JAMB UTME - Economics - 1982 | Green Bridge CBT

if AC = Average Cost of production ,

TC = Total Cost of production

VC = Variable Cost of production

FC = Fixed Cost of production

Q = Quantity of goods produced

Then,

AC = TC; TC = VC + FC

AC = (TC) Q: TC = VC + FC

AC = TC; TC = (VC)(FC) Q

AC = TC- FC: VC = TC- AC

AC = TC ; TC = VC + AC Q

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Tazama Jibu

Swali 15 Ripoti

Population growth can be calculated as ?

Birth rate + death rate + migration rate + immigration rate

Birth rate – death rate + migration rate -immigration rate

Birth rate + death rate – migration rate + immigration rate

Birth rate – death rate – emigration rate + immigration rate

Birth rate – death rate

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population (JAMB)

Population

Tazama Jibu

Swali 16 Ripoti

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

profitable to the production process

purchased for the purpose of production

combined in the production process

provided adequately for the production process

brought into the factory

Maelezo ya Majibu

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

Factors Of Production And Their Theories

Tazama Jibu

Swali 17 Ripoti

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

the size of that country

the rate of immigration into that country

the population census of that country

the annual death rate

the gross domestic product annual(GDP) of that country

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

If the Central Bank intends to increase the money supply through open market operations then it will

sell securities in the open market

buy securities in the open market

issues more currency note

withdraw money supply from the market

print more demand deposit

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Money And Inflation

Tazama Jibu

Swali 19 Ripoti

If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is

an income elastic good

a normal good

an inferior good

demand elastic

supply elastic

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Consumer Behaviour (WAEC)

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

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

Theory Of Consumer Behaviour

Theory Of Price Determination

The Theory Of Demand

Tazama Jibu

Swali 20 Ripoti

A commodity can be sold for two or more different prices if it is?

produced or sold by oligopoly

sold in perfect market

produce or sold by monopsony

produced or sold by monopoly

produced or sold by perfect competition

Maelezo ya Majibu

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

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

Soma maelezo ya somo kwenye Market Structure (JAMB)

The Theory Of Production

The Theory Of Price Determination

Market Structure

Tazama Jibu

Swali 21 Ripoti

Demand for money for speculative purposes means?

buying goods and services whose prices have risen

keeping money for unforseen expenditure

buying financial assets because of possible gains

buying real estate

keeping money for a rainy day

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Money And Inflation

Tazama Jibu

Swali 22 Ripoti

which is not responsible for the decline in food production in West Africa?

Neglect of agriculture by many people

drift of young people rural to urban areas

Influence of weather and climate

Many of the countries do not balance of payments problems

Lack of good prices for agricultural products on the farm

Maelezo ya Majibu

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Agriculture

Money And Inflation

Tazama Jibu

Swali 23 Ripoti

We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because

it is the dependent population of Nigeria, economically

all student in Nigeria are in this group

more than 50% of all Nigerians are in this group

it is the most expensive group of the economy

it is the productive group of the economy

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population (JAMB)

Population

Tazama Jibu

Swali 24 Ripoti

The chief sources of Federal Government revenue in Nigeria are?

import duties, petroleum, import tax, profit tax, royalties and government dividends

personal income tax, excise tax and vehicle licenses

export duties, personal income tax and royalties

property income, sales tax and excise tax

import duties, sales tax and poll tax

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (JAMB)

Public Finance

Tazama Jibu

Swali 25 Ripoti

Balance of payments of a country explains the overall position of?

current account of the balance of payments

capital account in the balance of payments

both the current and capital acounts

position of the balance of trade

visible and invisible trade

Maelezo ya Majibu

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

International Trade And Balance Of Payments

Tazama Jibu

Swali 26 Ripoti

Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is

elastic in both markets

uniltary elastic in both market

inelastic in both markets

elastic in one market and inelastic in the other

unitary elastic in none of the markets

Maelezo ya Majibu

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

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

The Theory Of Demand

The Theory Of Price Determination

Tazama Jibu

Swali 27 Ripoti

The most dominant economic activity which employs the largest number of people in West Africa is?

manufacturing

transport

government

agriculture

the petroleum industry

Maelezo ya Majibu

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Agriculture

Money And Inflation

Tazama Jibu

Swali 28 Ripoti

Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?

Open market operation

Reserve requirements

Bank rate

Directives

Special deposits

Maelezo ya Majibu

Soma maelezo ya somo kwenye Banking (JAMB)

Banking

Tazama Jibu

Swali 29 Ripoti

	Share of gross national product (GNP)	Share of total employment	Growth rate of output
All agriculture	40%	70%	3%
Industry and mining	30%	10%	10%
Trade andservices	30%	20%	5%

What is the growth rate of GNP?

18%

10%

6.7%

0.5%

4.1%3

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

National Income

Tazama Jibu

Swali 30 Ripoti

One of the ways by which Government derives revenue from industrial enterprises in West Africa is?

tariffs

excise duties

poll tax

import duties

community tax

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (WAEC)

Public Finance

Tazama Jibu

Swali 31 Ripoti

Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?

debentures

preference shares

ordinary shares

participating preference shares

old shares

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Business Organizations

Economic Systems

Tazama Jibu

Swali 32 Ripoti

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?

development projects

infrastructural facilities

monoculture

capital investment

superstructure

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Growth And Development (JAMB)

Economic Growth And Development

Tazama Jibu

Swali 33 Ripoti

Full equilibrium under perfect competition requires that?

MC =MR and AC =AR

MC = MR but AR>AC

MR =MC =AR=AC

TR>TC

MR=MC

Maelezo ya Majibu

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

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

The Theory Of Production

The Theory Of Price Determination

Tazama Jibu

Swali 34 Ripoti

A good measure of the standard of living usually used for international comparison is

gross natioal income (GNI)

net national income (NNI)

gross national product (GNP)

gross domestic product (GDP)

per capital income (PCI)

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

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

National Income

Economic Development And Planning

Tazama Jibu

Swali 35 Ripoti

In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?

imposing import bans on some commodity

imposing import duties

drawing down on external reserves

purchasing foreign exchanges from foreign countries

devaluation of the currency

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye Economic Integration (WAEC)

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

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

International Trade

Economic Integration

International Trade And Balance Of Payments

Economics As A Science

Tazama Jibu

Swali 36 Ripoti

Economics is a science which deals basically with

the factors of production

allocation of scarce resources

oil exportation

the gross domestic product (GDP)

national income

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 37 Ripoti

The supply of and demand for goods and services are influenced by the?

supermarkets

entrepreneurs

mechanism of the law

mechanism of equilibrium

price mechanism

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Banking (JAMB)

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

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

Soma maelezo ya somo kwenye Supply (WAEC)

Theory Of Price Determination

Banking

Theory Of Production

The Theory Of Demand

Supply

Tazama Jibu

Swali 38 Ripoti

Taxes which are levied on a person’s expenditures are known as?

Purchase tax

Sales tax

Direct tax

Poll tax

Income tax

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economics As A Science

Economic Systems

Tazama Jibu

Swali 39 Ripoti

Unit of output	Table cost
1	20
2	32
3	42
4	48
5	50

in the above table, the marginal cost of the 3rd unit of output is

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Tazama Jibu

Swali 40 Ripoti

Monetary policy does NOT involve

increasing the import duties

buying or selling treasury bills by the Central Bank

printing of more currency note

increasing or decreasing cash reserve ratio by the Central Bank

raising the level of interest

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

Tazama Jibu

Swali 41 Ripoti

In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the

dependency ratio is high

population is optimum

ratio of females to males is high

population is growing at less than equilibrium

population is growing according to Malthus theory

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 42 Ripoti

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

an income elastic good

a normal good

an inferior good

demand elastic

supply elastic

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Consumer Behaviour (WAEC)

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

Theory Of Consumer Behaviour

The Theory Of Demand

Tazama Jibu

Swali 43 Ripoti

What is the growth rate of employment?

18%

10%

6.7%

5.7%

4.1%

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

National Income

Tazama Jibu

Swali 44 Ripoti

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

there is a Government ban on the importation of beer

beer distributors want more profit

Nigeria is a large country

middlemen hoard beer

the demand for beer exceeds the supply

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

The Theory Of Supply

Economics As A Science

Economic Systems