JAMB UTME - Economics - 1987 | Green Bridge CBT

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

microeconomics Correct answer

macroeconomics

production

indifference curve

Answer Details

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

View Answer

Question 27 Report

Labour productivity is defined as?

output per man/hour Correct answer

average output

the maximum number of hours worked

total level of output

Answer Details

Read lesson note on Market Structures (WAEC)

Market Structures

View Answer

Question 28 Report

The difference between personal income and personal disposal income is?

personal income tax Correct answer

investment income

personal savings

consumption expenditure

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

View Answer

Question 29 Report

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?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change Correct answer

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

View Answer

Question 30 Report

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

Correct answer

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

View Answer

Question 31 Report

The liability of the sole trader is?

indeterminable

unlimited Correct answer

transferable

limited

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

View Answer

Question 32 Report

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Correct answer

payment transferred from one account to another

Answer Details

View Answer

Question 33 Report

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative Correct answer

the poor buy the good only out of habit

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Distributive Trade (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

View Answer

Question 34 Report

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?

10.20

3.57

1.25 Correct answer

0.80

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

View Answer

Question 35 Report

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Correct answer

Answer Details

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.

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

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

View Answer

Question 36 Report

The additional revenue obtained by using one more unit of a factor is called its?

marginal product

additional product

marginal revenue product Correct answer

average product

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

View Answer

Question 37 Report

Which of the following best explains the structural changes in the population of a country?

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population Correct answer

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

View Answer

Question 38 Report

In the long run a firm will leave an industry if price?

does not cover at at least Average Total Cost

is not equal to Marginal Cost Correct answer

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

View Answer

Question 39 Report

Economic development is defined as?

positive change plus growth

avalibility of more goods and services

outward shift of the production possibility curve

growth in the national income Correct answer

Answer Details

Read lesson note on Economic Growth And Development (JAMB)

Economic Growth And Development

View Answer

Question 40 Report

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

75 units

35 units

7 units

not determinable from the schedules except when graphed Correct answer

Answer Details

View Answer

Question 41 Report

The residual of production which accrues to the owner of land after all other expenses have been met is called?

wages

rent Correct answer

interest

profit

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

View Answer

Question 42 Report

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Correct answer

Total fixed cost plus marginal cost

Answer Details

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

Read lesson note on Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

View Answer

Question 43 Report

In which of the diagrams above, is the consumer surplus correctly shaded?

III

IV Correct answer

Answer Details

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

Read lesson note on The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

View Answer

Question 44 Report

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Correct answer

demand is highly inelastic

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Supply

Demand

View Answer

Question 45 Report

Price can be defined as?

a rate of exchange Correct answer

a mediumof exchange

the cost of product

the standard of accounting

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Theory Of Price Determination

View Answer

Question 46 Report

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Correct answer

Construction

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

View Answer

Question 47 Report

Which of the following is compatible with a firm in a purely competitive market?

demand is inelastic

demand is infinitely inelastic Correct answer

Marginal Cost is falling

Price is greater than Marginal Cost

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

View Answer

Question 48 Report

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?

65 units

40 units

30 units Correct answer

20 units

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

View Answer

Question 49 Report

Efficiency of labour is enhanced by?