JAMB UTME - Economics - 1983

The concept of economic efficiency primary refers to?

Which of the following is NOT include in measuring national income by the income approach?

When demand is elastic, it means that consumers

Public expenditure creates expansionary effects in the economy when it is

The quickest way of achieving an economic union on regional basis is to remove all?

In an inflationary period which of the following statements is NOT true?

In the diagram P₁ S is a supply curve for a manufactured. its shows that

International trade is necessary because?

Age-structure in Nigeria is such that the working age-group is in the years

Petroleum 'glut' in international trade means

Mono production economies are those that?

Palm oil industry is located in Bendel State because the State?

Agriculture plays a dominant role in West Africa economics because

Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

Division of labour has many advantages . Not withstanding, it is greatly limited by?

The monetary system that requires double coincidence of want is known as?

A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

Retailers in an economy perform the function of

When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

Nigeria is currently implementing the?

Marginal cost curve intersects average cost curve ?

In the event of a limited liability company going into liquidation each

Disequilibrium in the balance of payment means?

Differentiated product is the characteristic feature of?

Comparative cost doctrine of international trade means specialization in production

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

Demand for a factor of production is?

The natural growth rate of a population is the

The effect of emigration on a country's population, all other things remaining equal, is to

Full employment is a situation in which?

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

The maintenance of general economic stability in the country necessarily relies heavily on?

Which of the following is NOT an advantage of localization of industries?

The meaningof 'Dumping' is selling goods in a foreign market

The meaning of ‘wage-price spiral’ is?

Which of the following are direct taxes?

Which of the following sets fully represents factors of production?

In a sole proprietorship, the decisions are made by the?

A major function of middlemen in Nigeria is the distribution of?

NEPA as a public corporation is?

Which of the following defines Economics most comprehensively?

Which of the following enterprises does NOT pursue the sole objective of profit maximization?

A greater burden of the taxes on essential goods is borne by the?

The supply of loanable funds is significantly influenced by?

Which of thefollowing items is NOT an argument for locating industries in rural areas?

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

A Nigerian household's demand curve for semovita is downward because?

What is the market equilibrium price?

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?