JAMB UTME - Economics - 1985 | Green Bridge CBT

Frage 1 Bericht

Because money serves as a standard for deferred payments

it serves as a store of value

goods can be bought on credit with pre-determined value

Richtige Antwort

future trade becomes possible

it serves as a unit of account

it becomes valuable

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 2 Bericht

A firm is said to be a public Joint Stock Company when it?

is owned by the government

is operated as a public corporation

is operated in a non-democratic fashion

sells shares to members of the public and publishes its account Richtige Antwort

is a limited liability company

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Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Business Organizations

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Frage 3 Bericht

The amount of labour a producer hires relative to labour factor inputs depends on the?

price of labour or it wage

price of labour, machinery and other inputs Richtige Antwort

price of machinery

price of the other inputs

type of machinery

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Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Lies die Unterrichtsnotiz zu Factors Of Production (WAEC)

Distributive Trade

Factors Of Production

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Frage 4 Bericht

The table above illustrates the law of

diminishing marginal utility Richtige Antwort

diminishing marginal productivity

diminishing returns

increasing returns

increasing total utility

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 5 Bericht

The purchasing power of the naira will fall when?

the naira is devalued

government cuts all salaries and wages

there is inflation Richtige Antwort

the colour of the naira is changed

workers are retrenched

Antwortdetails

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Frage 6 Bericht

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

X = 20, Y = 6

X = 38, Y =9

X = 46, Y = 9 Richtige Antwort

X = 46, Y = 14

X = 10, Y = 10

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

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Frage 7 Bericht

Which of the following is NOT among the canons of taxation as set out by Adam Smith?

Equality

Security Richtige Antwort

Certainty

Convenience

Economy

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Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 8 Bericht

The act of combining factor inputs in order to obtain specific output is known as

factor procurement

manufacturing

investment

industrialization

production Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

The Theory Of Production

Theory Of Production

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Frage 9 Bericht

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

inefficiency in the middlemen

inefficiency in the production process

long chain of the distribution system

Richtige Antwort

sovereignty of the consumers

ineffectiveness of retailers

Antwortdetails

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Distributive Trade

Economics As A Science

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Frage 10 Bericht

By terms of trade, we mean the?

ratio of exports and imports

differences between exports and imports

differences between current account and capital account

index of export prices to import prices expressed as a percentage

Richtige Antwort

ratio of short-term capital movements to long-term capital movements

Antwortdetails

Terms of trade (TOT) refers to the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.

Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 11 Bericht

The process by which a country attempts to reduce the import of manufactured goods at home is described as?

export-promotion

import-substitution Richtige Antwort

industrialization

export-diversification

import-creation

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu Types And Basic Features Of Economic Systems (WAEC)

International Trade

Types And Basic Features Of Economic Systems

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Frage 12 Bericht

An economic problem exists whenever

there is scacity and choice Richtige Antwort

here are no buyers for our goods

there are too many sellers

many people are out of work

all raw materials are imported

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 13 Bericht

Under perfect competition, the long-run equilibrium requires?

MR = MC

MR = AC = AR

MR > MC

MR = MC = AR = AC Richtige Antwort

AR = AC

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

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Frage 14 Bericht

Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

it would allowed for more money to be spent on luxuries

the interest rate on the loan will increase

it would decrease the demand for Nigeria's exports

it would worsen Nigeria foreign exchange situation Richtige Antwort

Nigerias oil would sell less in the world market

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Lies die Unterrichtsnotiz zu Agriculture In Nigeria (JAMB)

International Trade

Market Structure

Agriculture In Nigeria

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Frage 15 Bericht

Foreign exchange control in Nigeria is administered by the?

United Bank for Africa

Union Bank of Nigeria

First Bank Of Nigeria

Central Bank of Nigeria Richtige Antwort

Natonal Bank of Nigeria

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Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

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Frage 16 Bericht

The petro- chemical industries are located in the River State of Nigeria due to?

favourable climate

favourable soil

oil deposits Richtige Antwort

palm oil products

coal deposit

Antwortdetails

Lies die Unterrichtsnotiz zu Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

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Frage 17 Bericht

Optimum population is desirable because it enables an economy to obtain maximum?

per capita income Richtige Antwort

per capital output

per capita real income

per capital revenue

growth rate

Antwortdetails

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Lies die Unterrichtsnotiz zu Population (JAMB)

Population And Labour Market

Population

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Frage 18 Bericht

In the table, the marginal cost when output is two, units is

16.00

20.00

36.00 Richtige Antwort

40.00

48.00

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

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Frage 19 Bericht

Study the figure above. At paint H the price elasticity of supply is

Perfectly inelastic

Inelastic

Unit elastic

Richtige Antwort

Perfectly elastic

Elastic

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

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

The Theory Of Supply

The Theory Of Price Determination

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Frage 20 Bericht

Tax which is levied on goods manufactured, sold or used within a country is?

sales tax

excise tax Richtige Antwort

direct tax

income tax

poll tax

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Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economic Systems

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Frage 21 Bericht

Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

cost of the bok

cost of the hat Richtige Antwort

book

hat

N10.00

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 22 Bericht

How many National Development Plans did Nigeria have between 1960 and 1984?

One

Two

Four Richtige Antwort

Five

Six

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Development And Planning (WAEC)

Economic Development And Planning

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Frage 23 Bericht

One main quality of a good is that it

is sold in the market

satisfies wants Richtige Antwort

is made in the factory

is always tangible

is non-perishable

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

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Frage 24 Bericht

An example of a regressive tax is?

the personal income tax

the graduated corporation income tax

a general sales tax Richtige Antwort

the inheritance tax

the excise tax

Antwortdetails

Examples of regressive taxes include sales taxes, user fees and, arguably, property taxes.

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 25 Bericht

When total revenue is at a maximum, marginal revenue is?

constant

negative

zero Richtige Antwort

positive

maximum

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

Theory Of Price Determination

Theory Of Costs

Theory Of Production

The Theory Of Demand

Antwort anzeigen

Frage 26 Bericht

The meaning of scale of preference is?

preparing a list of goods and services to be purchased in order of priority Richtige Antwort

showing the monthly income

budget preparation without due regard to proper proirities

consumers' preference for luxury goods

consumers preference for foreugn goods

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 27 Bericht

Warehousing facilities in the distribution and marketing of products are provided by?

manufacturers

wholesalers Richtige Antwort

retailers

consumers

sellers

Antwortdetails

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Business Organizations

Distributive Trade

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Frage 28 Bericht

If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

technical progress

size of the population

amount of natural resources

Richtige Antwort

the environment

the quality of human resources

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Lies die Unterrichtsnotiz zu Economic Growth And Development (JAMB)

Economic Growth And Development

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Frage 29 Bericht

The age distribution of a population is NOT influenced by?

brith rates

death rates

patterns of immigration

patterns of emmigration

school leaving age Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Lies die Unterrichtsnotiz zu Population (JAMB)

Population And Labour Market

Population

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Frage 30 Bericht

In the figure above, the broken line labelled M is the marginal revenue curve of a

Monopoly Richtige Antwort

Competitive firm

State corporation

Partnership

Monophony

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Economics As A Science

Industry And Industrialization

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Frage 31 Bericht

Which of the following is a necessary prerequisite for trade by barter?

Needs for double coincidence of wants Richtige Antwort

Multiple exchange rate

Impossibility of future trade

Impossibility of large scale production

Indivisibility of commodities

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Theory Of Price Determination

Economics As A Science

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Frage 32 Bericht

One of the functions of the commercial banks is that it is?

responsible for monetary policy

responsible for issuing currency notes

the lender of last resort

the banker of the government

a banker of demand and time deposits of customers Richtige Antwort

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Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

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Frage 33 Bericht

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?

14 days

30 days

60 days

90 days Richtige Antwort

100 days

Antwortdetails

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

International Trade And Balance Of Payments

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Frage 34 Bericht

Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

Establishement of industries

presence of mineral deposits Richtige Antwort

Transportation facilities

Favourable soils

Favourable climate conditions

Antwortdetails

Lies die Unterrichtsnotiz zu Industrialization (WAEC)

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu Petroleum And The Nigerian Economy (JAMB)

Industrialization

Agriculture

Petroleum And The Nigerian Economy

Antwort anzeigen

Frage 35 Bericht

A state budget is an outline of planned

expenditures and revenues expected within a financial year Richtige Antwort

expenditures of ministries and parastatals within a given period

recurrent and capital expenditures within a year

sources of revenues derivationn for a financial year

use of different kinds of taxation in a given year

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Lies die Unterrichtsnotiz zu Financial Institutions (WAEC)

Public Finance

Financial Institutions

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Frage 36 Bericht

Limited liability means?

the debts of a company can only be paid from its own assets

Richtige Antwort

the debts of a company are paid from business as well as private funds of the owners

government cannot tax the company

the debts of a company must be paid from private funds only

the company does not have to pay its debts

Antwortdetails

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Lies die Unterrichtsnotiz zu Financial Institutions (WAEC)

Business Organizations

Financial Institutions

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Frage 37 Bericht

Disguised unemployment

exist when manpower is not being utilized efficiently Richtige Antwort

calls for the implementation of five plans

can be eliminated if the press is free

can be eliminated if the capital output ratio is increased

is a statistical artifact with no economic meaning

Antwortdetails

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

Lies die Unterrichtsnotiz zu Factors Of Production And Their Theories (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

Economic Systems

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Frage 38 Bericht

If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

An increase in demand for X will increase the supply of Y

Richtige Antwort

An increase in demand for X will shift the supply of Y

An increase in demand for Y will raise the price of X

An increase in demand for X will cause less of Y to be produced

A probable tax on Y will cause more of X to be supplied

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

The Theory Of Supply

Theory Of Production

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Frage 39 Bericht

Which of the following is NOT a feature of underdevelopment?

Low per capita income

Vicious circle of poverty

Low level of industrialization

Greater dependence on primary production

High per capita income Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Growth And Development (JAMB)

Economic Growth And Development

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Frage 40 Bericht

If monopoly is attempting to maximize profit which of the following should it attempt to do?

Select that output at which ATC is at minimum

Set price equal to TC

Maximize profit per unit

Maximize revenue

Equate marginal cost to marginal revnue Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

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

Lies die Unterrichtsnotiz zu Demand (WAEC)

Theory Of Production

The Theory Of Price Determination

Demand

Antwort anzeigen

Frage 41 Bericht

The unemployment associated with a recession is called?

voluntary

frictonal

cyclical Richtige Antwort

structural

maximum

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Public Finance

Population And Labour Market

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Frage 42 Bericht

One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?

Prof. Paul Samuelson

Adam Smith

David Ricardo

Rev. Thomas Malthus Richtige Antwort

Prof. Ojetuuji Aboyade

Antwortdetails

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Frage 43 Bericht

Which of the following is NOT a part of the fixed costs of a limited liability company?

Interest on loans

Rent on buildings

Depreciation reserves

Management expenditure

Wages

Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Theory Of Costs

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Frage 44 Bericht

When a business has unlimited liability

all its profits can be taxed away by the government

all its assets are owned by the members of its board of directors

the business ceases to exist at the death of one of its owners

the owners are responsible for all its financial debts Richtige Antwort

the owners are not responsible for all its financial debts

Antwortdetails

Lies die Unterrichtsnotiz zu Factors Of Production And Their Theories (JAMB)

Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Factors Of Production And Their Theories

Business Organizations

Antwort anzeigen

Frage 45 Bericht

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

demand for his product is completely elastic Richtige Antwort

supply of his goods is more elastic than the demand

demand for his product is more elastic than the supply

production of his commodities is subject to diminishing returns

production of his commodities is subject to increase returns to scale

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Antwort anzeigen

Frage 46 Bericht

A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

6 months

9 mnths

2 years

5 years

10 or more years Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu Banking (JAMB)

Public Finance

Banking

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Frage 47 Bericht

The interdependence between households and business enterprises illustrated in the figure is known as

Market interaction

Cash flow

Circular flow of income

Richtige Antwort

Supply and demand for goods and services

Household preference schedule

Antwortdetails

Lies die Unterrichtsnotiz zu Definition And Scope Of Economics (WAEC)

Lies die Unterrichtsnotiz zu Supply (WAEC)

Lies die Unterrichtsnotiz zu Demand (WAEC)

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Definition And Scope Of Economics

Supply

Demand

Industry And Industrialization

Antwort anzeigen

Frage 48 Bericht

In market economies, resources are allocated through the?

government authorities

price system Richtige Antwort

banking system

central planning bureau

revenue allocation formula

Antwortdetails

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Frage 49 Bericht

At every point on a indifference curve, the

total utility is decreasing

prices of all goods are constant

consumer is satiated

level of utility is constant Richtige Antwort

level of utility is increasing

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

Antwort anzeigen

Frage 50 Bericht

The argument of tariff protection in less developed economies is that such a measure would

raise the price of goods affected abroad

make consumers pay a higher price for the domestically produced output

protect young industries from ruinous competition from abroad Richtige Antwort

help reduced excess capacity in domestic industries

stifle private investment intiatives

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

International Trade

Economics As A Science

Antwort anzeigen






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