JAMB UTME - Economics - 1983 | Green Bridge CBT

Swali 1 Ripoti

Retailers in an economy perform the function of

production

exchange

distribution

horading

investment

Maelezo ya Majibu

Soma maelezo ya somo kwenye Distributive Trade (WAEC)

Distributive Trade

Tazama Jibu

Swali 2 Ripoti

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

shareholder may lose the maximum of the amount he has invested

shareholder loses nothing

shareholders loses everything including his house

shareholder''s liability becomes unlimited

shareholder will lose the amount he has invested plus a proportion of his bank account

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (JAMB)

Business Organizations

Tazama Jibu

Swali 3 Ripoti

Which of the following sets fully represents factors of production?

Sunlight, machinery, man , land,

Land, labour, capital, enterprise, technology

Capital, technology, idaes, markets, land

Land, water, weather

Money, market , middlemen

Maelezo ya Majibu

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Soma maelezo ya somo kwenye Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

Tazama Jibu

Swali 4 Ripoti

NEPA as a public corporation is?

a power generating industry in Nigeria

organized in a perfect competitive market

a duopoly

a monopolistically competitive industry

a monopoly

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (JAMB)

Soma maelezo ya somo kwenye Market Structure (JAMB)

Business Organizations

Market Structure

Tazama Jibu

Swali 5 Ripoti

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

Wages and salaries of public servant

student grants and scholarship

Profit of companies

income earned by self employed persons such as lawyers

Rents on property

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (JAMB)

National Income

Tazama Jibu

Swali 6 Ripoti

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

when price is OP₁ quantity supplied is infinitely elastic

the higher the price the greater the quantity supplied

the higher the price the lower the quantity supplied

when price is zero quantity supplied becomes infinite

when price is infinite quantity supplied becomes zero

Maelezo ya Majibu

Tazama Jibu

Swali 7 Ripoti

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

at a low price that recieved in the home market

at a price higher than that recieved in the foreign market

at a price equal to the cost price in the home market

in order to encourage indigenous producers

at a price equal to the selling price in the home market

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economic Systems

Tazama Jibu

Swali 8 Ripoti

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

governmnet

borad of directors

management

shareholders'conference

owner

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu

Swali 9 Ripoti

Agriculture plays a dominant role in West Africa economics because

the green Revolution in Nigeria is agriculture

it supplies all the foodstuff consumed in West Africa

there are large plantation of cocoa, groundnut and palm oil in West Africa

it is the main source of revenue in Nigeria

it employs more than 50% of the total labour force in West Africa

Maelezo ya Majibu

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Soma maelezo ya somo kwenye National Income (JAMB)

Agriculture

Money And Inflation

National Income

Tazama Jibu

Swali 10 Ripoti

Which of the following defines Economics most comprehensively?

Buying and selling

Organization and Industries

study of human behaviour in the allocation of scarce resources

National development planning and budgeting

Banking and Insurance

Maelezo ya Majibu

Soma maelezo ya somo kwenye Definition And Scope Of Economics (WAEC)

Definition And Scope Of Economics

Tazama Jibu

Swali 11 Ripoti

Differentiated product is the characteristic feature of?

perfect competition

pure competition

monopolistic competition

monopoly

oligopoly

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Soma maelezo ya somo kwenye Market Structures (WAEC)

Theory Of Price Determination

Market Structures

Tazama Jibu

Swali 12 Ripoti

Production possibilities(alternatives)

P Q R S T

Units of shelter 5 4 3 2 0

Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

one unit of shelter

three units of shelter

one third of a unit of shelter

six units of shelter

two units of shelter

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

The Theory Of Production

Tazama Jibu

Swali 13 Ripoti

The meaning of ‘wage-price spiral’ is?

demand pull and cost push inflation pulling each other in different director

demand pull and cost push inflation intensifying each other

both of them bringing about a reduction in the price level

that demand pull and cost push inflation increases employment

that wages and prices are rising at a proportional rate

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Soma maelezo ya somo kwenye Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

Tazama Jibu

Swali 14 Ripoti

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 supply curve will shift from S_oS_o to S₂S₂

The supply curve will shift from S_oS_o to S₁S₁

The supply curve will shift fromS ₂S₂ to S₁S₁

The supply curve will shift from S₁S₁ to S_oS_o

The demand curve will shift from D_oD_o to D₁D₁

Maelezo ya Majibu

Tazama Jibu

Swali 15 Ripoti

Nigeria is currently implementing the?

third development plan

second development plan

fourth development plan

fifth development plan

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Development And Planning (WAEC)

Economic Development And Planning

Tazama Jibu

Swali 16 Ripoti

Mono production economies are those that?

have a rich cultural heritage

produces only raw materials

live from the export of their raw product

produce one main commodities

specialized in agricultral industries

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Supply (JAMB)

The Theory Of Supply

Tazama Jibu

Swali 17 Ripoti

The natural growth rate of a population is the

sum of the birth rate and the death rate

sum of the birth rate and the net migrate rate

birth rate minus death rate

birth rate divided by the net migration

death rate minus the net imgration

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Soma maelezo ya somo kwenye Population (JAMB)

Population And Labour Market

Population

Tazama Jibu

Swali 18 Ripoti

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

More capital is provided

Price policy may be the interest of consumers

Government workers may be indifferents towards the public

Infrasturcture are rapidly developed

income may be more evenly distributed

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economic Systems

Tazama Jibu

Swali 19 Ripoti

The concept of economic efficiency primary refers to?

obtaining the maximum output from available resources at the lowest cost

conservation of our petroleum resources

equity in the distribution of the nation's wealth

producing without waste

the limited wants-unlimited resources dilemma

Maelezo ya Majibu

Tazama Jibu

Swali 20 Ripoti

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?

the productivity of labour

the law of diminishing marginal utility

the law diminishing returns

the concept of factor intensity

labour intensive production

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

The Theory Of Production

Theory Of Costs

Theory Of Production

Tazama Jibu

Swali 21 Ripoti

Full employment is a situation in which?

every adult is employed

all adults who can work are employed

all person who attained the age of 15 and above are employed

only the disabled are not employed

all those who are able and eligible can find employment

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Population And Labour Market

Tazama Jibu

Swali 22 Ripoti

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

Reaping of external economies

Development of a pool or skilled labour for industry

Development of subsidiary industries

Development of organized markets

Growth of conurbations

Maelezo ya Majibu

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye Industry And Industrialization (JAMB)

Agriculture

Industry And Industrialization

Tazama Jibu

Swali 23 Ripoti

Demand for a factor of production is?

a composite demand

a joint demand

a derived demand

an elastic demand

cross-elasticity of demand

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Theory Of Production

The Theory Of Demand

Tazama Jibu

Swali 24 Ripoti

Petroleum 'glut' in international trade means

a fall in petroleum production

an over supply of petroleum

a higher petroleum price offered by the buyer

a higher petroleum price demanded by the seller

higher prices for the consumtion of petroleum

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Money And Inflation

Tazama Jibu

Swali 25 Ripoti

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

both price and quantity will increased

only price increases

only quantity increases

the price remains constant

the price falls

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Demand (WAEC)

The Theory Of Demand

Demand

Tazama Jibu

Swali 26 Ripoti

The supply of loanable funds is significantly influenced by?

commercial banks

mortage banks

financial intermediaries

the Central Bank

insurance companies

Maelezo ya Majibu

Soma maelezo ya somo kwenye Banking (JAMB)

Banking

Tazama Jibu

Swali 27 Ripoti

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

Rural areas supply agricultural raw material

The pace of development will be quickened in rural areas

Employment will be provided for rural inhabitants

Capital is easily available in rural areas

Suitable humid climate is sometimes found in rural areas

Maelezo ya Majibu

Soma maelezo ya somo kwenye Industry And Industrialization (JAMB)

Industry And Industrialization

Tazama Jibu

Swali 28 Ripoti

When demand is elastic, it means that consumers

react more proportionately to price change

are not sensitive to price changed

will stop buying when price increases

react less proportionately to price change

react equally to price change

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

The Theory Of Price Determination

Tazama Jibu

Swali 29 Ripoti

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

the demand for semovita is high

the loal markets are flooded with semovita

it is produced in Nigeria

every household can afford to buy semovita

higher prices attract lower quantities while lower prices attract larger quantities

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Demand (WAEC)

Theory Of Production

The Theory Of Demand

Demand

Tazama Jibu

Swali 30 Ripoti

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

Wages rise simultaneously with prices

The purchasing power of money diminishes

More money runs after a limited quantity of goods

Money supply increases

Aggregate real demand exceeds aggregate real supply

Maelezo ya Majibu

Tazama Jibu

Swali 31 Ripoti

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

increase its size

cause overpopulation

increase its growth rate

reduce the proportion of children

reduce its size

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Soma maelezo ya somo kwenye Population (JAMB)

Population And Labour Market

Population

Tazama Jibu

Swali 32 Ripoti

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

middle income group

higher income group

lower income group

people falling between the middle and higher income groups

top few richest people of the country

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

Tazama Jibu

Swali 33 Ripoti

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

federal fiscal policy

coordinated federal, state and local fiscal policies

tax and revenue policies of state governments

federal grants to state and local government

federal grants to local governments

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (WAEC)

Soma maelezo ya somo kwenye Public Finance (JAMB)

Public Finance

Tazama Jibu

Swali 34 Ripoti

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

commodities to all consumers regardless of income

commodities to consuming centres and the collection of money income to producing centres

economic welfare to all

wealth to all

poverty within the society

Maelezo ya Majibu

Soma maelezo ya somo kwenye Distributive Trade (WAEC)

Distributive Trade

Tazama Jibu

Swali 35 Ripoti

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?

land and related factors

abundance of natural resources

level of human capital

technical progress or other factors

the discipline of political leadership

Maelezo ya Majibu

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Soma maelezo ya somo kwenye Market Structure (JAMB)

Factors Of Production And Their Theories

The Theory Of Price Determination

Market Structure

Tazama Jibu

Swali 36 Ripoti

Comparative cost doctrine of international trade means specialization in production

according to absolute cost advantage

according to absolute cost disadvantage

according to comparative cost disadvantage

according to comparative cost advantage

on the basis of the availability of labour

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye Financial Institutions (WAEC)

International Trade

Financial Institutions

Tazama Jibu

Swali 37 Ripoti

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

money is regarded as a medium of exchange

measure for value

unit of account

store of value

standard for deferred payments

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Soma maelezo ya somo kwenye International Economic Organizations (WAEC)

Money And Inflation

International Economic Organizations

Tazama Jibu

Swali 38 Ripoti

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

Roads of Nigeria Ltd

Union Bank of Nigeria Ltd

Nigeria Electric Power Authority

Volkswagen (VW) Nigeria Ltd

Kingsway Nigeria Ltd

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu

Swali 39 Ripoti

Disequilibrium in the balance of payment means?

imports of the country exceeding its exports

overall deficit or surplus in the current account and capital account of the balance of payment

capital flowing out of the country exceeds the capital flowing into the country

deficit in the trade balance

export earnings exceeds cost of imports

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Tazama Jibu

Swali 40 Ripoti

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

imports raw material for palm oil Industry

is a palm tree growing area

soil is unsuitable for other crops

government does engage land for other crops

land is suitable for oil

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structures (WAEC)

Soma maelezo ya somo kwenye Petroleum And The Nigerian Economy (JAMB)

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Market Structures

Petroleum And The Nigerian Economy

Money And Inflation

Tazama Jibu

Swali 41 Ripoti

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)?

Curve I

Curve ll

Curve lll

Curve lV

Curves l and lll

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Supply (JAMB)

The Theory Of Supply

Tazama Jibu

Swali 42 Ripoti

Marginal cost curve intersects average cost curve ?

from above at its lowest point