JAMB UTME - Economics - 1981

Opportunity cost is best defined as?

Economics may be defined as?

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

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

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

The function of money as a standard of deferred payments

Government budget can be described as the sum of?

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

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

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

unlimited liability means?

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

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

The most basic concern of economists is to?

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

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

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

External economies are

Indirect taxes are taxes?

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

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

Inflation is likely to benefit?

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

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

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

An equilibrium price?

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

Invisible trade refers to trade in?

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

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

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

Scarcity in economics generally refers to

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

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

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

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

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?

Market Schedules for Milk:

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

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

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

Progressive income tax can be expressed as

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

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

Surplus in balance of payment leads to?

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

When a nation’s exports are greater than its imports

Elasticity of demand is given by

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

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

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