JAMB UTME - Economics - 1983 | Green Bridge CBT

Pregunta 1 Informe

Disequilibrium in the balance of payment means?

imports of the country exceeding its exports

overall deficit or surplus in the current account and capital account of the balance of payment

capital flowing out of the country exceeds the capital flowing into the country

deficit in the trade balance

export earnings exceeds cost of imports

Detalles de la respuesta

Read lesson note on International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

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Pregunta 2 Informe

In an inflationary period which of the following statements is NOT true?

Wages rise simultaneously with prices

The purchasing power of money diminishes

More money runs after a limited quantity of goods

Money supply increases

Aggregate real demand exceeds aggregate real supply

Detalles de la respuesta

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Pregunta 3 Informe

Age-structure in Nigeria is such that the working age-group is in the years

1-15

15-65

30-40

40-65

65 and above

Detalles de la respuesta

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Pregunta 4 Informe

NEPA as a public corporation is?

a power generating industry in Nigeria

organized in a perfect competitive market

a duopoly

a monopolistically competitive industry

a monopoly

Detalles de la respuesta

Read lesson note on Business Organizations (JAMB)

Read lesson note on Market Structure (JAMB)

Business Organizations

Market Structure

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Pregunta 5 Informe

The concept of economic efficiency primary refers to?

obtaining the maximum output from available resources at the lowest cost

conservation of our petroleum resources

equity in the distribution of the nation's wealth

producing without waste

the limited wants-unlimited resources dilemma

Detalles de la respuesta

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Pregunta 6 Informe

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

land and related factors

abundance of natural resources

level of human capital

technical progress or other factors

the discipline of political leadership

Detalles de la respuesta

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

The Theory Of Price Determination

Market Structure

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Pregunta 7 Informe

The natural growth rate of a population is the

sum of the birth rate and the death rate

sum of the birth rate and the net migrate rate

birth rate minus death rate

birth rate divided by the net migration

death rate minus the net imgration

Detalles de la respuesta

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Pregunta 8 Informe

Comparative cost doctrine of international trade means specialization in production

according to absolute cost advantage

according to absolute cost disadvantage

according to comparative cost disadvantage

according to comparative cost advantage

on the basis of the availability of labour

Detalles de la respuesta

Read lesson note on International Trade (JAMB)

Read lesson note on Financial Institutions (WAEC)

International Trade

Financial Institutions

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Pregunta 9 Informe

The maintenance of general economic stability in the country necessarily relies heavily on?

federal fiscal policy

coordinated federal, state and local fiscal policies

tax and revenue policies of state governments

federal grants to state and local government

federal grants to local governments

Detalles de la respuesta

Read lesson note on Public Finance (WAEC)

Read lesson note on Public Finance (JAMB)

Public Finance

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Pregunta 10 Informe

Division of labour has many advantages . Not withstanding, it is greatly limited by?

monotony of work

decline of craftmanship

risk of unemployment

extent of market demand

boredom

Detalles de la respuesta

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Pregunta 11 Informe

Which of the following are direct taxes?

Sales taxes

Excise taxes

Income and company taxes

Tariff duties

Commodity taxes

Detalles de la respuesta

Read lesson note on Public Finance (JAMB)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Pregunta 12 Informe

What is the market equilibrium price?

5.00

8.00

9.00

7.00

6.00

Detalles de la respuesta

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Pregunta 13 Informe

Petroleum 'glut' in international trade means

a fall in petroleum production

an over supply of petroleum

a higher petroleum price offered by the buyer

a higher petroleum price demanded by the seller

higher prices for the consumtion of petroleum

Detalles de la respuesta

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Pregunta 14 Informe

Which of thefollowing items is NOT an argument for locating industries in rural areas?

Rural areas supply agricultural raw material

The pace of development will be quickened in rural areas

Employment will be provided for rural inhabitants

Capital is easily available in rural areas

Suitable humid climate is sometimes found in rural areas

Detalles de la respuesta

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Pregunta 15 Informe

Differentiated product is the characteristic feature of?

perfect competition

pure competition

monopolistic competition

monopoly

oligopoly

Detalles de la respuesta

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Price Determination

Market Structures

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Pregunta 16 Informe

Which of the following defines Economics most comprehensively?

Buying and selling

Organization and Industries

study of human behaviour in the allocation of scarce resources

National development planning and budgeting

Banking and Insurance

Detalles de la respuesta

Read lesson note on Definition And Scope Of Economics (WAEC)

Definition And Scope Of Economics

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Pregunta 17 Informe

Marginal cost curve intersects average cost curve ?

from above at its lowest point

from below before the lowest point

from below at its lowest point

from below after the lowest point

at zero point

Detalles de la respuesta

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Supply

Theory Of Costs

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Pregunta 18 Informe

The quickest way of achieving an economic union on regional basis is to remove all?

currency barriers

language barriers

politcal barriers

customs barriers

legal barriers

Detalles de la respuesta

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Pregunta 19 Informe

Which of the following is NOT an advantage of localization of industries?

Reaping of external economies

Development of a pool or skilled labour for industry

Development of subsidiary industries

Development of organized markets

Growth of conurbations

Detalles de la respuesta

Read lesson note on Agriculture (WAEC)

Read lesson note on Industry And Industrialization (JAMB)

Agriculture

Industry And Industrialization

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Pregunta 20 Informe

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

Curve I

Curve ll

Curve lll

Curve lV

Curves l and lll

Detalles de la respuesta

Read lesson note on The Theory Of Supply (JAMB)

The Theory Of Supply

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Pregunta 21 Informe

Demand for a factor of production is?

a composite demand

a joint demand

a derived demand

an elastic demand

cross-elasticity of demand

Detalles de la respuesta

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Production

The Theory Of Demand

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Pregunta 22 Informe

Palm oil industry is located in Bendel State because the State?

imports raw material for palm oil Industry

is a palm tree growing area

soil is unsuitable for other crops

government does engage land for other crops

land is suitable for oil

Detalles de la respuesta

Read lesson note on Market Structures (WAEC)

Read lesson note on Petroleum And The Nigerian Economy (JAMB)

Read lesson note on Money And Inflation (JAMB)

Market Structures

Petroleum And The Nigerian Economy

Money And Inflation

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Pregunta 23 Informe

Production possibilities(alternatives)

P Q R S T

Units of shelter 5 4 3 2 0

Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

one unit of shelter

three units of shelter

one third of a unit of shelter

six units of shelter

two units of shelter

Detalles de la respuesta

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Pregunta 24 Informe

Nigeria is currently implementing the?

third development plan

second development plan

fourth development plan

fifth development plan

Detalles de la respuesta

Read lesson note on Economic Development And Planning (WAEC)

Economic Development And Planning

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Pregunta 25 Informe

Retailers in an economy perform the function of

production

exchange

distribution

horading

investment

Detalles de la respuesta

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Pregunta 26 Informe

Full employment is a situation in which?

every adult is employed

all adults who can work are employed

all person who attained the age of 15 and above are employed

only the disabled are not employed

all those who are able and eligible can find employment

Detalles de la respuesta

Read lesson note on Population And Labour Market (WAEC)

Population And Labour Market

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Pregunta 27 Informe

A Nigerian household's demand curve for semovita is downward because?

the demand for semovita is high

the loal markets are flooded with semovita

it is produced in Nigeria

every household can afford to buy semovita

higher prices attract lower quantities while lower prices attract larger quantities

Detalles de la respuesta

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Production

The Theory Of Demand

Demand

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Pregunta 28 Informe

Which of the following enterprises does NOT pursue the sole objective of profit maximization?

Roads of Nigeria Ltd

Union Bank of Nigeria Ltd

Nigeria Electric Power Authority

Volkswagen (VW) Nigeria Ltd

Kingsway Nigeria Ltd

Detalles de la respuesta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pregunta 29 Informe

The monetary system that requires double coincidence of want is known as?

the gold standard

barter

the commodity system

the gold exchange standard

the cheque system

Detalles de la respuesta

Read lesson note on Demand (WAEC)

Demand

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Pregunta 30 Informe

The supply of loanable funds is significantly influenced by?

commercial banks

mortage banks

financial intermediaries

the Central Bank

insurance companies

Detalles de la respuesta

Read lesson note on Banking (JAMB)

Banking

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Pregunta 31 Informe

Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

money is regarded as a medium of exchange

measure for value

unit of account

store of value

standard for deferred payments

Detalles de la respuesta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on International Economic Organizations (WAEC)

Money And Inflation

International Economic Organizations

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Pregunta 32 Informe

In the event of a limited liability company going into liquidation each

shareholder may lose the maximum of the amount he has invested

shareholder loses nothing

shareholders loses everything including his house

shareholder''s liability becomes unlimited

shareholder will lose the amount he has invested plus a proportion of his bank account

Detalles de la respuesta

Read lesson note on Business Organizations (JAMB)

Business Organizations

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Pregunta 33 Informe

International trade is necessary because?

no country can live in economic isolation

different countries are differently endowed in natural and man-made resources

ome countries have comparative costs advantage in the production of particular commodities over other countries

the word demand for and supply of various categories of commodities is expanding very fast

countries want to build up their foreign exchange reservers

Detalles de la respuesta

Read lesson note on International Trade (JAMB)

Read lesson note on Public Finance (WAEC)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Economics As A Science (JAMB)

International Trade

Public Finance

Factors Of Production

Theory Of Production

Economics As A Science

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Pregunta 34 Informe

Mono production economies are those that?

have a rich cultural heritage

produces only raw materials

live from the export of their raw product

produce one main commodities

specialized in agricultral industries

Detalles de la respuesta

Read lesson note on The Theory Of Supply (JAMB)

The Theory Of Supply

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Pregunta 35 Informe

The effect of emigration on a country's population, all other things remaining equal, is to

increase its size

cause overpopulation

increase its growth rate

reduce the proportion of children

reduce its size

Detalles de la respuesta

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Pregunta 36 Informe

Which of the following sets fully represents factors of production?

Sunlight, machinery, man , land,

Land, labour, capital, enterprise, technology

Capital, technology, idaes, markets, land

Land, water, weather

Money, market , middlemen

Detalles de la respuesta

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

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Pregunta 37 Informe

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

The supply curve will shift from S_oS_o to S₂S₂

The supply curve will shift from S_oS_o to S₁S₁

The supply curve will shift fromS ₂S₂ to S₁S₁

The supply curve will shift from S₁S₁ to S_oS_o

The demand curve will shift from D_oD_o to D₁D₁

Detalles de la respuesta

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Pregunta 38 Informe

Public expenditure creates expansionary effects in the economy when it is

in excess of government revenue

channelled into capital products

diverted into imports

financed through part of the year's total collection of taxes

Detalles de la respuesta

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Pregunta 39 Informe

In the diagram P₁ S is a supply curve for a manufactured. its shows that

when price is OP₁ quantity supplied is infinitely elastic

the higher the price the greater the quantity supplied

the higher the price the lower the quantity supplied

when price is zero quantity supplied becomes infinite

when price is infinite quantity supplied becomes zero

Detalles de la respuesta

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Pregunta 40 Informe

When demand is elastic, it means that consumers

react more proportionately to price change

are not sensitive to price changed

will stop buying when price increases

react less proportionately to price change

react equally to price change

Detalles de la respuesta

Read lesson note on The Theory Of Price Determination (JAMB)

The Theory Of Price Determination

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Pregunta 41 Informe

A major function of middlemen in Nigeria is the distribution of?

commodities to all consumers regardless of income

commodities to consuming centres and the collection of money income to producing centres

economic welfare to all

wealth to all

poverty within the society

Detalles de la respuesta

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Pregunta 42 Informe

A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

both price and quantity will increased

only price increases

only quantity increases

the price remains constant

the price falls

Detalles de la respuesta

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Pregunta 43 Informe

A greater burden of the taxes on essential goods is borne by the?

middle income group

higher income group

lower income group

people falling between the middle and higher income groups

top few richest people of the country

Detalles de la respuesta

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

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Pregunta 44 Informe

In a sole proprietorship, the decisions are made by the?

governmnet

borad of directors

management

shareholders'conference

owner

Detalles de la respuesta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pregunta 45 Informe

The meaning of ‘wage-price spiral’ is?

demand pull and cost push inflation pulling each other in different director

demand pull and cost push inflation intensifying each other

both of them bringing about a reduction in the price level

that demand pull and cost push inflation increases employment

that wages and prices are rising at a proportional rate

Detalles de la respuesta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

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Pregunta 46 Informe

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

the productivity of labour

the law of diminishing marginal utility

the law diminishing returns

the concept of factor intensity

labour intensive production

Detalles de la respuesta

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Theory Of Production (WAEC)

The Theory Of Production

Theory Of Costs

Theory Of Production