JAMB UTME - Economics - 1981

If the income of a consumer rises and his demand for good X falls, good X can be described as

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If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

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The function of money as a standard of deferred payments

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Which of the following is NOT a visible item on international trade payment?

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Money becomes a very poor store of value in a period of

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The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

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Which of the following is NOT a characteristic of perfect competition?

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Inflation is likely to benefit?

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Which of the following is NOT true about specialization or division of labour?

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'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

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Surplus in balance of payment leads to?

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The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

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Summary of product condition in countries i and ii

Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800

From the above table, we can correctly say in respect of international trade that

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One of the probable effects of an increased minimum wage in Nigeria is?

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The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

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Two goods, X and Y, are said to be complementary when?

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Market Schedules for Milk:

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

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Prohibiting the sale of lace materials in Nigeria would probably lead to?

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Which of these statement is NOT true of economics as a discipline?

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Elasticity of demand is given by

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Progressive income tax can be expressed as

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Invisible trade refers to trade in?

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An equilibrium price?

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An economy in which both the public and the private sectors contribute substantially to the growth of output is?

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Opportunity cost is best defined as?

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Which of the following is NOT a major function of a Central Bank?

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Economics may be defined as?

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External economies are

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Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

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Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

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Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

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Indirect taxes are taxes?

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If a commodity has many substitutes, it is most likely that?

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A movement along a given demand curve for a good is caused by a change in

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Government budget can be described as the sum of?

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Which of the following is NOT a visible iterm in international trade payments?`

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Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

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The most basic concern of economists is to?

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Which of the following statement is NOT true about agriculture in West Africa?

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Government in West Africa countries engage in running a number of enterprises because ?

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Scarcity in economics generally refers to

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Which of the following statement does NOT describe a situation of perfect competition.?

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In this diagram, So So is the original supply curve while S₁ S₁ represent?

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An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

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unlimited liability means?

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Which of the following does NOT belong in respect of the quantity of money?

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Market for Garri: At a price of N5, the excess supply is`

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Which of the following statements does NOT describe a situation of perfect competition?

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When a nation’s exports are greater than its imports

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From the above, the Growth Rate of Total National Output or GDP is

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