JAMB UTME - Economics - 1986 | Green Bridge CBT

Question 1 Report

Population density refers to?

densely populated urban centres

the total area divided by the total population

densely populated rural areas

the total population divided by the total area

Answer Details

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Question 2 Report

A country has a population distribution as shown below:

The dependency ratio is

3:2

1:3

2:3

1:5

Answer Details

Read lesson note on Population (JAMB)

Population

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Question 3 Report

Which of the following is NOT a goal of modern budgets?

The control of inflation

The reduction in income inequality

The shift of all resources from the private to the public sector

Economic development

Answer Details

Read lesson note on Public Finance (WAEC)

Read lesson note on Public Finance (JAMB)

Public Finance

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Question 4 Report

Which of the following strategies will provide more employment opportunities for Nigerians?

Investment in social services

Industrialization

Economics planning

Eradication of illiteracy

Answer Details

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Question 5 Report

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

individual's money income

price of subtitutes

price of complementary goods

price of the commodity under consideration

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Question 6 Report

The main function of price mechanism is to?

limit consumer demand

enable producers make profit

allocate scarce resources among competing ends

ensure consumer sovereignty

Answer Details

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Question 7 Report

A firm achieves least cost in production by substituting factors until

their factor prices are equal

their marginal-physical products are each equal to their factor prices

their marginal-physical products are each zero

the ratio of their marginal-physical products equals the ratio of their prices

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 8 Report

ECOWAS will enable the countries involved to achieve

comparative political advantage over other countries not in the region

a large market for their products

military superiority over countries not in the region

lower the transportation codt of goods wthin the region

Answer Details

Read lesson note on Economic Integration (WAEC)

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

Economic Integration

International Trade And Balance Of Payments

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Question 9 Report

In international trade, a country specializes in the production of a commodity or group of commodities for which it has?

a buoyant market

plenty of raw materials

the greatest relative advantage

executive manpower

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 10 Report

Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00?

N100.00

N1,000.00

N9,000.00

N10,000.00

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 11 Report

In the normal channels of distribution the breaking of bulk is performed by the

producer

wholesaler

retailer

consumer

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 12 Report

A society which forgoes present consumption

is forced to do so because of excessive consumption within the country in the past

is devoting new resources to new capital formation

is merely devoting resources to the replacement of capital

expects to consume only that amount tomorow which was forgone today

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Costs

The Theory Of Demand

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Question 13 Report

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

rent

profit

interest

surtax income

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 14 Report

Which of the following is a characteristic of private limited liability company?

its shares can be sold to the public

the number of shareholders ranges from fifty to one hundred

all shareholders have equal powers and responsibilities

the number of shareholders ranges from two to fifty

Answer Details

Read lesson note on Business Organizations (JAMB)

Business Organizations

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Question 15 Report

The degree of specialization is limited by the

avalibility of specialized skills and machinery

marginal cost exceeding marginal revenue

extent of the market

disadvantage of standardization

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 16 Report

Which of the following advantages of localization of industries may also be a disadvantage?

External economies

Concentration of industries and of people

Development of organized markets

Reduced costs of research

Answer Details

Read lesson note on Market Structure (JAMB)

Read lesson note on Industry And Industrialization (JAMB)

Market Structure

Industry And Industrialization

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Question 17 Report

Under normal circumstances the concept of consumers sovereignty implies that

the consumer and not the producer owns the means of production

the producer and not the consumer determines what is to be produced

the consumer and not the producer determines what is to be produced

both the consumer and the producer determines what should be produced

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

Theory Of Production

The Theory Of Demand

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Question 18 Report

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

induce greater demand for beef

induce greater demand for fish

induce lower demand for fish

equate demands for beef and fish

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 19 Report

Which of the following is an external economy derived by a firm?

Low cost opportunities enjoyed by being in a place where other producers concentrate

Technical economics enjoyed by varying the factors of production

Economics of management by putting administrators where the are most efficient

marketing advantages attained through preferential treatment in the purchase and distribution of produce

Answer Details

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

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structure

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Question 20 Report

Use the table below to answer the question below:

Market Demand Schedule for Commodity X:

If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

0.62

0.73

1.00

1,50

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 21 Report

Gresham's law in economics shows that

bad money drives good money out of circulation

good money drives bad money out of circulation

gold must be available to maintain the value of paper money

the price level varies directly with the quality of money

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 22 Report

Mobility of labour is NOT affected by

optimum size of population

marriage and family

regulation of trade unions

period of training

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 23 Report

A firm is at its optimum size when?

it produce the greatest output at a minimum cost

it has a motive to increase output

marginal cost equals marginal revenue

marginal cost is less than marginal revenue

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

View Answer

Question 24 Report

Which of the following is used by the Central Bank to control the rate of interest?

Bill of Exchange

Banker's order

Fixed deposit account

Open market operation

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 25 Report

The term of trade often measured by the ratio of the index of export

divided by the index of import prices multiplied by 100

multiplied by the index of import prices

plus the index of import prices multiplied by 100

minus the index of import prices

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 26 Report

Deflation is a persistent fall in the general price level and is usually caused by?

a reduction in total demand

an increase in government spending

an increase in the money supply

an increase in aggregate demand

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Question 27 Report

Balance of payment deficit in Nigeria CANNOT be solved by

importing more goods and services

devaluation of the currency

imposing import duties

imposing import bans on some commodities

Answer Details

Read lesson note on Economic Integration (WAEC)

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

Economic Integration

International Trade And Balance Of Payments

View Answer

Question 28 Report

Tax incidence is the analysis of?

how progressive a tax is

how a tax is collected

hw distorting a tax is

who ultimately pays the tax

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 29 Report

One of the advantages of a partnership over a sole proprietorship is that?

it is the most popular form of business organization

the patern can easy withdraw from business

it makes an increase in the capital of the business possible

there is no limit to the number of people who may bring in capital

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 30 Report

Which of the following statements describes a mixed economy?

The government and the private sector interact in solving the basic economic problems

The invisible hand solves the basic economic problems

The government produces and distributes all goods and services

Society answers the 'what', 'how', and 'for whom' questions only through the market system

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 31 Report

The revenue accruing to the seller of commodity X as a result of a fall in price will

increase

fall

first fall but will increase later

remain unchanged

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 32 Report

The difference between the Gross Domestic Product and the Gross National Product is?

allowance for total depreciation

total interest payments

total tax and interest payments

net income from aboard

Answer Details

Read lesson note on National Income (WAEC)

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

National Income

The Theory Of Consumer Behaviour

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Question 33 Report

Which of the following causes of inflation is related to demand-pull inflation?

Low productivity on farms and in firms

Poor storage facilities

Poor distribution system

Increase in expenditure on construction

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

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

The Theory Of Demand

The Theory Of Price Determination

View Answer

Question 34 Report

A producer sustains a loss in the short run if

marfinal revenue is less than price

price is less than average cost

average variable cost is less than average cost

marginal cost is less than marginal revenue

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Price Determination

Market Structures

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Question 35 Report

A monopolist will practice price discrimination in two markets if?

the cost of separating the markets is large

the markets have different elasticities of demand

there is free flow of information in the two markets

there is a patent of the commodity

Answer Details

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

Read lesson note on Market Structures (WAEC)

Read lesson note on Economics As A Science (JAMB)

Factors Of Production And Their Theories

Market Structures

Economics As A Science

View Answer

Question 36 Report

Which of the following is an important function of prices in a market economy?

Ensuring that resources are used in the most efficient manner

Ensuring an equitable distribution of goods and services

Ensuring that all industries are perfectly competitive in the long run

Equating level of purchases with level of needs

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

View Answer

Question 37 Report

The most important economic characteristic differentiating commercial banks from other financial institutions is their?

function as a safe and profitable store place for savings

role in financing balance of payment deficits

status as an intermediary between savers and borrowers

ability to create and destory money

Answer Details

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Question 38 Report

Production in Economics can be defined as the

totality of producing, buying and consuming

transformation of raw materials and services in order to provide ultimate utility

transformation of raw materials and services in order to make maximum profit

production of goods and services for consumption

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 39 Report

Choice in economic life is necessitated by?

the need to construct scale of preference

the opportunity cost of consumption

unlimited wants

scarcity of economic resources

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

View Answer

Question 40 Report

One major difference between monopoly and perfect competition is that?

the perfect competitor is a price taker while the monopolist determines his own output

homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist

sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist

there is free entry and exist in perfect competition but no free exist in monopoly

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 41 Report

In a public company, shares are?

sold to one person only

distributed freely

advertised to members of the public for subscription

disposed by the Chief Executive

Answer Details

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Economic Systems (JAMB)

Distributive Trade

Economic Systems

View Answer

Question 42 Report

The best technical description of a progressive tax is a?

tax which takes more money from the rich than from the poor

more equitable tax than aggressive one

tax which takes a higher proportion of extra naira received as income rises

tax which falls directly on those in the high income brackets

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

View Answer

Question 43 Report

To control inflation, the monetary authorities of a country can?

reduce taxes

advise government to increase its expenditure

engage in expansive monetary policy

engage inrestrictive monetary policy

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

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Question 44 Report

Which of the following methods is most likely to lead an economy?

An increase in wages and profits

An increase in consumer demand

A greater fraction of national Product going into investment

A countinuous rise in bank loans

Answer Details

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

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

Read lesson note on National Income (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

National Income

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Question 45 Report

The Nigeria Bank for Commerce and Industry is?

a commercial Bank

a developmment bank

an industrial bank

a merchant bank

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 46 Report

The most important advantage of co-operative societies is?

their high degree of democracy

the increase inthe cost of marketing

that member are encouraged to save money

the possibility of raising loans for the members

Answer Details

Read lesson note on Business Organizations (JAMB)

Read lesson note on Business Organizations (WAEC)

Business Organizations

View Answer

Question 47 Report

What fundamentally determines how much a consumer spends in a producer's shop?

Individual's propensity to consume

level of his taxation

level of his income

Individual's taste or fashion

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on National Income (JAMB)

Public Finance

The Theory Of Demand

National Income

View Answer

Question 48 Report

An nation's distribution of income shows?

the value of all goods produce inthe economy

how income is divided among different groups

where the economy system is on its production possibility curve

the consumption behaviour of the people

Answer Details

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

Read lesson note on National Income (JAMB)

Methods And Tools Of Economic Analysis

National Income

View Answer

Question 49 Report

The term balance oftrade, can be defined as the?

relation between value of exports and value of imports over a given period of time

balance owed to the rest of the world in payment for imports

price paid for imports in term of exports

relation between payments of all kind made by a country to the rest of the world, over a given period of time

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

View Answer

Question 50 Report

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

Variable cost

opportunity cost

Total cost

Prime cost

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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