JAMB UTME - Economics - 1979

If a government is running deficit, this means

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The lowering of the exchange rate between country's currency and other currencies is known as

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Net national income is

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The burden of tax on a commodity whose demand is infinitely inelastic

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If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

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which of the following is not true about occupational distribution of the labour force of West Africa?

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Infant industries are

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What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

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The quantity supplied of a commodity increases while

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Which of the following type of capital is not rewarded by means of dividends?

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Disposable income equals

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Average cost is

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The foreign exchange rate of a country is

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Pure monopoly describes market where

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The pre-dominance of non-working housewives and maids in West Africa

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When the average physical product curve is rising the marginal physical product is

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which of these alternative is wrong? central banks are

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The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

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The value of money is generally measured in reference to

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when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

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If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

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The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions

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Which is the most liquid of the following financial assets held by an individual?

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Inflation can be curbed by

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Which of the following is not an asset of a commercial bank?

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In most cases the marginal utility derived from a particular good

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Which of the following is not a component of national income at factor cost?

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An ad valorem tax means

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By utility we mean

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The quantity supplied of a commodity increases best when

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The 'terms of trade' means

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Study the table above: What is the marginal product of the second worker?

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The proportion of currency in the money supply

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The price mechanism

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opportunity cost is the

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Which of the following is not an indirect tax?

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One of the reason why the condition of supply of a commodity may change is

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which of the financial institutions cannot direct tax loans to individuals?

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A typical corporate form of business organization is owned by

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The country will be over populated when

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When marginal cost equals marginal revenue of products

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When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

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Which of the following is not a direct tax?

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Which of the following assets of the commercial bank does not yield revenue?

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Division of labour means

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Which of the following is not true of the theory of optimum population?

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If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

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Which of these is not usually the function of a wholesaler?

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Production covers all but one of the following activities:

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The central bank controls the activities of other banks by all but one of the following

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