JAMB UTME - Economics - 1981

Summary of product condition in countries i and ii

Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800

From the above table, we can correctly say in respect of international trade that

When a nation’s exports are greater than its imports

A movement along a given demand curve for a good is caused by a change in

The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

Which of the following does NOT belong in respect of the quantity of money?

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

Money becomes a very poor store of value in a period of

Surplus in balance of payment leads to?

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

Which of these statement is NOT true of economics as a discipline?

The most basic concern of economists is to?

Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

Progressive income tax can be expressed as

An equilibrium price?

External economies are

Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

unlimited liability means?

Market for Garri: At a price of N5, the excess supply is`

If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

Government budget can be described as the sum of?

Two goods, X and Y, are said to be complementary when?

Which of the following is NOT a visible iterm in international trade payments?`

Indirect taxes are taxes?

Elasticity of demand is given by

From the above, the Growth Rate of Total National Output or GDP is

Which of the following is NOT a characteristic of perfect competition?

Opportunity cost is best defined as?

If the income of a consumer rises and his demand for good X falls, good X can be described as

Which of the following is NOT true about specialization or division of labour?

If a commodity has many substitutes, it is most likely that?

Scarcity in economics generally refers to

Inflation is likely to benefit?

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

Prohibiting the sale of lace materials in Nigeria would probably lead to?

Which of the following is NOT a major function of a Central Bank?

Market Schedules for Milk:

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

Which of the following is NOT a visible item on international trade payment?

Which of the following statement is NOT true about agriculture in West Africa?

The function of money as a standard of deferred payments

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

Government in West Africa countries engage in running a number of enterprises because ?

Economics may be defined as?

Invisible trade refers to trade in?

Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

Which of the following statement does NOT describe a situation of perfect competition.?

The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

One of the probable effects of an increased minimum wage in Nigeria is?

Which of the following statements does NOT describe a situation of perfect competition?

In this diagram, So So is the original supply curve while S₁ S₁ represent?

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?