JAMB UTME - Economics - 1987 | Green Bridge CBT

Frage 1 Bericht

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Richtige Antwort

a certain percentage tax based on the volume of the commodity

a tax on the income of the consumer

payment of a tax on the profits made

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Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 2 Bericht

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

David Richardo

J.M. Keynes

Adam Smith Richtige Antwort

Karl Marx

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Frage 3 Bericht

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

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population Richtige Antwort

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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 4 Bericht

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?

10.20

3.57

1.25 Richtige Antwort

0.80

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

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Frage 5 Bericht

Frictional unemployment?

is total unemployment minus structural unemployment

occurs when the unemployed are persons with specific training

occurs when the number of job seekers exceeds the number of vacancies

occurs when people are changing jobs Richtige Antwort

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Lies die Unterrichtsnotiz zu National Income (JAMB)

National Income

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Frage 6 Bericht

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

wages

rent Richtige Antwort

interest

profit

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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 7 Bericht

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Richtige Antwort

payment transferred from one account to another

Antwortdetails

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Frage 8 Bericht

In the keynesian model?

the demand for money is inversely related to the rate of interest

investment is directly related to the rate of interest

investment is not related to the rate of interest to the rate of interest

the demand for money is directly related to the rate of interest Richtige Antwort

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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 9 Bericht

Price can be defined as?

a rate of exchange Richtige Antwort

a mediumof exchange

the cost of product

the standard of accounting

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Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Theory Of Price Determination

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Frage 10 Bericht

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?

the quantity supplied is infinitely elastic Richtige Antwort

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

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Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

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

Theory Of Price Determination

The Theory Of Price Determination

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Frage 11 Bericht

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Richtige Antwort

Construction

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Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Market Structure

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Frage 12 Bericht

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

Richtige Antwort

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

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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 13 Bericht

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

balanced

surplus Richtige Antwort

deficit

inflationary

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Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Public Finance

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Frage 14 Bericht

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

used only for wages and salaries

part of the government's capital expenditure

part of the government's recurrent expenditure Richtige Antwort

the government's budget for its school

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Frage 15 Bericht

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?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change Richtige Antwort

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 16 Bericht

Market is defined as?

one geographical location where people meet to buy and sell

the demand and supply of goods and services

a group of people whose sole interest is to make profit

any organizational framework which links the buyers and sellers of a good and service Richtige Antwort

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Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

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Frage 17 Bericht

Labour productivity is defined as?

output per man/hour Richtige Antwort

average output

the maximum number of hours worked

total level of output

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Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Market Structures

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Frage 18 Bericht

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

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good Richtige Antwort

A cost that constantly decreases

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Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 19 Bericht

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

the pricr of the product is lowest

marginal Cost is constant

Average Variable Cost is not covered Richtige Antwort

Average Cost is minimum

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 20 Bericht

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Richtige Antwort

Total fixed cost plus marginal cost

Antwortdetails

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

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

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Frage 21 Bericht

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

price only Richtige Antwort

quantity only

quality only

price and quantity

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 22 Bericht

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Richtige Antwort

mobilize more funds for development

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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 23 Bericht

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

Debenture holding Richtige Antwort

private company

Parnership

Joint Stock venture

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Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Business Organizations

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Frage 24 Bericht

Efficiency of labour is enhanced by?

Average Total Cost less the sum of Varriable Cost

half the sum of all costs

Total Fixed Cost divided by the the level of output Richtige Antwort

Total Fixed Cost plus Marginal Cost

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

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Factors Of Production And Their Theories

Theory Of Costs

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Frage 25 Bericht

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

demand and supply curve intersect in more than one point provided the market is cleared

the excess in market can be conveniently stored

excess demand is negative

demand and supply curves intersect Richtige Antwort

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

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Frage 26 Bericht

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?

65 units

40 units

30 units Richtige Antwort

20 units

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 27 Bericht

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

marginal product

additional product

marginal revenue product Richtige Antwort

average product

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Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

The Theory Of Production

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Frage 28 Bericht

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

does not cover at at least Average Total Cost

is not equal to Marginal Cost Richtige Antwort

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

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Frage 29 Bericht

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

the have-nots deserve more than a fair share Richtige Antwort

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

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Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

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Frage 30 Bericht

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

terms of trade

domestic currency price of a unit of the foreign currency Richtige Antwort

foreign currency price of gold

domestic currency price of gold

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Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 31 Bericht

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

III

IV Richtige Antwort

Antwortdetails

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

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

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Frage 32 Bericht

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Richtige Antwort

demand is highly inelastic

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Demand (WAEC)

The Theory Of Supply

Demand

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Frage 33 Bericht

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

microeconomics Richtige Antwort

macroeconomics

production

indifference curve

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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 34 Bericht

For normal goods the income elasticity of demand is?

positive Richtige Antwort

negative

zero

infinite

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 35 Bericht

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

industrial capital

social capital

fixed capital

circulating capital Richtige Antwort

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Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

The Theory Of Production

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Frage 36 Bericht

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative Richtige Antwort

the poor buy the good only out of habit

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

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Frage 37 Bericht

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

elastic

inelastic Richtige Antwort

perfectly elastic

unitary elastic

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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 38 Bericht

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

Oligopoly

Monopoly

Duopoly

Oligopsony Richtige Antwort

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Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Market Structure

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Frage 39 Bericht

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

75 units

35 units

7 units

not determinable from the schedules except when graphed Richtige Antwort

Antwortdetails

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Frage 40 Bericht

The difference between personal income and personal disposal income is?

personal income tax Richtige Antwort

investment income

personal savings

consumption expenditure

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Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 41 Bericht

Economic development is defined as?

positive change plus growth

avalibility of more goods and services

outward shift of the production possibility curve

growth in the national income Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Growth And Development (JAMB)

Economic Growth And Development

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Frage 42 Bericht

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

Dumping Richtige Antwort

Counter-trade

Bilateral trade

Trade liberalization

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Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 43 Bericht

A limited liability company is usually owned by?

an individual

a government

shareholders Richtige Antwort

two or more partners

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Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Business Organizations

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Frage 44 Bericht

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Richtige Antwort

the growth of full employment output will be accelerated

people will want to hold more money

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Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Lies die Unterrichtsnotiz zu Money And Inflation (JAMB)

Money And Inflation

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Frage 45 Bericht

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

demand is inelastic

demand is infinitely inelastic Richtige Antwort

Marginal Cost is falling

Price is greater than Marginal Cost

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

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Frage 46 Bericht

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Richtige Antwort

Antwortdetails

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.

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

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

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Frage 47 Bericht

The liability of the sole trader is?

indeterminable

unlimited Richtige Antwort

transferable