JAMB UTME - Economics - 1986 | Green Bridge CBT

Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00?

N100.00

N1,000.00

N9,000.00

N10,000.00

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 26 Report

Gresham's law in economics shows that

bad money drives good money out of circulation

good money drives bad money out of circulation

gold must be available to maintain the value of paper money

the price level varies directly with the quality of money

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 27 Report

Which of the following causes of inflation is related to demand-pull inflation?

Low productivity on farms and in firms

Poor storage facilities

Poor distribution system

Increase in expenditure on construction

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

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

The Theory Of Demand

The Theory Of Price Determination

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Question 28 Report

The most important advantage of co-operative societies is?

their high degree of democracy

the increase inthe cost of marketing

that member are encouraged to save money

the possibility of raising loans for the members

Answer Details

Read lesson note on Business Organizations (JAMB)

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 29 Report

In international trade, a country specializes in the production of a commodity or group of commodities for which it has?

a buoyant market

plenty of raw materials

the greatest relative advantage

executive manpower

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 30 Report

Which of the following methods is most likely to lead an economy?

An increase in wages and profits

An increase in consumer demand

A greater fraction of national Product going into investment

A countinuous rise in bank loans

Answer Details

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

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

Read lesson note on National Income (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

National Income

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Question 31 Report

Choice in economic life is necessitated by?

the need to construct scale of preference

the opportunity cost of consumption

unlimited wants

scarcity of economic resources

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 32 Report

Which of the following statements describes a mixed economy?

The government and the private sector interact in solving the basic economic problems

The invisible hand solves the basic economic problems

The government produces and distributes all goods and services

Society answers the 'what', 'how', and 'for whom' questions only through the market system

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 33 Report

Which of the following is an external economy derived by a firm?

Low cost opportunities enjoyed by being in a place where other producers concentrate

Technical economics enjoyed by varying the factors of production

Economics of management by putting administrators where the are most efficient

marketing advantages attained through preferential treatment in the purchase and distribution of produce

Answer Details

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structure

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Question 34 Report

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

individual's money income

price of subtitutes

price of complementary goods

price of the commodity under consideration

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Question 35 Report

Deflation is a persistent fall in the general price level and is usually caused by?

a reduction in total demand

an increase in government spending

an increase in the money supply

an increase in aggregate demand

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Question 36 Report

The best technical description of a progressive tax is a?

tax which takes more money from the rich than from the poor

more equitable tax than aggressive one

tax which takes a higher proportion of extra naira received as income rises

tax which falls directly on those in the high income brackets

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

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Question 37 Report

The term balance oftrade, can be defined as the?

relation between value of exports and value of imports over a given period of time

balance owed to the rest of the world in payment for imports

price paid for imports in term of exports

relation between payments of all kind made by a country to the rest of the world, over a given period of time

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 38 Report

The revenue accruing to the seller of commodity X as a result of a fall in price will

increase

fall

first fall but will increase later

remain unchanged

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 39 Report

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

Variable cost

opportunity cost

Total cost

Prime cost

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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Question 40 Report

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

induce greater demand for beef

induce greater demand for fish

induce lower demand for fish

equate demands for beef and fish

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 41 Report

The main function of price mechanism is to?

limit consumer demand

enable producers make profit

allocate scarce resources among competing ends

ensure consumer sovereignty

Answer Details

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Question 42 Report

Population density refers to?

densely populated urban centres

the total area divided by the total population

densely populated rural areas

the total population divided by the total area

Answer Details

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Question 43 Report

Use the table below to answer the question below:

Market Demand Schedule for Commodity X:

If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

0.62

0.73

1.00

1,50

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 44 Report

The term of trade often measured by the ratio of the index of export

divided by the index of import prices multiplied by 100

multiplied by the index of import prices

plus the index of import prices multiplied by 100

minus the index of import prices

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 45 Report

Balance of payment deficit in Nigeria CANNOT be solved by

importing more goods and services

devaluation of the currency

imposing import duties

imposing import bans on some commodities

Answer Details

Read lesson note on Economic Integration (WAEC)

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

Economic Integration

International Trade And Balance Of Payments

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Question 46 Report

An nation's distribution of income shows?

the value of all goods produce inthe economy

how income is divided among different groups

where the economy system is on its production possibility curve

the consumption behaviour of the people

Answer Details

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on National Income (JAMB)

Methods And Tools Of Economic Analysis

National Income

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Question 47 Report

A firm is at its optimum size when?

it produce the greatest output at a minimum cost

it has a motive to increase output

marginal cost equals marginal revenue

marginal cost is less than marginal revenue

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

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Question 48 Report

Which of the following is a characteristic of private limited liability company?

its shares can be sold to the public

the number of shareholders ranges from fifty to one hundred

all shareholders have equal powers and responsibilities

the number of shareholders ranges from two to fifty

Answer Details

Read lesson note on Business Organizations (JAMB)

Business Organizations

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Question 49 Report

Mobility of labour is NOT affected by

optimum size of population

marriage and family

regulation of trade unions

period of training

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Question 50 Report

Which of the following is NOT a goal of modern budgets?

The control of inflation

The reduction in income inequality

The shift of all resources from the private to the public sector

Economic development

Answer Details

Read lesson note on Public Finance (WAEC)

Read lesson note on Public Finance (JAMB)

Public Finance

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