JAMB UTME - Economics - 1985

The act of combining factor inputs in order to obtain specific output is known as

Which of the following is NOT among the canons of taxation as set out by Adam Smith?

Which of the following is a necessary prerequisite for trade by barter?

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

In market economies, resources are allocated through the?

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

At every point on a indifference curve, the

The interdependence between households and business enterprises illustrated in the figure is known as

In the figure above, the broken line labelled M is the marginal revenue curve of a

One of the functions of the commercial banks is that it is?

Tax which is levied on goods manufactured, sold or used within a country is?

If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

By terms of trade, we mean the?

How many National Development Plans did Nigeria have between 1960 and 1984?

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?

One main quality of a good is that it

Foreign exchange control in Nigeria is administered by the?

The petro- chemical industries are located in the River State of Nigeria due to?

An economic problem exists whenever

A firm is said to be a public Joint Stock Company when it?

One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?

An example of a regressive tax is?

Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

In the table, the marginal cost when output is two, units is

If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

The age distribution of a population is NOT influenced by?

The process by which a country attempts to reduce the import of manufactured goods at home is described as?

The purchasing power of the naira will fall when?

Study the figure above. At paint H the price elasticity of supply is

Which of the following is NOT a part of the fixed costs of a limited liability company?

A state budget is an outline of planned

The unemployment associated with a recession is called?

When total revenue is at a maximum, marginal revenue is?

Warehousing facilities in the distribution and marketing of products are provided by?

Which of the following is NOT a feature of underdevelopment?

Disguised unemployment

Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

Limited liability means?

If monopoly is attempting to maximize profit which of the following should it attempt to do?

The amount of labour a producer hires relative to labour factor inputs depends on the?

Because money serves as a standard for deferred payments

The table above illustrates the law of

Under perfect competition, the long-run equilibrium requires?

A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

The argument of tariff protection in less developed economies is that such a measure would

The meaning of scale of preference is?

When a business has unlimited liability

Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

Optimum population is desirable because it enables an economy to obtain maximum?