JAMB UTME - Economics - 1987

For the improvement of the welfare of a people, a high production level is not enough because

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Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

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A production possibility curve shows?

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The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.

The money which government spends yearly for the maintenance of its school is?

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Transfer payment are

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In the keynesian model?

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To which of the following sectors do services belong?

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Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

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For normal goods the income elasticity of demand is?

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The main reason for charging interest is to?

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Which of the following is NOT a type of business ownership?

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The residual of production which accrues to the owner of land after all other expenses have been met is called?

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Frictional unemployment?

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Economic development is defined as?

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The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

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Which of the following best explains the structural changes in the population of a country?

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A limited liability company is usually owned by?

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Efficiency of labour is enhanced by?

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Ad valorem tax means?

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The liability of the sole trader is?

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Price can be defined as?

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Market is defined as?

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Labour productivity is defined as?

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In the long run a firm will leave an industry if price?

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Which of the following is a disadvantage of regional concentration of industries?

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The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

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If inflation is anticipated to continue?

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The shut-down point for a firm in the short run is the output at which?

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In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

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An increase in supply will lower price unless?

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Which of the following best describes the concept of opportunity cost?

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In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

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In the history of Economic Thought the concept of Division of labour is usually associated with?

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Capital consumption allowance refers to?

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The additional revenue obtained by using one more unit of a factor is called its?

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A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

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Which of the following is compatible with a firm in a purely competitive market?

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In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

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Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

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A budget with a projected revenue in excess of its expenditure is said to be?

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Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

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What form of market is found in an imperfect competition where there are few buyers and many sellers?

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Average fixed cost is

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The rate of exchange between a domestic and a foreign currency is defined as the?

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If a good is an inferior good, then?

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The difference between personal income and personal disposal income is?

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In the operation of market forces, the market is in equilibrium at the point where?

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Money market differs from capital market in that it?

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In which of the diagrams above, is the consumer surplus correctly shaded?

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Statistical information available in most West African countries suggests that?

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