JAMB UTME - Economics - 1988
Question 1 Report
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
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Question 2 Report
When a nation is experiencing balance of payment surplus, it is in a better position to?
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Question 3 Report
If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?
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Question 4 Report
Which of the following would most likely be considered an example of benefit taxation?
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Question 7 Report
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?
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Question 8 Report
One factor which influences the slope of a non-linear demand curve for a commodity is the?
Question 11 Report
The Malthusian theory of population predicts that growth in food production will?
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Question 12 Report
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
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Question 13 Report
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
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Question 14 Report
The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?
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Question 16 Report
In a public company, enterpreneurial functions are performed by the?
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Question 17 Report
Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?
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Question 21 Report
Which of the following factors enhances the ability of commercial banks to create money?
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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.
Question 22 Report
The additional revenue obtained by using one more unit of a factor is called?
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Question 23 Report
Restriction on credit creation by commercial banks can be effected through?
Question 24 Report
The average product of labour in a given period is obtained by dividing the?
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Question 25 Report
Which of the following is a good example of invisible item on balance of payments account?
Question 26 Report
If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?
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Question 27 Report
In estimating the national income of a country, the three approaches usually adopted are the?
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Question 28 Report
Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?
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Question 30 Report
The most important limitation on the partner as a form of business enterprise is the?
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Question 31 Report
Collectivism refers to the system of management of state enterprises in a?
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Question 37 Report
Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?
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Question 41 Report
If in this demand-supply diagram, the quantity supplied is OQ, then
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Question 43 Report
Development outside a given firm which reduce the firm costs are called?
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Question 49 Report
Which of the following occurs in the circular flow of economic activities with no leakages
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Question 50 Report
Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?
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