

Detalhes da Resposta

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Theory Of Price Determination

The Theory Of Demand

Economics As A Science

Ver Resposta

Pergunta 35 Relatório

In a limited liability company, the greatest risk is borne by?

debenture holders

company executives

ordinary shareholders

preference shareholders

borad of directors

Detalhes da Resposta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pergunta 36 Relatório

Which of the following is NOT one of the balance of payment entries?

the current account

foreign exchange

Import and Export duties

Short-term capital

Long-term capital

Detalhes da Resposta

Read lesson note on International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

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Pergunta 37 Relatório

Nigeria earns the major part of her foreign exchange from the export of?

manpower to another countries

crude oil

petroleum products

groundnuts and cotton

palm oil and cocoa

Detalhes da Resposta

Read lesson note on Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

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Pergunta 38 Relatório

Commercial banks can create money in the following ways

by issuing coins and paper money

by borrowing money from Banks abroad

by receriving deposits from individuals

by printing money on the instructions of the Central Bank

none of the above

Detalhes da Resposta

Read lesson note on Banking (JAMB)

Banking

Ver Resposta

Pergunta 39 Relatório

The budget of Nigeria will be deficit if

revenue expenditure exceeds the revenue receipts

capital expenditure exceeds the capital receipts

revenue and capital receipts exceeds revenue and capital receipts

the government is spending more than its receipts

all of the above

Detalhes da Resposta

Read lesson note on Public Finance (JAMB)

Public Finance

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Pergunta 40 Relatório

Price control indicate the following

price is fixed at equilibrium level

price is fixed above equilibrium level

price is not fixed but determined by demand and supply

price is fixed below equilibrium level

none of the above

Detalhes da Resposta

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Price Determination

Theory Of Production

The Theory Of Price Determination

Demand

Ver Resposta

Pergunta 41 Relatório

A limited liability company is owned by?

an individual

two or more partners

shareholders

government

a bank

Detalhes da Resposta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pergunta 42 Relatório

The fundamental problem of Economics is?

money

poverty

unemployment

the scarcity of resources relative to wants

inflation

Detalhes da Resposta

Read lesson note on Definition And Scope Of Economics (WAEC)

Definition And Scope Of Economics

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Pergunta 43 Relatório

Which is the dominant form of tax in Nigeria

Direct tax

Indirect tax

Inheritance tax

Personal income tax

Value added tax

Detalhes da Resposta

Read lesson note on Public Finance (JAMB)

Read lesson note on Market Structure (JAMB)

Public Finance

Market Structure

Ver Resposta

Pergunta 44 Relatório

International trade arise because?

one country has more abundant resource

one country has the technology to produce the commodity whilst the other has not

one country has the maximum comparative advantage or minimum comparative disadvantage in the production

one country has manpower to produce the commodity than the country

All of the above

Detalhes da Resposta

Read lesson note on International Trade (JAMB)

International Trade

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Pergunta 45 Relatório

From an economic point of view, an activity does not have a cost when

someone else pays for it

the returns are greater than the cost

the choice involves giving up nothing

the government pays for it

it is paid for from a gift

Detalhes da Resposta

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Ver Resposta

Pergunta 46 Relatório

Division of labour is limited by the?

available of raw materials

size of the labour force

size of a labour firm

absolute size of the country's population

per capital income and number of potential buyers

Detalhes da Resposta

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Population (JAMB)

Factors Of Production

Population

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Pergunta 47 Relatório

A commercial bank is able to create money

by printing it

by maintaining reserve

by creating a demand deposit as it gives a new loan

by issuing cheques to depositors

by borrowing from the central bank

Detalhes da Resposta

Read lesson note on Banking (JAMB)

Banking

Ver Resposta

Pergunta 48 Relatório

Which of the following is a correct definition of equilibrium price?

A price which covers production cost

A price which maximizes entreprenuer's profits

A price at which the quantity demanded equals the quantity supplied

A price at which a competitive firm is at equilibrium

A price which stabilizes farmer's income

Detalhes da Resposta

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Pergunta 49 Relatório

In a subsistence economy?

there is no shortage of goods and services

the state is the sole owner of resources

production is largely oriented towards consumption in the rular sector

there is no exchange of goods and services

women predominate in all economic activities

Detalhes da Resposta

Ver Resposta

Pergunta 50 Relatório

Which of the following is NOT a function of Nigeria commercial Banks?

Acceptance of deposit

Lending of money

Investment in securities and business

Issue of currency

Selling and buying of travellers cheques

Detalhes da Resposta

Read lesson note on Banking (JAMB)

Banking

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