JAMB UTME - Economics - 1986

Gresham's law in economics shows that

Balance of payment deficit in Nigeria CANNOT be solved by

Use the table below to answer the question below:

Market Demand Schedule for Commodity X:

If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

Mobility of labour is NOT affected by

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

ECOWAS will enable the countries involved to achieve

An nation's distribution of income shows?

The Nigeria Bank for Commerce and Industry is?

A producer sustains a loss in the short run if

The most important economic characteristic differentiating commercial banks from other financial institutions is their?

Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

The term of trade often measured by the ratio of the index of export

Which of the following advantages of localization of industries may also be a disadvantage?

One of the advantages of a partnership over a sole proprietorship is that?

The degree of specialization is limited by the

To control inflation, the monetary authorities of a country can?

The most important advantage of co-operative societies is?

A firm achieves least cost in production by substituting factors until

Which of the following is a characteristic of private limited liability company?

The difference between the Gross Domestic Product and the Gross National Product is?

The best technical description of a progressive tax is a?

Which of the following is NOT a goal of modern budgets?

Which of the following is an external economy derived by a firm?

In the normal channels of distribution the breaking of bulk is performed by the

Under normal circumstances the concept of consumers sovereignty implies that

A firm is at its optimum size when?

Which of the following is an important function of prices in a market economy?

Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00?

Which of the following causes of inflation is related to demand-pull inflation?

Deflation is a persistent fall in the general price level and is usually caused by?

The revenue accruing to the seller of commodity X as a result of a fall in price will

What fundamentally determines how much a consumer spends in a producer's shop?

Which of the following statements describes a mixed economy?

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

The main function of price mechanism is to?

Which of the following is used by the Central Bank to control the rate of interest?

Which of the following strategies will provide more employment opportunities for Nigerians?

A society which forgoes present consumption

A monopolist will practice price discrimination in two markets if?

In a public company, shares are?

A country has a population distribution as shown below:

The dependency ratio is

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

Tax incidence is the analysis of?

Which of the following methods is most likely to lead an economy?

Population density refers to?

The term balance oftrade, can be defined as the?

Production in Economics can be defined as the

One major difference between monopoly and perfect competition is that?

In international trade, a country specializes in the production of a commodity or group of commodities for which it has?

Choice in economic life is necessitated by?