JAMB UTME - Economics - 1978

As consumption of beer increases, its marginal utility to a drinker will

Maelezo ya Majibu

Which is an example of an invisible item in the trade Account of Ghana?

Maelezo ya Majibu

Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities

Maelezo ya Majibu

The numerical measure of elasticity is

Maelezo ya Majibu

Economics is called a social science because it is

Maelezo ya Majibu

In the diagram equilibrium price is:

Maelezo ya Majibu

Marginal cost is

Maelezo ya Majibu

The biggest source of government revenue in Nigeria is

Maelezo ya Majibu

Which of the following is NOT strictly included In the study of economics?

Maelezo ya Majibu

If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X

Maelezo ya Majibu

Which of the following is not a form of business organization

Maelezo ya Majibu

Malthus became famous through his theory which may be stated simply

Maelezo ya Majibu

In economics, production is complete when

Maelezo ya Majibu

Which of the following financial assets consist the lowest rate of interest in Nigeria?

Maelezo ya Majibu

Less developed countries obtain foreign exchange reserve mainly from the export of

Maelezo ya Majibu

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

Maelezo ya Majibu

A budget deficit means

Maelezo ya Majibu

Which of the following can be regarded as a liability of a commercial bank?

Maelezo ya Majibu

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

Maelezo ya Majibu

The foreign exchange market is a market where

Maelezo ya Majibu

By ‘trade by barter’, we mean

Maelezo ya Majibu

A distinguishing characteristics of a consumers' cooperative is the fact that

Maelezo ya Majibu

Which of the following sector of the economy is estimated to be the largest employer of labour in the country

Maelezo ya Majibu

The effect of the demand for product A caused by a change in the price of a product B is called?

Maelezo ya Majibu

Price control cannot work in Nigeria because

Maelezo ya Majibu

The optimum population of a country is reached when

Maelezo ya Majibu

Opportunity cost is a term which describe

Maelezo ya Majibu

Which of the following activities of government precludes the existence of a market economy?

Maelezo ya Majibu

When elasticity is zero, the demand curve is

Maelezo ya Majibu

In order to build up its capital stock, the typical less developed country should ideally

Maelezo ya Majibu

Which of the following item in the balance of payment of account is an invisible transaction?

Maelezo ya Majibu

The advantage of sole proprietorship is as follow

Maelezo ya Majibu

The Lagos clearing house is

Maelezo ya Majibu

Which of these would not be included in the fundamental principle of a free enterprise economy

Maelezo ya Majibu

Bondholders are treated more favorably than shareholders because

Maelezo ya Majibu

Disposable income is the same thing as

Maelezo ya Majibu

Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?

Maelezo ya Majibu

A country has a surplus in its balance of visible trade if

Maelezo ya Majibu

A Tax which takes a higher percentage from higher incomes is called?

Maelezo ya Majibu

If the demand of a product with perfectly elastic supply increases, there will be

Maelezo ya Majibu

An increase in liquid reserve requirements by the central bank of Nigeria will result in

Maelezo ya Majibu

Which of the following statements is true?

Maelezo ya Majibu

The following is NOT a reason for the existence of small firms

Maelezo ya Majibu

Inferior goods are referred to in Economics as goods

Maelezo ya Majibu

A commercial bank is unique in that it is only the institution that

Maelezo ya Majibu

The expression ‘terms of trade’ is used to describe

Maelezo ya Majibu

Which of these would NOT increase population of a country

Maelezo ya Majibu

A rational consumer will adjust his spending pattern so that

Maelezo ya Majibu

Which is NOT a direct effort to increase Agricultural production in Nigeria?

Maelezo ya Majibu

The largest liability appearing in the book of a commercial bank is

Maelezo ya Majibu