JAMB UTME - Economics - 1987
Swali 1 Ripoti
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
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Swali 2 Ripoti
The additional revenue obtained by using one more unit of a factor is called its?
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Swali 3 Ripoti
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
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Swali 9 Ripoti
An increase in supply will lower price unless?
Swali 10 Ripoti
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Swali 11 Ripoti
Which of the following is compatible with a firm in a purely competitive market?
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Swali 12 Ripoti
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?
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Swali 16 Ripoti
In the history of Economic Thought the concept of Division of labour is usually associated with?
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Swali 17 Ripoti
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?
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Swali 18 Ripoti
Which of the following is a disadvantage of regional concentration of industries?
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Swali 19 Ripoti
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?
Swali 20 Ripoti
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Swali 22 Ripoti
The money which government spends yearly for the maintenance of its school is?
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Swali 23 Ripoti
The difference between personal income and personal disposal income is?
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Swali 24 Ripoti
For the improvement of the welfare of a people, a high production level is not enough because
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Swali 26 Ripoti
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
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Swali 27 Ripoti
A production possibility curve shows?
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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.
Swali 29 Ripoti
A budget with a projected revenue in excess of its expenditure is said to be?
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Swali 30 Ripoti
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
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Swali 31 Ripoti
The shut-down point for a firm in the short run is the output at which?
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Swali 32 Ripoti
The rate of exchange between a domestic and a foreign currency is defined as the?
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Swali 33 Ripoti
Statistical information available in most West African countries suggests that?
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Swali 34 Ripoti
In which of the diagrams above, is the consumer surplus correctly shaded?
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Swali 36 Ripoti
In the operation of market forces, the market is in equilibrium at the point where?
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Swali 37 Ripoti
Which of the following best explains the structural changes in the population of a country?
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Swali 39 Ripoti
Which of the following best describes the concept of opportunity cost?
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Swali 45 Ripoti
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
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Swali 47 Ripoti
The residual of production which accrues to the owner of land after all other expenses have been met is called?
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Swali 48 Ripoti
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
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