JAMB UTME - Economics - 1981 | Green Bridge CBT

Question 1 Report

If the income of a consumer rises and his demand for good X falls, good X can be described as

a normal good

an adnoral good

a good with inelastic demand

a good with unitary elastic demand

none of the above Correct answer

Answer Details

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Consumer Behaviour

The Theory Of Demand

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Question 2 Report

Which of these statement is NOT true of economics as a discipline?

it is a social science

it is analytical

it is concerned with people's material well-being

it assumes limited human wants Correct answer

it assumes unlimited human resources

Answer Details

Read lesson note on Definition And Scope Of Economics (WAEC)

Read lesson note on Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

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Question 3 Report

Two goods, X and Y, are said to be complementary when?

A fall in the price of X raises the demand for Y Correct answer

A fall in the price of X causes a fall in the demand for Y

A fall in the price of X does not affect the demand for Y

A rise in the price of X does not affect the demand for Y

The two goods are competitive.

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

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Question 4 Report

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

budget deficit Correct answer

balance budget

budget surplus ‘

budget statement

unfavourable budget.

Answer Details

Read lesson note on Public Finance (JAMB)

Public Finance

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Question 5 Report

External economies are

The advantage accuring to a firm as a result of its expansion

The advantages accuring to one firm as a result of the existence of other firms in the same locality Correct answer

Benefits derived by a firm as a result of its own individual policy

Reaped only by agricultural firms

Bound to increase the costs of production whatever the circumstances

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 6 Report

Which of the following is NOT a characteristic of perfect competition?

many sellers and buyers in the markets

There is perfect knowledge

Supply and demand are equal Correct answer

There is no advertising

Products are identical

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 7 Report

The most basic concern of economists is to?

create human wants

satisfy all human want

redistribute income so that it is used correctly

create perfect competition

study ways of allocating scarce resources in order to satisfy human wants Correct answer

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 8 Report

	Sector 1 Agriculture	Sector 2 Manufacturing and Crafts	Sector 3 Petroleum and Mining	Sector 4 Services
Share in total National Output	25%	10%	50%	15%
Share in total Employment	60%	10%	5%	25%
Growth rate of Sectoral Output	2%	5%	10%	3%

From the above, the Growth Rate of Total National Output or GDP is

6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%

20.0%, i.e. (2 + 5 + 10 +3)%

2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%

5.0%, i.e,(2 +5 + 10 + 3)/ 4% Correct answer

not obtainable

Answer Details

Read lesson note on National Income (JAMB)

National Income

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Question 9 Report

Prohibiting the sale of lace materials in Nigeria would probably lead to?

Increase supply of lace material in Nigeria

Production of better quality lace abroad

Lower price of lace material in Nigeria

Higher price of lace material in Nigeria Correct answer

Increase income to all dealers of lace materials in Nigeria

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

The Theory Of Supply

Theory Of Price Determination

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Question 10 Report

Invisible trade refers to trade in?

services

goods and services

tangible goods

short-term and long-term capital

goods that cannot be seen Correct answer

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on International Trade And Balance Of Payments (WAEC)

International Trade

International Trade And Balance Of Payments

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Question 11 Report

Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

Climate influences

Development of trade and markets

Soil fertility

Processing of petroleum oil Correct answer

Concentration of educational facilities

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Population (JAMB)

Agriculture

Population

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Question 12 Report

In this diagram, So So is the original supply curve while S₁ S₁ represent?

A movement along a give supply curve

an increase in supply

decrease in supply Correct answer

A perfect elastic supply curve

An abnormal supply curve

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

The Theory Of Supply

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Question 13 Report

Opportunity cost is best defined as?

the penalty for not seizing golden opportunities

sacrificed alternative (output, income etc.) Correct answer

the cost of creating job opportunities

payment made to an industrial worker

the difference between fixed and variable costs

Answer Details

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

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Question 14 Report

Market Schedules for Milk:

Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
8k	25,000	7,500
10k	23,000	9,000
13k	20,000	11,500
15k	18,000	13,000
18k	15,000	15,000
20k	13,000	17,500
23k	10,000	21,000
25k	8,000	24,000

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

15k, 13,000

20k, 17,500

13k, 20,000

18k, 18,000

18k, 15,000 Correct answer

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Demand (WAEC)

Theory Of Price Determination

Demand

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Question 15 Report

Inflation is likely to benefit?

persons with bank savings

persons employed in financial houses

debtors Correct answer

persons who lived on fixed pension funds

creditors

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

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Question 16 Report

Which of the following statement is NOT true about agriculture in West Africa?

Agriculture employs over 60% of West Africa’s occupied population

Agriculture production is the basis for excise taxes in West Africa Correct answer

Many West Africa countries depend on agricultural exports for foreign exchange earnings

Agriculture supplies West African industries with raw materials

Agriculture provides incomes to West African farmers who engaged in it

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

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Question 17 Report

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

substitute goods Correct answer

complementary goods

elastic goods

inelastic goods

inferior goods

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 18 Report

Progressive income tax can be expressed as

tax that falls as income rises

tax that rises as income falls

tax that is independent of income

tax that rises as income rises Correct answer

tax that is neutral to income

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 19 Report

Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

The value of industrial exports is declining

The value of industrial imports is constant

The share of agricultural exports is increasing

The share of agricultural export is decreasing Correct answer

The value of mineral export is declining

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on International Economic Organizations (JAMB)

International Trade

International Economic Organizations

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Question 20 Report

	Amount of labour days	Cocoa (tons)	Cloth (metres)
Country I	200	600	900
Country II	200	300	800

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

country I has absolute disadvantage in the production of both cocoa and cloth

country I has absolute advantage in the prodcttion of both cocoa and cloth Correct answer

country ll has absolute advantage in the production of both cocoa and cloth

country ll has a comparative advantage in the production of cocoa

country ll should leave the production of both cocoa and cloth to country l.

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on Market Structures (WAEC)

International Trade

Market Structures

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Question 21 Report

The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

Industries producing baby food and clothing

Industries owned by infants

Newly set-up industries Correct answer

Industries in which infants will be taken care of

Industries that behave like infants

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on Market Structure (JAMB)

International Trade

Market Structure

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Question 22 Report

If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

P₉ = P₈ + D - B = I - E

P₉ = P₈ + B - D + I - E Correct answer

P₉ =P₈ + B - D + E - I

P₉ = B - D + I - E

P₉ = P₈ + B + D + I + E

Answer Details

Read lesson note on Population (JAMB)

Population

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Question 23 Report

Money becomes a very poor store of value in a period of

Deflation

Stable prices

Recession

Inflation Correct answer

Harvest

Answer Details

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Question 24 Report

Summary of product condition in countries i and ii

Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800

From the above table, we can correctly say in respect of international trade that

Country I has absolute disadvantage in the production of both cocoa cloth

Country I has absolute advantage in the production of both cocoa and cloth Correct answer

Country II has absolute advantage in the production of both cocoa and cloth

Country II has comparative advantage in the production of cocoa

Country II should leave the production of both cocoa and cloth to country I

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on International Economic Organizations (JAMB)

International Trade

International Economic Organizations

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Question 25 Report

Government in West Africa countries engage in running a number of enterprises because ?

Large amount of capital are needed and key industries should not be left in private hands

Private capital would not established an adequate infrastructure

It brings about a more even distribution of the country’s wealth

The social costs of some enterprises make the government the most suitable body to set them up

All of the above Correct answer

Answer Details

Read lesson note on Business Organizations (JAMB)

Read lesson note on Economic Systems (JAMB)

Business Organizations

Economic Systems

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Question 26 Report

Government budget can be described as the sum of?

Indirect tax, direct tax, and loans expected within a financial year

Planned recurrent expenditure and planned investment expenditure

Planned capital expenditure for a development plan within a plan period

Planned expenditure and expect revenue within a financial year Correct answer

Planned expenses of all ministries within a financial year

Answer Details

Read lesson note on Public Finance (JAMB)

Public Finance

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Question 27 Report

Which of the following statements does NOT describe a situation of perfect competition?

The firm faces an infinitely elastic demand curve

The firm makes no pure profit in the short run Correct answer

The price does not change with changes in the output level of the firm

There is freedom of entry into and exit out of , the industry

The firm can sell all it produces at the market price

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 28 Report

An equilibrium price?

keeps excess demand within limits

keeps excess supply within limits

generates the greatest possible demand and supply

generates the greatest possible profits

equates the quantity supplied to be equal to the quantity demanded. Correct answer

Answer Details

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Demand (WAEC)

Factors Of Production And Their Theories

Theory Of Price Determination

Theory Of Production

The Theory Of Price Determination

Demand

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Question 29 Report

The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

industrialization

export-promotion

import-substitution Correct answer

export--substitution

import-expansion

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Question 30 Report

Which of the following is NOT a visible item on international trade payment?

Payment for imported cars

Receipt from cocoa exports

Payments to foreign shipping companies Correct answer

Payments for steel imports

Payment for petroleum imports

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 31 Report

Elasticity of demand is given by

the prcentage change in quantity demanded divided by the corresponding percentage change in price Correct answer

the percentage change in price divided by the corresponding percentage change in quantity demanded

the percentage change in quantity demanded divided by the corresponding price

the percentage change in price divided by the corresponding quantity demanded

none of the above

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 32 Report

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

a socialist economy

a capitalist economy

a mixed economy Correct answer

an industrial economy

a peasant economy

Answer Details

Read lesson note on Types And Basic Features Of Economic Systems (WAEC)

Read lesson note on Economic Systems (JAMB)

Types And Basic Features Of Economic Systems

Economic Systems

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Question 33 Report

Which of the following statement does NOT describe a situation of perfect competition.?

The firm faces an infinitely elastic demand curve

The firm makes no pure profit in the short run Correct answer

The price does not change with changes in the output level of the firm

There is freedom of entry into, and exit out of the industry

The firm can sell all it produces at the market price

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 34 Report

unlimited liability means?

The government can tax a company without limit

The debts of a company must be paid out of it assets

A company ceases to exist at the death of one of its owners

A firm must pay its debts from business as well as private funds Correct answer

None of the above

Answer Details

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Question 35 Report

A movement along a given demand curve for a good is caused by a change in

A consumer income

The price of the good Correct answer

Taste

The prices of other goods

Population

Answer Details

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Factors Of Production And Their Theories

Theory Of Price Determination

The Theory Of Demand

View Answer

Question 36 Report

One of the probable effects of an increased minimum wage in Nigeria is?

to create volunteer unemployment

to decrease the wage rate

to increase the level of unemployment

to create involuntary unemployment Correct answer

to increase the demand for labour

Answer Details

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Question 37 Report

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

Human wants are numerous but the resources needed to satisfy them are limited

Given numerous wants and limited resources only individuals and businesss firms make choice Correct answer

The process of making a choices involves opportunity cost

An economist is not interested morality or otherwise of any choice so made

Usually choice is made from a list of wants compliled in the context of a scale of preference

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Definition And Scope Of Economics (WAEC)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Money And Inflation (JAMB)

The Theory Of Supply

Factors Of Production

Definition And Scope Of Economics

Economics As A Science

Money And Inflation

View Answer

Question 38 Report

When a nation’s exports are greater than its imports

The net foreign trade is zero

an unfavourable balance of payment exist

A favourable balance of payment exists

An un favourable balance of trade exist

A favourable balance of trade exists Correct answer

Answer Details

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Question 39 Report

Scarcity in economics generally refers to

A period of feminine

Monopolization of existing supply of resources

Nationalization of sources of raw materials in Nigeria

The control of outlets to sell goods

None of the above Correct answer

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 40 Report

If a commodity has many substitutes, it is most likely that?

the demand curve is fairly inelastic

the demand curve is fairly elastic Correct answer

the demand curve is paraell to the quantity axis

the demand curve is positively sloped

the price of the commodity is too high

Answer Details

Read lesson note on Demand (WAEC)

Read lesson note on Economics As A Science (JAMB)

Demand

Economics As A Science

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Question 41 Report

The function of money as a standard of deferred payments

Make possible for an individual to build up store of many things for future use

Makes it possible for payment to be postponed from the present to a future date Correct answer

Facilitate the exchange of goods

Makes easy calculations possible

None of the above

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 42 Report

Economics may be defined as?

the study of money and banking

the study of markets and prices

the study of production and distribution

the study of human behaviour in the allocation of scarce resources Correct answer

the study of the employment of labour, land, and capital

Answer Details

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Question 43 Report

Price per tin	Demand per week	Supply per week
₦6	0 tins	45 tins
₦5	5 tins	35 tins
₦4	10 tins	25 tins
₦3	15 tins	15 tins
₦2	20 tins	5 tins
₦1	25 tins	0 tins

Market for Garri: At a price of N5, the excess supply is`

30 tins per week Correct answer

45 tins per week

15 tins per week

20 tins per week

indeterminate

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 44 Report

Surplus in balance of payment leads to?

inflation or increasing prices generally

increases in foreign reserves Correct answer

decreases in foreign reserves

Government budget surplus

none of the above

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

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Question 45 Report

Indirect taxes are taxes?

which are levied on the incomes and profits of individuals and firms

whose incidence always falls on the consumer

which are based on the progressive principle

on casinos, airports and capitals gains

which are levied on people and economic units through the goods and services they purchase Correct answer

Answer Details

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Question 46 Report

Which of the following is NOT a major function of a Central Bank?

Serving as Goverment''s bank

Serving as bankers bank

Acceptance of deposit from the public Correct answer

Responsibility for monetary policy

Serving as lender of last resort

Answer Details

Read lesson note on Public Finance (WAEC)

Read lesson note on Banking (JAMB)

Public Finance

Banking

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Question 47 Report

Which of the following does NOT belong in respect of the quantity of money?

Durability

Division into the smallest units of value

Portable

Identifiable by all

Measure of value Correct answer

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Banking (JAMB)

Money And Inflation

Banking

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Question 48 Report

Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

Immigration Correct answer

Brith control measures, e.g. use of contraceptives

Late marriage

Creating more educational opportunities for women

Sex education

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Question 49 Report

Which of the following is NOT true about specialization or division of labour?

Specialization and exchange go hand in hand

Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized

Division of labour needs not take account of the extent of the market Correct answer

Division of labour results in increased productivity

Division of labour involves the danger of unemployment

Answer Details

Read lesson note on Business Organizations (JAMB)

Read lesson note on Economics As A Science (JAMB)

Business Organizations

Economics As A Science

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Question 50 Report

Which of the following is NOT a visible iterm in international trade payments?`

Payments for imported cars

Receipts from coca exports

Payments to foreign shipping companies Correct answer

Payments for steel imports

Payments for petroleum imports

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on International Trade And Balance Of Payments (WAEC)

International Trade

International Trade And Balance Of Payments

View Answer






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