JAMB UTME - Economics - 1988

Localization of industries refers to the?

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

In a public company, enterpreneurial functions are performed by the?

Collectivism refers to the system of management of state enterprises in a?

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

In the short run, the monopolistic competitors?

The output at which total revenue equals total cost is known as?

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

In any economy, what is used as money is determined by?

When a nation is experiencing balance of payment surplus, it is in a better position to?

The rate at which money changes hands is known as the?

Which of the following BEST describes the production function?

Which of the following occurs in the circular flow of economic activities with no leakages

If technology becomes less capital-intensive, it means?

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

In estimating the national income of a country, the three approaches usually adopted are the?

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

Which of the following is a good example of invisible item on balance of payments account?

Total fixed cost measures the cost of?

An increase in an economy's productive capacity implies?

Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

If in this demand-supply diagram, the quantity supplied is OQ, then

The most threatening problem for the less developed countries is?

Restriction on credit creation by commercial banks can be effected through?

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

Total revenue is always equal to?

The most important limitation on the partner as a form of business enterprise is the?

Which of the following is a direct tax?

Scarcity in economics means that?

Economic is often described as a science because?

The average product of labour in a given period is obtained by dividing the?

When a variable is associated with time period, it is?

The Malthusian theory of population predicts that growth in food production will?

One factor which influences the slope of a non-linear demand curve for a commodity is the?

Which of the following factors enhances the ability of commercial banks to create money?

Price leadership is?

Merchants banks perform all the following functions EXCEPT?

If goods were free, a rational consumer would consume?

The assumption of profit maximization implies profit?

Which of the following would most likely be considered an example of benefit taxation?

The law of Diminishing Returns begins to operate when?

Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?

One of the characteristics of an imperfect market is?

Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?

Deficit financing is mostly facilitated by the existence of?

Development outside a given firm which reduce the firm costs are called?

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

A commodity is said to have a derived demand when the commodity