JAMB UTME - Economics - 1981

The most basic concern of economists is to?

Elasticity of demand is given by

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

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

Progressive income tax can be expressed as

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

Government budget can be described as the sum of?

An equilibrium price?

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

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

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

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

Economics may be defined as?

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

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

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

Indirect taxes are taxes?

unlimited liability means?

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

Opportunity cost is best defined as?

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

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

External economies are

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

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

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

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

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

Invisible trade refers to trade in?

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

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

When a nation’s exports are greater than its imports

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

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

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

Inflation is likely to benefit?

The function of money as a standard of deferred payments

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

Scarcity in economics generally refers to

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

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

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

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

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

Surplus in balance of payment leads to?

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

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

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

Market Schedules for Milk:

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