JAMB UTME - Economics - 1982 | Green Bridge CBT

Question 1 Report

	Share of gross national product (GNP)	Share of total employment	Growth rate of output
All agriculture	40%	70%	3%
Industry and mining	30%	10%	10%
Trade andservices	30%	20%	5%

What is the growth rate of GNP?

18% Correct answer

10%

6.7%

0.5%

4.1%3

Answer Details

Read lesson note on National Income (WAEC)

National Income

View Answer

Question 2 Report

Economics is a science which deals basically with

the factors of production

allocation of scarce resources Correct answer

oil exportation

the gross domestic product (GDP)

national income

Answer Details

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

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

View Answer

Question 3 Report

Function of commercial banks do NOT include?

lending with interest charges

carrying out transactions on behalf of customers

expansion of money supply

keeping of security document s for customers

printing of currency Correct answer

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Banking (JAMB)

Public Finance

Banking

View Answer

Question 4 Report

Which of the following countries is NOT a member of the economic Community of West African States?

Sierra Leone

Sudan Correct answer

Gambia

Nigeria

Guinea

Answer Details

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

Read lesson note on International Economic Organizations (JAMB)

Methods And Tools Of Economic Analysis

International Economic Organizations

View Answer

Question 5 Report

Public enterprises are supported on the grounds that they are undertaken for

increasing profit of the private sector

reducing the burden of the private sector

improving the welfare of the people Correct answer

earning profit for the people

earning profit for the government

Answer Details

Read lesson note on Public Finance (JAMB)

Public Finance

View Answer

Question 6 Report

All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria

Price stabilization

Efficient marketing of agriculture crops

Provision of funds for building access roads Correct answer

Development of the agricultural industry

Establishment of agro-allied industries

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Money And Inflation (JAMB)

Read lesson note on Industry And Industrialization (JAMB)

Public Finance

Money And Inflation

Industry And Industrialization

View Answer

Question 7 Report

Economist speak about 'opportunity cost' when a person

has the opporunity to attain a high degree of cost minimization

has to forego one thing in order to have another Correct answer

can equate his fixed costs with his variable costs

is able to run his business without much expenditure

has to maximize utility in order to maintain a high standard of living

Answer Details

Read lesson note on Factors Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Factors Of Production

The Theory Of Demand

View Answer

Question 8 Report

Balance of payments of a country explains the overall position of?

current account of the balance of payments

capital account in the balance of payments

both the current and capital acounts Correct answer

position of the balance of trade

visible and invisible trade

Answer Details

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

International Trade And Balance Of Payments

View Answer

Question 9 Report

One of the ways by which Government derives revenue from industrial enterprises in West Africa is?

tariffs

excise duties Correct answer

poll tax

import duties

community tax

Answer Details

Read lesson note on Public Finance (WAEC)

Public Finance

View Answer

Question 10 Report

A commodity can be sold for two or more different prices if it is?

produced or sold by oligopoly

sold in perfect market

produce or sold by monopsony

produced or sold by monopoly Correct answer

produced or sold by perfect competition

Answer Details

Read lesson note on The Theory Of Production (JAMB)

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

Read lesson note on Market Structure (JAMB)

The Theory Of Production

The Theory Of Price Determination

Market Structure

View Answer

Question 11 Report

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

tariffs

quotas Correct answer

exchnge control

devaluation

revaluation

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

View Answer

Question 12 Report

The National Electric Power Authority (NEPA) is a?

Public limited company

Public liability company

Private authority

Public corporation Correct answer

Federal government authority

Answer Details

Read lesson note on Public Finance (WAEC)

Public Finance

View Answer

Question 13 Report

Which one of the following functions of banks in Nigeria is reserved to the Central Bank?

Accepting deposits

Serving as agents for payments

Issuing bank-notes Correct answer

Lending to customers

Purchasing and selling of stock exchange securities

Answer Details

Read lesson note on Public Finance (WAEC)

Read lesson note on Banking (JAMB)

Public Finance

Banking

View Answer

Question 14 Report

Full equilibrium under perfect competition requires that?

MC =MR and AC =AR

MC = MR but AR>AC

MR =MC =AR=AC

TR>TC

MR=MC Correct answer

Answer Details

Read lesson note on The Theory Of Production (JAMB)

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

The Theory Of Production

The Theory Of Price Determination

View Answer

Question 15 Report

A good measure of the standard of living usually used for international comparison is

gross natioal income (GNI)

net national income (NNI)

gross national product (GNP)

gross domestic product (GDP)

per capital income (PCI) Correct answer

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on Economic Development And Planning (WAEC)

National Income

Economic Development And Planning

View Answer

Question 16 Report

Unit of output	Table cost
1	20
2	32
3	42
4	48
5	50

in the above table, the marginal cost of the 3rd unit of output is

10 Correct answer

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

View Answer

Question 17 Report

if AC = Average Cost of production ,

TC = Total Cost of production

VC = Variable Cost of production

FC = Fixed Cost of production

Q = Quantity of goods produced

Then,

AC = TC; TC = VC + FC Correct answer

AC = (TC) Q: TC = VC + FC

AC = TC; TC = (VC)(FC) Q

AC = TC- FC: VC = TC- AC

AC = TC ; TC = VC + AC Q

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

View Answer

Question 18 Report

The sloping downward of the demand curve implies that?

an increase in price leads to an increase in quantity demanded

an increase in price leaves the quantity demanded unchanged

a decrease in price leads to a decreased in quantity demanded

a decrease in price leads to an increase in quantity demanded Correct answer

supplies respond by offering less commodities for sale

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 19 Report

Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?

debentures

preference shares

ordinary shares Correct answer

participating preference shares

old shares

Answer Details

Read lesson note on Business Organizations (WAEC)

Read lesson note on Economic Systems (JAMB)

Business Organizations

Economic Systems

View Answer

Question 20 Report

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

the size of that country

the rate of immigration into that country

the population census of that country

the annual death rate Correct answer

the gross domestic product annual(GDP) of that country

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 21 Report

Who controls a limited liability company ?

The general manager

The managing director

The owner of 51% of shares

The board of directors Correct answer

The government

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

View Answer

Question 22 Report

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

there is a Government ban on the importation of beer

beer distributors want more profit

Nigeria is a large country

middlemen hoard beer

the demand for beer exceeds the supply Correct answer

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

The Theory Of Supply

Economics As A Science

Economic Systems

View Answer

Question 23 Report

The main economic goal of ECOWAS is the attainment of ?

regional free trade Correct answer

Multilateral trade

bilateral trade

economic self-reliance

The economic emancipation of Africa

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on Economic Integration (WAEC)

International Trade

Economic Integration

View Answer

Question 24 Report

Demand for money for speculative purposes means?

buying goods and services whose prices have risen

keeping money for unforseen expenditure

buying financial assets because of possible gains Correct answer

buying real estate

keeping money for a rainy day

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

View Answer

Question 25 Report

The equilibrium market price is determined at a point where?

consumers can buy all they desire

sellers can dispose of all their wares

the price is moderate

quantity consumers desires equal quantity sellers offer Correct answer

sellers and buyers are not quarrelling

Answer Details

View Answer

Question 26 Report

Monetary policy does NOT involve

increasing the import duties Correct answer

buying or selling treasury bills by the Central Bank

printing of more currency note

increasing or decreasing cash reserve ratio by the Central Bank

raising the level of interest

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

View Answer

Question 27 Report

Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?

Open market operation

Reserve requirements Correct answer

Bank rate

Directives

Special deposits

Answer Details

Read lesson note on Banking (JAMB)

Banking

View Answer

Question 28 Report

In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the

dependency ratio is high Correct answer

population is optimum

ratio of females to males is high

population is growing at less than equilibrium

population is growing according to Malthus theory

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 29 Report

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

Availability of labour in the area

Acces to transport facilities

Nearness of raw materials Correct answer

Availability of power

Nearness of Technical and Engineering School

Answer Details

Read lesson note on Economic Integration (WAEC)

Read lesson note on Market Structure (JAMB)

Read lesson note on Industry And Industrialization (JAMB)

Economic Integration

Market Structure

Industry And Industrialization

View Answer

Question 30 Report

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

an income elastic good

a normal good

an inferior good Correct answer

demand elastic

supply elastic

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

View Answer

Question 31 Report

We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because

it is the dependent population of Nigeria, economically

all student in Nigeria are in this group

more than 50% of all Nigerians are in this group

it is the most expensive group of the economy

it is the productive group of the economy Correct answer

Answer Details

Read lesson note on Population (JAMB)

Population

View Answer

Question 32 Report

Retailers are greater in numbers than wholesalers because?

retail business may not be registered or incorporated

retail business requires less expertise Correct answer

retailers deal with final consumers

all retail businesses are large enterprises

all retail businesses are small enterprises

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

View Answer

Question 33 Report

The PAYE (Pay As You Earn) in Nigeria is an example of?

indirect tax

progressive tax Correct answer

regressive tax

community tax

flat rate tax

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 34 Report

Taxes which are levied on a person’s expenditures are known as?

Purchase tax Correct answer

Sales tax

Direct tax

Poll tax

Income tax

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 35 Report

which is not responsible for the decline in food production in West Africa?

Neglect of agriculture by many people

drift of young people rural to urban areas

Influence of weather and climate

Many of the countries do not balance of payments problems Correct answer

Lack of good prices for agricultural products on the farm

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

View Answer

Question 36 Report

The supply of and demand for goods and services are influenced by the?

supermarkets

entrepreneurs

mechanism of the law

mechanism of equilibrium

price mechanism Correct answer

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Banking (JAMB)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Supply (WAEC)

Theory Of Price Determination

Banking

Theory Of Production

The Theory Of Demand

Supply

View Answer

Question 37 Report

In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?

imposing import bans on some commodity

imposing import duties

drawing down on external reserves

purchasing foreign exchanges from foreign countries Correct answer

devaluation of the currency

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on Economic Integration (WAEC)

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

Read lesson note on Economics As A Science (JAMB)

International Trade

Economic Integration

International Trade And Balance Of Payments

Economics As A Science

View Answer

Question 38 Report

What is the growth rate of employment?

18% Correct answer

10%

6.7%

5.7%

4.1%

Answer Details

Read lesson note on National Income (WAEC)

National Income

View Answer

Question 39 Report

The purpose of import duties does NOT include the?

generation of revenue for government

protection of domestic industries

promotion of international trade Correct answer

conservation of foreign exchange earnings

control of comsuption pattern

Answer Details

Read lesson note on International Trade (JAMB)

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

International Trade

International Trade And Balance Of Payments

View Answer

Question 40 Report

Oligopoly means

large number of sellers in the markets

single seller in the market

few sellers in the markets Correct answer

few buyers in the market

single buyer in the market

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

View Answer

Question 41 Report

Population growth can be calculated as ?

Birth rate + death rate + migration rate + immigration rate

Birth rate – death rate + migration rate -immigration rate

Birth rate + death rate – migration rate + immigration rate

Birth rate – death rate – emigration rate + immigration rate Correct answer

Birth rate – death rate

Answer Details

Read lesson note on Population (JAMB)

Population

View Answer

Question 42 Report

The most dominant economic activity which employs the largest number of people in West Africa is?

manufacturing

transport

government

agriculture Correct answer

the petroleum industry

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

View Answer

Question 43 Report

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?

development projects

infrastructural facilities Correct answer

monoculture

capital investment

superstructure

Answer Details

Read lesson note on Economic Growth And Development (JAMB)

Economic Growth And Development

View Answer

Question 44 Report

A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?

profit maximization

large-scale production

a wind fall

government subsidies

economies of scale Correct answer

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Supply

The Theory Of Production

Theory Of Costs

View Answer

Question 45 Report

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

profitable to the production process

purchased for the purpose of production

combined in the production process Correct answer

provided adequately for the production process

brought into the factory

Answer Details

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

Factors Of Production And Their Theories

View Answer

Question 46 Report

Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is

elastic in both markets