JAMB UTME - Economics - 1979 | Green Bridge CBT

If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

composite demand

elastic demand

derived demand

competitive demand Richtige Antwort

inelastic demand

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science

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Frage 27 Bericht

When the average physical product curve is rising the marginal physical product is

below it

above it Richtige Antwort

falling

zero

None of the above

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

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Frage 28 Bericht

Which of the following is not true of the theory of optimum population?

It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors

The quantity of labour which combined with the other factors gives the minimum output is known as optimum population Richtige Antwort

The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population

The test for over-population is whether it exceed the optimum

It is possible for a thinly populated country to be over populated if it has a poor supply of other factor

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Lies die Unterrichtsnotiz zu Population (JAMB)

Population

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Frage 29 Bericht

which of the following is not true about occupational distribution of the labour force of West Africa?

A large percentage of the labour force is engaged in agriculture

Agriculture is the most important occupation in West Africa

The manufacturing sector employs a large percentage of the population Richtige Antwort

Agriculture does not constitute an important source of paid employment

The public sector forms an important source of paid employment

Antwortdetails

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

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Frage 30 Bericht

Division of labour means

dividing the labour into different categories

splitting the process of production into different parts to be completed by each person Richtige Antwort

dividing the goods and services into different sections

assigning different duties to labourers

group of labourers working in a factory or shop

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 31 Bericht

In most cases the marginal utility derived from a particular good

increases as additional units are consumed

increases at a decreasing rate as additional units are consumed

decreases at a constant rate as additional units are consumed

decreases as additional units are consumed Richtige Antwort

remains constant as additional units are consumed

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Frage 32 Bericht

The lowering of the exchange rate between country's currency and other currencies is known as

the foreign exchange rate

deflation

exchange control

the law of comparative advantage

None of the above Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 33 Bericht

The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions

there are restrictions in trade Richtige Antwort

there are no cost of transportations

ther is perfect competition

there are no tariff or import and export quota

there are only two countries and only two commodities entering into international trade

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu International Economic Organizations (WAEC)

International Trade

International Economic Organizations

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Frage 34 Bericht

Average cost is

the total cost of production

the extra cost of producing one additional unit of output

cost of producing a unit of output Richtige Antwort

variable cost

overhead cost

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

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Frage 35 Bericht

The proportion of currency in the money supply

is higher in developing countries than advanced countries Richtige Antwort

is lower in developing countries than advanced countries

is the same in both developing and advanced countries

grows as the economy develope

none of the above

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Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Money And Inflation

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Frage 36 Bericht

By utility we mean

usefulness

power of satisfying a want Richtige Antwort

beneficial

advantageous

consumable

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 37 Bericht

An ad valorem tax means

total amount of an income tax

a certain percentage on the value of a commodity Richtige Antwort

a certain percentage tax on the volume of commodity

a tax on capital gain

a profit tax

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Frage 38 Bericht

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

Free market

Perfectly competitive market Richtige Antwort

Controllled market

Stock exchange market

Open market

Antwortdetails

Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Market Structures

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Frage 39 Bericht

The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

visible trade

invisible trade

balance of payments Richtige Antwort

balance of trade

terms of trade

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

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Frage 40 Bericht

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

zero

2 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Demand (WAEC)

The Theory Of Demand

Demand

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Frage 41 Bericht

which of the financial institutions cannot direct tax loans to individuals?

The agricultural bank

The Industrial bank

The central bank Richtige Antwort

The Co-operative bank

The Standard bank

Antwortdetails

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Frage 42 Bericht

Inflation can be curbed by

increasing aggregate demand

paying higher wages

increasing government expenditure

reducing aggregate demand Richtige Antwort

a deficit budget

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

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Frage 43 Bericht

The burden of tax on a commodity whose demand is infinitely inelastic

is zero

will be borne by the seller alone

will be borne by the buyer alone Richtige Antwort

will be borne by both buyer and seller

is impossible to tell who bears it

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

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Frage 44 Bericht

Number of Workers	Total Products
1	10
2	28
3	48
4	72
5	80

Study the table above: What is the marginal product of the second worker?

18 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

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Frage 45 Bericht

Which is the most liquid of the following financial assets held by an individual?

Outstanding balance on the current account of a commercial bank

A credit balance on a savings account Richtige Antwort

A crossed postal order

An insurance policy

All of the above

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Lies die Unterrichtsnotiz zu Financial Institutions (WAEC)

Financial Institutions

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Frage 46 Bericht

The quantity supplied of a commodity increases while

production incraases

demand increses

price of the commodity increases Richtige Antwort

population of the country increases

more commodites are imported

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

The Theory Of Supply

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Frage 47 Bericht

opportunity cost is the

price of scarce goods

resources required for making a commodity

cost of luxury goods

accrual of financial loses by chance

althernative forgone in other to satisfy a want Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 48 Bericht

If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

Progressive

Indirect

Regressive Richtige Antwort

Proportional

None of the above

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Price Determination (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Frage 49 Bericht

Which of the following is not an asset of a commercial bank?

cash

money at call Richtige Antwort

treasury bills

reserve funds

loans and over-draft

Antwortdetails

Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

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Frage 50 Bericht

When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

elastic supply

joint demand

excess supply

derived demand

none of the above Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Price Determination (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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