JAMB UTME - Economics - 1984 | Green Bridge CBT

Question 1 Report

The diagram illustrates

the circular flow of income Correct answer

gross national product plus depreciation

incomes of the private sector

the profit of business enterprises

the output approach to national income determination

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 2 Report

Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if

$$P_{x}/P_{m}$$

$$P_{x}/P_{m}=1$$

$$P_{x}/P_{m}>1$$

Correct answer

$$P_{x}/P_{m}+1$$

Answer Details

"$$P_{x}/P_{m} > 1$$"

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

Read lesson note on Economics As A Science (JAMB)

International Trade And Balance Of Payments

Economics As A Science

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Question 3 Report

An imperfectly competitive market is one where?

a large number of firms sell homogenous products

input and output prices are unaffected

each firm faces aa horizontal demand curve

each firm maximize profit by selecting an output level at

commodities are differentiated Correct answer

Answer Details

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Market Structure

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Question 4 Report

In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

a drop in supply

a rise in supply Correct answer

a supply- push inflation

a stable supply curve

an increase in quantity supplied

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Production (WAEC)

The Theory Of Supply

Theory Of Price Determination

Theory Of Production

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Question 5 Report

pricing and output decisions of sellers are highly interdependent in markets known as?

oligopoly Correct answer

perfect competition

monopoly

monopolistic competition

imperfect competititon

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Price Determination

Theory Of Production

Market Structures

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Question 6 Report

The population level that yields the maximum output when combined with available resources is known as

dependent population

maximum population

active population

productive population

optimum population Correct answer

Answer Details

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Question 7 Report

In the diagram, (III) refers to the calculation of national income through the

Income approach

Government earnings approach

Expenditure approach Correct answer

Output approach

Flow of funds approach

Answer Details

Read lesson note on National Income (JAMB)

National Income

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Question 8 Report

In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?

Length and cost of training

Demand and supply Correct answer

attractiveness of the job

Influence of the trade union

Government intervention

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

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Question 9 Report

If a person demands money for buying and selling securities. It is referred as demanding money for

Transaction purposes

Speculative purposes Correct answer

Precautionary purposes

Meeting the educational expenses of the children

Carrying out gambling activities

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 10 Report

Division of labour is limited by?

the size of market Correct answer

the productivity of capital

cost of production

the factors of production

government policy

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 11 Report

In the diagram, (I) refers to the calculation of national income through the

Expenditure approach

Input - Output approach

Flows of funds approach

Income approach

Correct answer

Output approach

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 12 Report

In the diagram I refers to the calculation of national income through the

Expenditure approach

Input - Output approach

Flows of funds approach

Income approach Correct answer

Output approach

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 13 Report

Which of the following does NOT represent the behavior of a monopolist?

Manipulating the market price of his goods

Manipulating both the price and quantity of his goods at the same time Correct answer

Raising the price at one market, lowering it at another market

Manipulating only quantity, price being a given factor

Manipulating the quantity of his goods

Answer Details

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

Read lesson note on The Theory Of Production (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Production

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Question 14 Report

An improvement in Nigeria's terms of trade should

Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them Correct answer

Make made in Nigeria goods cheaper to buy

Increase Nigeria's domestic output of commodities

Lead to an increase in her exchange rates

Lead to an increase in Nigeria's exports of petroleum

Answer Details

Read lesson note on International Trade (JAMB)

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

International Trade

The Theory Of Consumer Behaviour

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Question 15 Report

Which of the following is NOT a determinant of the size economically active population?

Age structure

Occupation of workers Correct answer

Proportion of men to women

Average length of the working day

Efficiency of the labour force

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Population And Labour Market

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Question 16 Report

One disadvantage of sole proprietorship is its?

limited libility

high profits

high sense of ownership

low credit rating Correct answer

low failure rate

Answer Details

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Question 17 Report

The question below is based on the table below:

The international production set for Nigeria and Austria is:

The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

2,2

2,1.5

1.5,4

1.5,2 Correct answer

0.5,1.5

Answer Details

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Read lesson note on Economics As A Science (JAMB)

International Trade

Economics As A Science

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Question 18 Report

Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?

Complete dependence on oil exports

concentration on agricultural exports

Diversification of the economy Correct answer

Building of more schools and universities

Introductionn of nuclear energy in Nigeria

Answer Details

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Economic Development And Planning

Economic Growth And Development

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Question 19 Report

Which Of the following is NOT an obstacle to economic development?

Low level of investment

lack of modern technology

High rate of population growth

Low productivity

Dedicated leadership Correct answer

Answer Details

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Question 20 Report

The most important characteristic of money is?

portability

intrisic value

acceptability Correct answer

usefulness

beauty

Answer Details

Read lesson note on Banking (JAMB)

Read lesson note on Money And Inflation (JAMB)

Banking

Money And Inflation

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Question 21 Report

One of the major effects of an increase in government expenditure on a nation’s economy is that it?

creates investment opportunities for foreign investors

leads to indigenization of the private sector

raises the level of total tax revenue

raises the level of aggregate demand Correct answer

controls the spread of monopoly

Answer Details

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Question 22 Report

The main economic objective behind the production of goods and services in any economy is to?

maximize profits

satisfy human wants Correct answer

become self reliant

create job opportunities

make people wealthy

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Distributive Trade

Theory Of Production

The Theory Of Demand

Economics As A Science

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Question 23 Report

The channel for food distribution in Nigeria consist of?

farmers and their families

producers, wholesalers and retailers Correct answer

producers and consumers

producers and processor

farmers, processors and consumers

Answer Details

Read lesson note on Business Organizations (JAMB)

Read lesson note on Distributive Trade (WAEC)

Business Organizations

Distributive Trade

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Question 24 Report

The question below is based on the table below:

The international production set for Nigeria and Austria is:

From the table, it can be deduced that?

Nigeria should produce cocoa and lace

Austria should produce cocoa and lace

Nigeria can benefit from producing lace only

Nigeria should not produce any of the products because of her relative disadvantages

Austria should produce lace and Nigeria should produce cocoa Correct answer

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

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Question 25 Report

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

demands at a given price at a point in time Correct answer

demand at a given price

actually digests

produces, given its price

can store away during bnad weather

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 26 Report

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

Excess supply Correct answer

Favouritism

Bribery and corruption

Bllack marketing

Hoarding

Answer Details

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Question 27 Report

The advantages that accrue to a firm as the size of the firm increases are known as

external diseconomies

internal returns to scale

internal economies

Correct answer

internal diseconomies

constant returns to scale

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Production (WAEC)

The Theory Of Production

Theory Of Production

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Question 28 Report

The economic goal of public utilities is to?

maximize profit

expand assets

minimize costs

provide essential services Correct answer

pay higher dividends to shareholders

Answer Details

Read lesson note on Public Finance (WAEC)

Public Finance

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Question 29 Report

Which of the following is NOT true of debentures and debenture holders?

Debentures are instruments for rising long-term capital by limited liability companies

Debenture are fixed interest-bearing securities with specified maturity dates

Debentures holders are creditors to the company and therefore do not share in the risk of the company

Debenture holders are entitled to interest payments whether or not profits are made

Preference shareholders recieve their share of profits before debenture holders receive their entitlements Correct answer

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Population And Labour Market (WAEC)

Theory Of Costs

Population And Labour Market

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Question 30 Report

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

₦350.00

₦340.00 Correct answer

₦360.00

₦370.00

₦55.00

Answer Details

Read lesson note on Banking (JAMB)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Supply (WAEC)

Banking

Theory Of Costs

Supply

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Question 31 Report

One of the advantages of large - scale production is that

There is a rise in the cost of administration

Consumers sacrifice their individual tastes

The firm can use labour - saving machinery

Correct answer

The demand for a firm's products become localized

Decision making takes a long time because different levels of management are involved

Answer Details

The usage of machinery helps to oversee in a large scale of production which in turn covers the high amount in time consumption. This makes room for the efficiency of labour as compared to the usage of manpower.

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

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Question 32 Report

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

equal to marginal cost

greater than marginal cost Correct answer

greater than average total cost

equal to marginal revenue

equal to toal revenue

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

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Question 33 Report

The following except ONE, are the differences between international trade and internal trade?

Diferences in currencies

Government control

Mobility of factors of production Correct answer

Cultural differences

Exchange of Goods and services

Answer Details

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

Read lesson note on International Trade (JAMB)

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Factors Of Production And Their Theories

International Trade

Theory Of Consumer Behaviour

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Question 34 Report

Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as?

speculative motive

precautionary motive Correct answer

transactions motive

investment motives

rainy day motive

Answer Details

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

The Theory Of Consumer Behaviour

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Question 35 Report

A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because?

it is illegal price cutting

other competitors will be angry

total revenue will decline due to its elastic demand curve Correct answer

it is able to sell all it wants at the market price

it does not maximize profit

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Market Structure (JAMB)

The Theory Of Demand

Market Structure

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Question 36 Report

Which of the following is NOT a feature of economic underdevelopment of a country?

A large number of High income earners relative to the population Correct answer

High annual income for the few

High incidence of poverty

Low daily calorie intake per person

High infant mortality rate

Answer Details

Read lesson note on Economic Growth And Development (JAMB)

Economic Growth And Development

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Question 37 Report

Cost push inflation takes place due to?

the rapid increase in the demand for goods

an increase in productivity of the factors of production

a rise in the cost of production Correct answer

a rise in the standard of living

the low wage rate of the workers

Answer Details

Read lesson note on Money And Inflation (WAEC)

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

Money And Inflation

The Theory Of Consumer Behaviour

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Question 38 Report

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

percentage change in the quantity of X divded by the percentage change in the price of Y Correct answer

percentage change in the quantity of X divided by change in the price of Y

change in the quantity of X divided by change in the price of Y

percentage change in the quantity of X divided by the price Y

percentage change in the price of X divided by percentage change in the quantity of Y

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 39 Report

A demand curve slopes downwards because of ?

an increase inthe money income of the consumer

a decrease inthe money income of the consumer

the substitution effect and the rise in real income of the consumer

Correct answer

the rise in demand for the complementary goods

the increase in the demand for factors and production

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 40 Report

The Central Bank instrument of control does NOT include

open market operation

moral sanctions Correct answer

reverse requirements

selective credit control

printing bank-notes

Answer Details

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Public Finance

Banking

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Question 41 Report

A rightward shift in the production possibility frontier may be due to

Use of inferior inputs

Inefficiency

Improvement in production techniques and practices Correct answer

Changes in the product mix

Changes in consumer's tastes and preferences

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

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Question 42 Report

Which Of the following is NOT an obstacle to economic development?

Low level of investment

lack of modern technology

High rate of population growth

Low productivity

Dedicated leadership

Correct answer

Answer Details

Read lesson note on Economic Development And Planning (WAEC)

Read lesson note on Economic Growth And Development (JAMB)

Economic Development And Planning

Economic Growth And Development

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Question 43 Report

For two substitution goods, the cross elastic of demand is?

greater than one but less than two

zero

negative

positive Correct answer

infinity

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 44 Report

In the diagram III refers to the calculationof national income through the

Income approach

Government earnings approach

Expenditure approach Correct answer

Output approach

Flow of funds approach

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 45 Report

Which of the following items does NOT belong to a country's current account in the balance of payments accounts?

Merchandise exports

Merchandise import

Travel

Foreign currencies Correct answer

Insurance services

Answer Details

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

International Trade And Balance Of Payments

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Question 46 Report

Generally, property taxes?

are borne entirely by landlords

cannot be shifted in the long run

are borne by all (renter, owner occupiers and landlords) Correct answer

are borne only by renters

are borne by a few industrialist

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 47 Report

In taxation, the benefit principle requires that?

everybody must draw benefit from taxation

all those who earn more income must pay more taxes

only those who derive benefit from services provided from public revenue should be taxed Correct answer

taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities

everybody pays an equal amount

Answer Details

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

Public Finance

The Theory Of Price Determination

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Question 48 Report

The basic principles of co-operative societies are those of?

active participation of capitalist in the affairs of co-operative societies

worker ownership and worker control Correct answer

sole proprietorship

partnership

denying of credit facilities to members

Answer Details

Read lesson note on Agriculture (WAEC)

Agriculture

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Question 49 Report

Public expenditure on services, such as education and health, is known as expenditure on

general services

community services

social services Correct answer

economic services

administrative services

Answer Details

Read lesson note on Public Finance (JAMB)

Public Finance

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Question 50 Report

The most important factor determining the location of the cement industry in Nigeria today is ?

capital and government policy

the nature of the product, infrastructure and government policy

nearness to the market and source of power

Price of the product and source of labour

raw materials Correct answer

Answer Details

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

Read lesson note on Industry And Industrialization (JAMB)

Petroleum And The Nigerian Economy

Industry And Industrialization

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