JAMB UTME - Economics - 1988

The assumption of profit maximization implies profit?

Awọn alaye Idahun

If goods were free, a rational consumer would consume?

Awọn alaye Idahun

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

Awọn alaye Idahun

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

Awọn alaye Idahun

A commodity is said to have a derived demand when the commodity

Awọn alaye Idahun

Deficit financing is mostly facilitated by the existence of?

Awọn alaye Idahun

Development outside a given firm which reduce the firm costs are called?

Awọn alaye Idahun

Which of the following would most likely be considered an example of benefit taxation?

Awọn alaye Idahun

Which of the following is a direct tax?

Awọn alaye Idahun

Which of the following is a good example of invisible item on balance of payments account?

Awọn alaye Idahun

The average product of labour in a given period is obtained by dividing the?

Awọn alaye Idahun

Collectivism refers to the system of management of state enterprises in a?

Awọn alaye Idahun

One factor which influences the slope of a non-linear demand curve for a commodity is the?

Awọn alaye Idahun

In the short run, the monopolistic competitors?

Awọn alaye Idahun

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

Awọn alaye Idahun

In estimating the national income of a country, the three approaches usually adopted are the?

Awọn alaye Idahun

If in this demand-supply diagram, the quantity supplied is OQ, then

Awọn alaye Idahun

Awọn alaye Idahun

Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?

Awọn alaye Idahun

In a public company, enterpreneurial functions are performed by the?

Awọn alaye Idahun

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

Awọn alaye Idahun

The output at which total revenue equals total cost is known as?

Awọn alaye Idahun

Economic is often described as a science because?

Awọn alaye Idahun

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

Awọn alaye Idahun

One of the characteristics of an imperfect market is?

Awọn alaye Idahun

Which of the following factors enhances the ability of commercial banks to create money?

Awọn alaye Idahun

Reserve ratio is one of instrument that central bank use to control the activities of commercial banks across the nation. So, a reduction in this reserve ratio will make commercial banks to lend more to the public which in turn yield more interest for them.

Which of the following BEST describes the production function?

Awọn alaye Idahun

Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?

Awọn alaye Idahun

When a nation is experiencing balance of payment surplus, it is in a better position to?

Awọn alaye Idahun

Merchants banks perform all the following functions EXCEPT?

Awọn alaye Idahun

In any economy, what is used as money is determined by?

Awọn alaye Idahun

When a variable is associated with time period, it is?

Awọn alaye Idahun

Scarcity in economics means that?

Awọn alaye Idahun

The Malthusian theory of population predicts that growth in food production will?

Awọn alaye Idahun

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

Awọn alaye Idahun

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

Awọn alaye Idahun

The most important limitation on the partner as a form of business enterprise is the?

Awọn alaye Idahun

If technology becomes less capital-intensive, it means?

Awọn alaye Idahun

Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?

Awọn alaye Idahun

The most threatening problem for the less developed countries is?

Awọn alaye Idahun

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

Awọn alaye Idahun

The rate at which money changes hands is known as the?

Awọn alaye Idahun

Localization of industries refers to the?

Awọn alaye Idahun

The law of Diminishing Returns begins to operate when?

Awọn alaye Idahun

Which of the following occurs in the circular flow of economic activities with no leakages

Awọn alaye Idahun

Restriction on credit creation by commercial banks can be effected through?

Awọn alaye Idahun

An increase in an economy's productive capacity implies?

Awọn alaye Idahun

Total fixed cost measures the cost of?

Awọn alaye Idahun

Total revenue is always equal to?

Awọn alaye Idahun

Price leadership is?

Awọn alaye Idahun