JAMB UTME - Economics - 1986 | Green Bridge CBT

Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00?

N100.00

N1,000.00

N9,000.00

N10,000.00 Richtige Antwort

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Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

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Frage 12 Bericht

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

Variable cost

opportunity cost Richtige Antwort

Total cost

Prime cost

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Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Theory Of Costs

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Frage 13 Bericht

Which of the following is a characteristic of private limited liability company?

its shares can be sold to the public

the number of shareholders ranges from fifty to one hundred

all shareholders have equal powers and responsibilities

the number of shareholders ranges from two to fifty Richtige Antwort

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Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Business Organizations

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Frage 14 Bericht

The most important advantage of co-operative societies is?

their high degree of democracy

the increase inthe cost of marketing

that member are encouraged to save money

the possibility of raising loans for the members Richtige Antwort

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Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Business Organizations

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Frage 15 Bericht

Which of the following causes of inflation is related to demand-pull inflation?

Low productivity on farms and in firms Richtige Antwort

Poor storage facilities

Poor distribution system

Increase in expenditure on construction

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 16 Bericht

The most important economic characteristic differentiating commercial banks from other financial institutions is their?

function as a safe and profitable store place for savings

role in financing balance of payment deficits

status as an intermediary between savers and borrowers Richtige Antwort

ability to create and destory money

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Frage 17 Bericht

Gresham's law in economics shows that

bad money drives good money out of circulation Richtige Antwort

good money drives bad money out of circulation

gold must be available to maintain the value of paper money

the price level varies directly with the quality of money

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Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 18 Bericht

Which of the following is an external economy derived by a firm?

Low cost opportunities enjoyed by being in a place where other producers concentrate Richtige Antwort

Technical economics enjoyed by varying the factors of production

Economics of management by putting administrators where the are most efficient

marketing advantages attained through preferential treatment in the purchase and distribution of produce

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

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structure

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Frage 19 Bericht

Mobility of labour is NOT affected by

optimum size of population Richtige Antwort

marriage and family

regulation of trade unions

period of training

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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 20 Bericht

An nation's distribution of income shows?

the value of all goods produce inthe economy

how income is divided among different groups Richtige Antwort

where the economy system is on its production possibility curve

the consumption behaviour of the people

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

Lies die Unterrichtsnotiz zu National Income (JAMB)

Methods And Tools Of Economic Analysis

National Income

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Frage 21 Bericht

One major difference between monopoly and perfect competition is that?

the perfect competitor is a price taker while the monopolist determines his own output Richtige Antwort

homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist

sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist

there is free entry and exist in perfect competition but no free exist in monopoly

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Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Market Structure

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Frage 22 Bericht

ECOWAS will enable the countries involved to achieve

comparative political advantage over other countries not in the region

a large market for their products Richtige Antwort

military superiority over countries not in the region

lower the transportation codt of goods wthin the region

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Lies die Unterrichtsnotiz zu Economic Integration (WAEC)

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

Economic Integration

International Trade And Balance Of Payments

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Frage 23 Bericht

Which of the following is used by the Central Bank to control the rate of interest?

Bill of Exchange

Banker's order Richtige Antwort

Fixed deposit account

Open market operation

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Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

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Frage 24 Bericht

A country has a population distribution as shown below:

The dependency ratio is

3:2

1:3

2:3

1:5 Richtige Antwort

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Lies die Unterrichtsnotiz zu Population (JAMB)

Population

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Frage 25 Bericht

A firm is at its optimum size when?

it produce the greatest output at a minimum cost Richtige Antwort

it has a motive to increase output

marginal cost equals marginal revenue

marginal cost is less than marginal revenue

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 26 Bericht

What fundamentally determines how much a consumer spends in a producer's shop?

Individual's propensity to consume

level of his taxation

level of his income Richtige Antwort

Individual's taste or fashion

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu National Income (JAMB)

Public Finance

The Theory Of Demand

National Income

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Frage 27 Bericht

A producer sustains a loss in the short run if

marfinal revenue is less than price

price is less than average cost Richtige Antwort

average variable cost is less than average cost

marginal cost is less than marginal revenue

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Theory Of Price Determination

Market Structures

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Frage 28 Bericht

Population density refers to?

densely populated urban centres

the total area divided by the total population

densely populated rural areas

the total population divided by the total area Richtige Antwort

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Frage 29 Bericht

A monopolist will practice price discrimination in two markets if?

the cost of separating the markets is large

the markets have different elasticities of demand Richtige Antwort

there is free flow of information in the two markets

there is a patent of the commodity

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

Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Factors Of Production And Their Theories

Market Structures

Economics As A Science

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Frage 30 Bericht

The term balance oftrade, can be defined as the?

relation between value of exports and value of imports over a given period of time Richtige Antwort

balance owed to the rest of the world in payment for imports

price paid for imports in term of exports

relation between payments of all kind made by a country to the rest of the world, over a given period of time

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Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 31 Bericht

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

individual's money income

price of subtitutes

price of complementary goods Richtige Antwort

price of the commodity under consideration

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Frage 32 Bericht

Tax incidence is the analysis of?

how progressive a tax is

how a tax is collected

hw distorting a tax is

who ultimately pays the tax Richtige Antwort

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 33 Bericht

Which of the following statements describes a mixed economy?

The government and the private sector interact in solving the basic economic problems Richtige Antwort

The invisible hand solves the basic economic problems

The government produces and distributes all goods and services

Society answers the 'what', 'how', and 'for whom' questions only through the market system

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Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economic Systems

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Frage 34 Bericht

The best technical description of a progressive tax is a?

tax which takes more money from the rich than from the poor

more equitable tax than aggressive one

tax which takes a higher proportion of extra naira received as income rises Richtige Antwort

tax which falls directly on those in the high income brackets

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

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

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

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Frage 35 Bericht

The term of trade often measured by the ratio of the index of export

divided by the index of import prices multiplied by 100 Richtige Antwort

multiplied by the index of import prices

plus the index of import prices multiplied by 100

minus the index of import prices

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Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 36 Bericht

Which of the following advantages of localization of industries may also be a disadvantage?

External economies

Concentration of industries and of people Richtige Antwort

Development of organized markets

Reduced costs of research

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Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Market Structure

Industry And Industrialization

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Frage 37 Bericht

In a public company, shares are?

sold to one person only

distributed freely

advertised to members of the public for subscription Richtige Antwort

disposed by the Chief Executive

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Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Distributive Trade

Economic Systems

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Frage 38 Bericht

Which of the following is an important function of prices in a market economy?

Ensuring that resources are used in the most efficient manner

Ensuring an equitable distribution of goods and services

Ensuring that all industries are perfectly competitive in the long run

Equating level of purchases with level of needs Richtige Antwort

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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 39 Bericht

A firm achieves least cost in production by substituting factors until

their factor prices are equal

their marginal-physical products are each equal to their factor prices

their marginal-physical products are each zero Richtige Antwort

the ratio of their marginal-physical products equals the ratio of their prices

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Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

The Theory Of Production

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Frage 40 Bericht

Which of the following strategies will provide more employment opportunities for Nigerians?

Investment in social services

Industrialization Richtige Antwort

Economics planning

Eradication of illiteracy

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Frage 41 Bericht

Use the table below to answer the question below:

Market Demand Schedule for Commodity X:

If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

0.62

0.73

Richtige Antwort

1.00

1,50

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 42 Bericht

Production in Economics can be defined as the

totality of producing, buying and consuming

transformation of raw materials and services in order to provide ultimate utility

transformation of raw materials and services in order to make maximum profit

production of goods and services for consumption Richtige Antwort

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Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

The Theory Of Production

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Frage 43 Bericht

The degree of specialization is limited by the

avalibility of specialized skills and machinery Richtige Antwort

marginal cost exceeding marginal revenue

extent of the market

disadvantage of standardization

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Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 44 Bericht

Which of the following methods is most likely to lead an economy?

An increase in wages and profits

An increase in consumer demand

A greater fraction of national Product going into investment

Richtige Antwort

A countinuous rise in bank loans

Antwortdetails

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

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

Lies die Unterrichtsnotiz zu National Income (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

National Income

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Frage 45 Bericht

Deflation is a persistent fall in the general price level and is usually caused by?

a reduction in total demand Richtige Antwort

an increase in government spending

an increase in the money supply

an increase in aggregate demand

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Frage 46 Bericht

Choice in economic life is necessitated by?

the need to construct scale of preference

the opportunity cost of consumption

unlimited wants

scarcity of economic resources Richtige Antwort

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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 47 Bericht

Which of the following is NOT a goal of modern budgets?

The control of inflation

The reduction in income inequality

The shift of all resources from the private to the public sector Richtige Antwort

Economic development

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Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Public Finance

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Frage 48 Bericht

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

rent

profit

interest

surtax income Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

The Theory Of Production

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Frage 49 Bericht

Balance of payment deficit in Nigeria CANNOT be solved by

importing more goods and services Richtige Antwort

devaluation of the currency

imposing import duties

imposing import bans on some commodities

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Integration (WAEC)

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

Economic Integration

International Trade And Balance Of Payments

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Frage 50 Bericht

The main function of price mechanism is to?

limit consumer demand

enable producers make profit

allocate scarce resources among competing ends Richtige Antwort

ensure consumer sovereignty

Antwortdetails

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