JAMB UTME - Economics - 1983

The concept of economic efficiency primary refers to?

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Which of the following enterprises does NOT pursue the sole objective of profit maximization?

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Agriculture plays a dominant role in West Africa economics because

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In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

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When demand is elastic, it means that consumers

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Marginal cost curve intersects average cost curve ?

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If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

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Full employment is a situation in which?

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A Nigerian household's demand curve for semovita is downward because?

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Mono production economies are those that?

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The natural growth rate of a population is the

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The meaningof 'Dumping' is selling goods in a foreign market

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The monetary system that requires double coincidence of want is known as?

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The maintenance of general economic stability in the country necessarily relies heavily on?

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Nigeria is currently implementing the?

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Which of the following sets fully represents factors of production?

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The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

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Retailers in an economy perform the function of

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NEPA as a public corporation is?

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In the diagram P₁ S is a supply curve for a manufactured. its shows that

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When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

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The meaning of ‘wage-price spiral’ is?

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In a sole proprietorship, the decisions are made by the?

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The effect of emigration on a country's population, all other things remaining equal, is to

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A greater burden of the taxes on essential goods is borne by the?

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Demand for a factor of production is?

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The quickest way of achieving an economic union on regional basis is to remove all?

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Public expenditure creates expansionary effects in the economy when it is

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If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

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A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

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Division of labour has many advantages . Not withstanding, it is greatly limited by?

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Which of the following defines Economics most comprehensively?

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Palm oil industry is located in Bendel State because the State?

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Which of the following are direct taxes?

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International trade is necessary because?

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In the event of a limited liability company going into liquidation each

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What is the market equilibrium price?

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Differentiated product is the characteristic feature of?

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Which of the following is NOT an advantage of localization of industries?

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Which of thefollowing items is NOT an argument for locating industries in rural areas?

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Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

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Disequilibrium in the balance of payment means?

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Which of the following is NOT include in measuring national income by the income approach?

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A major function of middlemen in Nigeria is the distribution of?

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In an inflationary period which of the following statements is NOT true?

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The supply of loanable funds is significantly influenced by?

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Age-structure in Nigeria is such that the working age-group is in the years

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Petroleum 'glut' in international trade means

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Comparative cost doctrine of international trade means specialization in production

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