JAMB UTME - Economics - 1987

To which of the following sectors do services belong?

Maelezo ya Majibu

A budget with a projected revenue in excess of its expenditure is said to be?

Maelezo ya Majibu

In the history of Economic Thought the concept of Division of labour is usually associated with?

Maelezo ya Majibu

Money market differs from capital market in that it?

Maelezo ya Majibu

Which of the following is a disadvantage of regional concentration of industries?

Maelezo ya Majibu

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

Maelezo ya Majibu

Economic development is defined as?

Maelezo ya Majibu

The main reason for charging interest is to?

Maelezo ya Majibu

Capital consumption allowance refers to?

Maelezo ya Majibu

Ad valorem tax means?

Maelezo ya Majibu

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

Maelezo ya Majibu

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

Maelezo ya Majibu

Which of the following is NOT a type of business ownership?

Maelezo ya Majibu

Price can be defined as?

Maelezo ya Majibu

If a good is an inferior good, then?

Maelezo ya Majibu

For normal goods the income elasticity of demand is?

Maelezo ya Majibu

A limited liability company is usually owned by?

Maelezo ya Majibu

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

Maelezo ya Majibu

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

Maelezo ya Majibu

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

Maelezo ya Majibu

Which of the following best describes the concept of opportunity cost?

Maelezo ya Majibu

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

Maelezo ya Majibu

A production possibility curve shows?

Maelezo ya Majibu

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.

The liability of the sole trader is?

Maelezo ya Majibu

Labour productivity is defined as?

Maelezo ya Majibu

Frictional unemployment?

Maelezo ya Majibu

What form of market is found in an imperfect competition where there are few buyers and many sellers?

Maelezo ya Majibu

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

Maelezo ya Majibu

Average fixed cost is

Maelezo ya Majibu

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

Maelezo ya Majibu

For the improvement of the welfare of a people, a high production level is not enough because

Maelezo ya Majibu

Market is defined as?

Maelezo ya Majibu

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?

Maelezo ya Majibu

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?

Maelezo ya Majibu

An increase in supply will lower price unless?

Maelezo ya Majibu

Statistical information available in most West African countries suggests that?

Maelezo ya Majibu

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?

Maelezo ya Majibu

Transfer payment are

Maelezo ya Majibu

The difference between personal income and personal disposal income is?

Maelezo ya Majibu

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?

Maelezo ya Majibu

The rate of exchange between a domestic and a foreign currency is defined as the?

Maelezo ya Majibu

The shut-down point for a firm in the short run is the output at which?

Maelezo ya Majibu

In the keynesian model?

Maelezo ya Majibu

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

Maelezo ya Majibu

In the operation of market forces, the market is in equilibrium at the point where?

Maelezo ya Majibu

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

Maelezo ya Majibu

Efficiency of labour is enhanced by?

Maelezo ya Majibu

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

Maelezo ya Majibu

If inflation is anticipated to continue?

Maelezo ya Majibu

The money which government spends yearly for the maintenance of its school is?

Maelezo ya Majibu