JAMB UTME - Economics - 1987

The shut-down point for a firm in the short run is the output at which?

For normal goods the income elasticity of demand is?

If inflation is anticipated to continue?

Frictional unemployment?

The liability of the sole trader is?

Which of the following is a disadvantage of regional concentration of industries?

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

Which of the following best explains the structural changes in the population of a country?

In the history of Economic Thought the concept of Division of labour is usually associated with?

An increase in supply will lower price unless?

Which of the following best describes the concept of opportunity cost?

Price can be defined as?

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

Money market differs from capital market in that it?

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

Transfer payment are

If a good is an inferior good, then?

The money which government spends yearly for the maintenance of its school is?

The additional revenue obtained by using one more unit of a factor is called its?

A limited liability company is usually owned by?

Ad valorem tax means?

Labour productivity is defined as?

The residual of production which accrues to the owner of land after all other expenses have been met is called?

Which of the following is NOT a type of business ownership?

In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

Statistical information available in most West African countries suggests that?

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

The main reason for charging interest is to?

For the improvement of the welfare of a people, a high production level is not enough because

Average fixed cost is

A production possibility curve shows?

Answer Details

The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.

A budget with a projected revenue in excess of its expenditure is said to be?

Economic development is defined as?

In the operation of market forces, the market is in equilibrium at the point where?

Market is defined as?

Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

Capital consumption allowance refers to?

The rate of exchange between a domestic and a foreign currency is defined as the?

Efficiency of labour is enhanced by?

In the keynesian model?

Which of the following is compatible with a firm in a purely competitive market?

What form of market is found in an imperfect competition where there are few buyers and many sellers?

In which of the diagrams above, is the consumer surplus correctly shaded?

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

To which of the following sectors do services belong?

The difference between personal income and personal disposal income is?

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

In the long run a firm will leave an industry if price?