JAMB UTME - Economics - 1982 | Green Bridge CBT

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?

development projects

infrastructural facilities Correct answer

monoculture

capital investment

superstructure

Answer Details

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Economic Growth And Development

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Question 23 Report

if AC = Average Cost of production ,

TC = Total Cost of production

VC = Variable Cost of production

FC = Fixed Cost of production

Q = Quantity of goods produced

Then,

AC = TC; TC = VC + FC Correct answer

AC = (TC) Q: TC = VC + FC

AC = TC; TC = (VC)(FC) Q

AC = TC- FC: VC = TC- AC

AC = TC ; TC = VC + AC Q

Answer Details

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The Theory Of Production

Theory Of Costs

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Question 24 Report

The difference between visible exports and invisible exports of a country, in money terms, is known as the?

Balance of trade

Balance of payments Correct answer

Terms of trade

Foreign reserves

Special drawing right

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International Trade And Balance Of Payments

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Question 25 Report

Economics is a science which deals basically with

the factors of production

allocation of scarce resources Correct answer

oil exportation

the gross domestic product (GDP)

national income

Answer Details

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Factors Of Production And Their Theories

Factors Of Production

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Question 26 Report

Taxes which are levied on a person’s expenditures are known as?

Purchase tax Correct answer

Sales tax

Direct tax

Poll tax

Income tax

Answer Details

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Economics As A Science

Economic Systems

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Question 27 Report

We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because

it is the dependent population of Nigeria, economically

all student in Nigeria are in this group

more than 50% of all Nigerians are in this group

it is the most expensive group of the economy

it is the productive group of the economy Correct answer

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Population

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Question 28 Report

A commodity can be sold for two or more different prices if it is?

produced or sold by oligopoly

sold in perfect market

produce or sold by monopsony

produced or sold by monopoly Correct answer

produced or sold by perfect competition

Answer Details

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The Theory Of Production

The Theory Of Price Determination

Market Structure

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Question 29 Report

Demand for money for speculative purposes means?

buying goods and services whose prices have risen

keeping money for unforseen expenditure

buying financial assets because of possible gains Correct answer

buying real estate

keeping money for a rainy day

Answer Details

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Money And Inflation

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Question 30 Report

Oligopoly means

large number of sellers in the markets

single seller in the market

few sellers in the markets Correct answer

few buyers in the market

single buyer in the market

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Market Structure

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Question 31 Report

Balance of payments of a country explains the overall position of?

current account of the balance of payments

capital account in the balance of payments

both the current and capital acounts Correct answer

position of the balance of trade

visible and invisible trade

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International Trade And Balance Of Payments

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Question 32 Report

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

there is a Government ban on the importation of beer

beer distributors want more profit

Nigeria is a large country

middlemen hoard beer

the demand for beer exceeds the supply Correct answer

Answer Details

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The Theory Of Supply

Economics As A Science

Economic Systems

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Question 33 Report

The National Electric Power Authority (NEPA) is a?

Public limited company

Public liability company

Private authority

Public corporation Correct answer

Federal government authority

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Public Finance

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Question 34 Report

	Share of gross national product (GNP)	Share of total employment	Growth rate of output
All agriculture	40%	70%	3%
Industry and mining	30%	10%	10%
Trade andservices	30%	20%	5%

What is the growth rate of GNP?

18% Correct answer

10%

6.7%

0.5%

4.1%3

Answer Details

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National Income

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Question 35 Report

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

the size of that country

the rate of immigration into that country

the population census of that country

the annual death rate Correct answer

the gross domestic product annual(GDP) of that country

Answer Details

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Population And Labour Market

Population

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Question 36 Report

Which of the following countries is NOT a member of the economic Community of West African States?

Sierra Leone

Sudan Correct answer

Gambia

Nigeria

Guinea

Answer Details

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Methods And Tools Of Economic Analysis

International Economic Organizations

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Question 37 Report

The most dominant economic activity which employs the largest number of people in West Africa is?

manufacturing

transport

government

agriculture Correct answer

the petroleum industry

Answer Details

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Agriculture

Money And Inflation

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Question 38 Report

The purpose of import duties does NOT include the?

generation of revenue for government

protection of domestic industries

promotion of international trade Correct answer

conservation of foreign exchange earnings

control of comsuption pattern

Answer Details

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International Trade

International Trade And Balance Of Payments

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Question 39 Report

Monetary policy does NOT involve

increasing the import duties Correct answer

buying or selling treasury bills by the Central Bank

printing of more currency note

increasing or decreasing cash reserve ratio by the Central Bank

raising the level of interest

Answer Details

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Economics As A Science

Money And Inflation

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Question 40 Report

What is the growth rate of employment?

18% Correct answer

10%

6.7%

5.7%

4.1%

Answer Details

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National Income

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Question 41 Report

Public enterprises are supported on the grounds that they are undertaken for

increasing profit of the private sector

reducing the burden of the private sector

improving the welfare of the people Correct answer

earning profit for the people

earning profit for the government

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Public Finance

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Question 42 Report

One of the ways by which Government derives revenue from industrial enterprises in West Africa is?

tariffs

excise duties Correct answer

poll tax

import duties

community tax

Answer Details

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Public Finance

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Question 43 Report

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

tariffs

quotas Correct answer

exchnge control

devaluation

revaluation

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International Trade

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Question 44 Report

Unit of output	Table cost
1	20
2	32
3	42
4	48
5	50

in the above table, the marginal cost of the 3rd unit of output is

10 Correct answer

Answer Details

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The Theory Of Production

Theory Of Costs

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Question 45 Report

Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?

debentures

preference shares

ordinary shares Correct answer

participating preference shares

old shares

Answer Details

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Business Organizations

Economic Systems

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Question 46 Report

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

profitable to the production process

purchased for the purpose of production

combined in the production process Correct answer

provided adequately for the production process

brought into the factory

Answer Details

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Factors Of Production And Their Theories

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Question 47 Report

Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?

Open market operation