JAMB UTME - Economics - 1980 | Green Bridge CBT

Question 1 Report

In a free market economy, the rationing of scarce goods is done principally by

the government

business organizations

the price mechanism

consumers Correct answer

both A and B

Answer Details

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

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

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Question 2 Report

Which of the following is NOT one of the balance of payment entries?

the current account

foreign exchange Correct answer

Import and Export duties

Short-term capital

Long-term capital

Answer Details

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

International Trade And Balance Of Payments

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Question 3 Report

In a subsistence economy?

there is no shortage of goods and services

the state is the sole owner of resources

production is largely oriented towards consumption in the rular sector Correct answer

there is no exchange of goods and services

women predominate in all economic activities

Answer Details

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Question 4 Report

The value of money depends primarily on?

the gold backing of the currency

the gold backing of both currency and deposit

the general price level Correct answer

government decree that it is legal tender

none of the above

Answer Details

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

Read lesson note on Money And Inflation (JAMB)

The Theory Of Price Determination

Money And Inflation

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Question 5 Report

Which is the dominant form of tax in Nigeria

Direct tax Correct answer

Indirect tax

Inheritance tax

Personal income tax

Value added tax

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Market Structure (JAMB)

Public Finance

Market Structure

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Question 6 Report

The budget of Nigeria will be deficit if

revenue expenditure exceeds the revenue receipts

capital expenditure exceeds the capital receipts

revenue and capital receipts exceeds revenue and capital receipts

the government is spending more than its receipts Correct answer

all of the above

Answer Details

Read lesson note on Public Finance (JAMB)

Public Finance

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Question 7 Report

Price control indicate the following

price is fixed at equilibrium level

price is fixed above equilibrium level

price is not fixed but determined by demand and supply

price is fixed below equilibrium level Correct answer

none of the above

Answer Details

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)

Theory Of Price Determination

Theory Of Production

The Theory Of Price Determination

Demand

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Question 8 Report

Division of labour means?

the labour is divided into different section

the work is divided into different parts to be completed by each labour Correct answer

production is completed by the different department of a factory

commodities are produced at different times by a single labourer

the labour force in the country is not united

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 9 Report

Which sector can you say is growing fastest in the Nigeria economy?

Agriculture

Industry

Education Correct answer

Transport

Labour

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 10 Report

Capital earns income because?

it is productive Correct answer

it is expensive

it is always cheaper to substitute capital for labour

it is technically more efficient than labour

both A and B above

Answer Details

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Production

Market Structures

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Question 11 Report

Which of the taxes appear generally progressive in nature?

Sales taxes

The personal income tax Correct answer

Property taxes

Corporation taxes

none of the above

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

View Answer

Question 12 Report

Commercial banks can create money in the following ways

by issuing coins and paper money

by borrowing money from Banks abroad

by receriving deposits from individuals

by printing money on the instructions of the Central Bank

none of the above Correct answer

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 13 Report

Indicate which of the following are invisible trade items in a country’s balance of payments?

oil exports and imports

Gold and foreign reserves

foreign investment

Dividends and profit

Expenditure on the shipping and tourism 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

View Answer

Question 14 Report

The fundamental problem of Economics is?

money

poverty

unemployment

the scarcity of resources relative to wants Correct answer

inflation

Answer Details

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

Definition And Scope Of Economics

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Question 15 Report

From an economic point of view, an activity does not have a cost when

someone else pays for it

the returns are greater than the cost

the choice involves giving up nothing Correct answer

the government pays for it

it is paid for from a gift

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

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Question 16 Report

Which of the following is a correct definition of equilibrium price?

A price which covers production cost

A price which maximizes entreprenuer's profits

A price at which the quantity demanded equals the quantity supplied Correct answer

A price at which a competitive firm is at equilibrium

A price which stabilizes farmer's income

Answer Details

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Question 17 Report

In a limited liability company, the greatest risk is borne by?

debenture holders

company executives

ordinary shareholders Correct answer

preference shareholders

borad of directors

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 18 Report

Which is NOT a cause of high population growth in Nigeria?

Family planing Unit of Nigeria Correct answer

Improve medical facilities

Reduction in death rate

Improve hygiene

Increased birth rate

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 19 Report

Which would you NOT consider an agro-based industry in Nigeria?

a diary enterprise producing milk

a yam floor mill

a poultry industry

a fertilizer plant

none of the above Correct answer

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 20 Report

In a normal (typical) demand schedule, the quantity demand is?

directly related to price

inversely related to price Correct answer

independent of price

proportional related to supply

solely dependent on haggling skill

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

View Answer

Question 21 Report

Which is NOT a function of Central Bank in West Africa

Dealing in foreign exchange

Issuing of currency

Accepting deposit from private customers Correct answer

Acting as government bank

Acting as bankers bank

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Banking (JAMB)

Public Finance

Banking

View Answer

Question 22 Report

If a firm doubles its output and its cost increase by 60%, the firm is experiencing

increase cost

economies of scale Correct answer

decreasing returns

decreasing cost

none of the above

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 23 Report

International trade arise because?

one country has more abundant resource

one country has the technology to produce the commodity whilst the other has not

one country has the maximum comparative advantage or minimum comparative disadvantage in the production

one country has manpower to produce the commodity than the country

All of the above Correct answer

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

View Answer

Question 24 Report

Division of labour is limited by the?

available of raw materials

size of the labour force Correct answer

size of a labour firm

absolute size of the country's population

per capital income and number of potential buyers

Answer Details

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Population (JAMB)

Factors Of Production

Population

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Question 25 Report

By subsistence production we mean?

goods and services are produced for consumption only Correct answer

goods and services are sold to others

raw materials are produced in the country

goods and services are produced for the market

none of these

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

View Answer

Question 26 Report

In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

wholly by the supplier

wholly by the consumer Correct answer

partly by the supplier and partly by the consumer

wholly by the middlemen

partly by stockholder and partly by consumer

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Supply

Economics As A Science

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Question 27 Report

A limited liability company is owned by?

an individual

two or more partners

shareholders Correct answer

government

a bank

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 28 Report

By balance of visible trade we mean?

import and export of goods Correct answer

import and export of service

balance of current account in the balance of payment

balance of capital account in the baalance of payment

all of this

Answer Details

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

International Trade And Balance Of Payments

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Question 29 Report

Production in Economics occurs when

a commodity or service is sold

utility is created or added

a commodity is manufactured

raw materials are produced or extracted from mines

all of these Correct answer

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 30 Report

A disadvantage of the corporate form of business is the?

risk of the owners of loss of personal effects if the business should fail

ability of the corporation to is financial resources

limited life span of the corporation

problems presented by separation ownership from control Correct answer

None of the above

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 31 Report

One of the disadvantages of division of labour is that?

there is saving of time

it result in workers acquiring greater skill at their jobs

there is a greater risk of unemployment Correct answer

it makes possible the use of machinery

it makes the worker less fatigued by his work

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 32 Report

The marginal physical product of labour is?

the out put of labour unaided by machinery

the extra revenue from the output of one additional woker

the difference in the output of two workers

additional output achieved when one extraworker is added to fixed account of other factors Correct answer

none of the above

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 33 Report

When we draw a market demand curve, we?

ignore tastes, incomes and other prices

assumes that tastes, income and prices do not matter

assumes that taste, income and all other prices change in same direction as prices

assume that tastes, incomes and all other prices remain constant Correct answer

both A and B above

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

View Answer

Question 34 Report

A commercial bank is able to create money

by printing it

by maintaining reserve

by creating a demand deposit as it gives a new loan Correct answer

by issuing cheques to depositors

by borrowing from the central bank

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 35 Report

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

normal

abnormal

inferior Correct answer

superior

scarce

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Theory Of Price Determination

The Theory Of Demand

Economics As A Science

View Answer

Question 36 Report

Nigeria earns the major part of her foreign exchange from the export of?

manpower to another countries

crude oil Correct answer

petroleum products

groundnuts and cotton

palm oil and cocoa

Answer Details

Read lesson note on Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

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Question 37 Report

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

proportional tax

progressive tax

competitive tax

excise tax

regressive tax Correct answer

Answer Details

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

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

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Consumer Behaviour

Economics As A Science

View Answer

Question 38 Report

In Nigeria, cheques are not money because?

their use is confined to business houses

there are no banks in rular areas

they are not legal tender Correct answer

they are not generally acceptable as a medium of exchange

most Nigerians cannot identify them

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

View Answer

Question 39 Report

Commercial banks can create money in the following ways?

by using coins and paper money

by borrowing money from banks abroad

by receiving deposit from individuals Correct answer

by printing money on the instruction of the central bank

none of the above

Answer Details

Read lesson note on Banking (JAMB)

Banking

View Answer

Question 40 Report

Utility of a commodity means?

its usefulness

power to satisfy a want

price of the commodity

satisfaction derived from the product of commodity Correct answer

its adaptability

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

View Answer

Question 41 Report

If the government is interested in raising the highest revenue from a tax system, then for any two commodities

It is better to tax one whose demand is more elastic

It is better to tax one whose demand is more inelastic Correct answer

Revenue will be the same from both commodities

It is not possible to say which will yield higher revenue

Government cannot make much revenue from taxing commodities

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

View Answer

Question 42 Report

The terms of trade are said to be favorable only if

Value of total exports equals value of total imports

Value of merchandise exports is greater than value of merchandise imports

There are no balance of payments problems

There is an increase in the value of a unit of export in terms of imports Correct answer

Foreign exchange reserves do not change

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

View Answer

Question 43 Report

Which of the following is NOT a determinant of changes in supply?

Changes in the cost of production

Technical progress

Weather

Changes in the number of producers

Changes in the number buyers Correct answer

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

View Answer

Question 44 Report

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

zero Correct answer

not measurable

its price in money

infinite

equal to one

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

View Answer

Question 45 Report

An economic problem arises when?

manufactured goods are in short supply

money is in short supply

buyers are many

sellers are few

scarcity and choice are involved Correct answer

Answer Details

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

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Economics As A Science

View Answer

Question 46 Report

Which of the following is NOT a function of Nigeria commercial Banks?

Acceptance of deposit

Lending of money

Investment in securities and business

Issue of currency Correct answer

Selling and buying of travellers cheques

Answer Details

Read lesson note on Banking (JAMB)

Banking

View Answer

Question 47 Report

Which would you NOT consider an advantage of one-man business?

freedom of action

limited liabiities Correct answer

Quick decision-making

Personal contact with customers

none o the albove

Answer Details

Read lesson note on Business Organizations (WAEC)

Read lesson note on Distributive Trade (WAEC)

Business Organizations

Distributive Trade

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Question 48 Report

Which is NOT a method of raising capital funds in Nigeria?

Borrowing from abroad

Internal borrowing

Nigerianization of foreign companies Correct answer

Gifts from abroad

Saling government bonds

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 49 Report

Which of the following is NOT a measure for controlling inflation?

Reduction in money supply

Wage restraint and wage freeze

Reduction in taxes and increase in government spending Correct answer

price control

Credit restriction

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

View Answer

Question 50 Report

Which of the following is the standard concept for measuring and analyzing population growth?

The rate of natural increase

The net migrate

The rate of population increase

The fertility rate

All of the above Correct answer

Answer Details

Read lesson note on Population (JAMB)

Population

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