JAMB UTME - Economics - 1979

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

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

An ad valorem tax means

Production covers all but one of the following activities:

The foreign exchange rate of a country is

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

One of the reason why the condition of supply of a commodity may change is

Which of these is not usually the function of a wholesaler?

A typical corporate form of business organization is owned by

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

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

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

Net national income is

The proportion of currency in the money supply

Pure monopoly describes market where

when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

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

By utility we mean

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

In most cases the marginal utility derived from a particular good

The quantity supplied of a commodity increases while

opportunity cost is the

Which of the following is not an indirect tax?

The 'terms of trade' means

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

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

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

When marginal cost equals marginal revenue of products

Inflation can be curbed by

The value of money is generally measured in reference to

Disposable income equals

The central bank controls the activities of other banks by all but one of the following

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

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

The pre-dominance of non-working housewives and maids in West Africa

Division of labour means

Which of the following type of capital is not rewarded by means of dividends?

The quantity supplied of a commodity increases best when

The country will be over populated when

Average cost is

which of these alternative is wrong? central banks are

Which of the following is not a component of national income at factor cost?

Infant industries are

Which of the following assets of the commercial bank does not yield revenue?

Which of the following is not a direct tax?

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

The price mechanism

If a government is running deficit, this means

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?

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