JAMB UTME - Economics - 1987 | Green Bridge CBT

Pregunta 1 Informe

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

Respuesta correcta

expenditure on capital equipment

Detalles de la respuesta

Lee la nota de la lección en Theory Of Costs (JAMB)

Theory Of Costs

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Pregunta 2 Informe

The money which government spends yearly for the maintenance of its school is?

used only for wages and salaries

part of the government's capital expenditure

part of the government's recurrent expenditure Respuesta correcta

the government's budget for its school

Detalles de la respuesta

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Pregunta 3 Informe

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Respuesta correcta

payment transferred from one account to another

Detalles de la respuesta

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Pregunta 4 Informe

For the improvement of the welfare of a people, a high production level is not enough because

the have-nots deserve more than a fair share Respuesta correcta

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Production (JAMB)

Lee la nota de la lección en Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

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Pregunta 5 Informe

Which of the following best describes the concept of opportunity cost?

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good Respuesta correcta

A cost that constantly decreases

Detalles de la respuesta

Lee la nota de la lección en Economics As A Science (JAMB)

Economics As A Science

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Pregunta 6 Informe

The rate of exchange between a domestic and a foreign currency is defined as the?

terms of trade

domestic currency price of a unit of the foreign currency Respuesta correcta

foreign currency price of gold

domestic currency price of gold

Detalles de la respuesta

Lee la nota de la lección en International Trade (JAMB)

International Trade

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Pregunta 7 Informe

In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en Theory Of Price Determination (WAEC)

Lee la nota de la lección en The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Pregunta 8 Informe

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

75 units

35 units

7 units

not determinable from the schedules except when graphed Respuesta correcta

Detalles de la respuesta

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Pregunta 9 Informe

The liability of the sole trader is?

indeterminable

unlimited Respuesta correcta

transferable

limited

Detalles de la respuesta

Lee la nota de la lección en Business Organizations (WAEC)

Business Organizations

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Pregunta 10 Informe

In the keynesian model?

the demand for money is inversely related to the rate of interest

investment is directly related to the rate of interest

investment is not related to the rate of interest to the rate of interest

the demand for money is directly related to the rate of interest Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Demand (JAMB)

Lee la nota de la lección en Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Pregunta 11 Informe

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

microeconomics Respuesta correcta

macroeconomics

production

indifference curve

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Demand (JAMB)

Lee la nota de la lección en Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Pregunta 12 Informe

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

elastic

inelastic Respuesta correcta

perfectly elastic

unitary elastic

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Demand (JAMB)

Lee la nota de la lección en Demand (WAEC)

The Theory Of Demand

Demand

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Pregunta 13 Informe

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

marginal product

additional product

marginal revenue product Respuesta correcta

average product

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Production (JAMB)

The Theory Of Production

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Pregunta 14 Informe

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

price only Respuesta correcta

quantity only

quality only

price and quantity

Detalles de la respuesta

Lee la nota de la lección en Theory Of Price Determination (WAEC)

Lee la nota de la lección en The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Pregunta 15 Informe

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

industrial capital

social capital

fixed capital

circulating capital Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Production (JAMB)

The Theory Of Production

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Pregunta 16 Informe

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high Respuesta correcta

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Demand (JAMB)

Lee la nota de la lección en Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

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Pregunta 17 Informe

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

Dumping Respuesta correcta

Counter-trade

Bilateral trade

Trade liberalization

Detalles de la respuesta

Lee la nota de la lección en International Trade (JAMB)

International Trade

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Pregunta 18 Informe

Frictional unemployment?

is total unemployment minus structural unemployment

occurs when the unemployed are persons with specific training

occurs when the number of job seekers exceeds the number of vacancies

occurs when people are changing jobs Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en National Income (JAMB)

National Income

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Pregunta 19 Informe

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Respuesta correcta

Detalles de la respuesta

The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.

Lee la nota de la lección en Factors Of Production And Their Theories (JAMB)

Lee la nota de la lección en The Theory Of Production (JAMB)

Lee la nota de la lección en Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

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Pregunta 20 Informe

Price can be defined as?

a rate of exchange Respuesta correcta

a mediumof exchange

the cost of product

the standard of accounting

Detalles de la respuesta

Lee la nota de la lección en Theory Of Price Determination (WAEC)

Theory Of Price Determination

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Pregunta 21 Informe

A budget with a projected revenue in excess of its expenditure is said to be?

balanced

surplus Respuesta correcta

deficit

inflationary

Detalles de la respuesta

Lee la nota de la lección en Public Finance (WAEC)

Public Finance

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Pregunta 22 Informe

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Respuesta correcta

Total fixed cost plus marginal cost

Detalles de la respuesta

Lee la nota de la lección en Methods And Tools Of Economic Analysis (JAMB)

Lee la nota de la lección en Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

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Pregunta 23 Informe

What form of market is found in an imperfect competition where there are few buyers and many sellers?

Oligopoly

Monopoly

Duopoly

Oligopsony Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en Market Structure (JAMB)

Market Structure

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Pregunta 24 Informe

Economic development is defined as?

positive change plus growth

avalibility of more goods and services

outward shift of the production possibility curve

growth in the national income Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en Economic Growth And Development (JAMB)

Economic Growth And Development

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Pregunta 25 Informe

In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

the quantity supplied is infinitely elastic Respuesta correcta

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

Detalles de la respuesta

Lee la nota de la lección en Theory Of Price Determination (WAEC)

Lee la nota de la lección en The Theory Of Price Determination (JAMB)

Theory Of Price Determination

The Theory Of Price Determination

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Pregunta 26 Informe

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Respuesta correcta

demand is highly inelastic

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Supply (JAMB)

Lee la nota de la lección en Demand (WAEC)

The Theory Of Supply

Demand

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Pregunta 27 Informe

The difference between personal income and personal disposal income is?

personal income tax Respuesta correcta

investment income

personal savings

consumption expenditure

Detalles de la respuesta

Lee la nota de la lección en Economics As A Science (JAMB)

Economics As A Science

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Pregunta 28 Informe

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

Respuesta correcta

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

Detalles de la respuesta

Lee la nota de la lección en Economics As A Science (JAMB)

Lee la nota de la lección en Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Pregunta 29 Informe

Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

10.20

3.57

1.25 Respuesta correcta

0.80

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Supply (JAMB)

Lee la nota de la lección en Theory Of Price Determination (WAEC)

Lee la nota de la lección en The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

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Pregunta 30 Informe

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative Respuesta correcta

the poor buy the good only out of habit

Detalles de la respuesta

Lee la nota de la lección en Theory Of Consumer Behaviour (WAEC)

Lee la nota de la lección en Distributive Trade (WAEC)

Lee la nota de la lección en The Theory Of Demand (JAMB)

Lee la nota de la lección en Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

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Pregunta 31 Informe

Which of the following is a disadvantage of regional concentration of industries?

Development of congested urban areas Respuesta correcta

Existence of regional unempolyment

High cost of labour

Immobility of labour

Detalles de la respuesta

Lee la nota de la lección en Distributive Trade (WAEC)

Lee la nota de la lección en Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

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Pregunta 32 Informe

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Respuesta correcta

the growth of full employment output will be accelerated

people will want to hold more money

Detalles de la respuesta

Lee la nota de la lección en Money And Inflation (WAEC)

Lee la nota de la lección en Money And Inflation (JAMB)

Money And Inflation

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Pregunta 33 Informe

The shut-down point for a firm in the short run is the output at which?

the pricr of the product is lowest

marginal Cost is constant

Average Variable Cost is not covered Respuesta correcta

Average Cost is minimum

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Production (JAMB)

Lee la nota de la lección en Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

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Pregunta 34 Informe

Labour productivity is defined as?

output per man/hour Respuesta correcta

average output

the maximum number of hours worked

total level of output

Detalles de la respuesta

Lee la nota de la lección en Market Structures (WAEC)

Market Structures

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Pregunta 35 Informe

Market is defined as?

one geographical location where people meet to buy and sell

the demand and supply of goods and services

a group of people whose sole interest is to make profit

any organizational framework which links the buyers and sellers of a good and service Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en Theory Of Consumer Behaviour (WAEC)

Lee la nota de la lección en Market Structures (WAEC)

Lee la nota de la lección en Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

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Pregunta 36 Informe

In which of the diagrams above, is the consumer surplus correctly shaded?

III

IV Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en Methods And Tools Of Economic Analysis (JAMB)

Lee la nota de la lección en The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

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Pregunta 37 Informe

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

65 units

40 units

30 units Respuesta correcta

20 units

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Demand (JAMB)

Lee la nota de la lección en Demand (WAEC)

The Theory Of Demand

Demand

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Pregunta 38 Informe

The residual of production which accrues to the owner of land after all other expenses have been met is called?

wages

rent Respuesta correcta

interest

profit

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Production (JAMB)

Lee la nota de la lección en Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

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Pregunta 39 Informe

In the long run a firm will leave an industry if price?

does not cover at at least Average Total Cost

is not equal to Marginal Cost Respuesta correcta

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Production (JAMB)

Lee la nota de la lección en Theory Of Costs (JAMB)

Lee la nota de la lección en Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

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Pregunta 40 Informe

Efficiency of labour is enhanced by?

Average Total Cost less the sum of Varriable Cost

half the sum of all costs

Total Fixed Cost divided by the the level of output Respuesta correcta

Total Fixed Cost plus Marginal Cost

Detalles de la respuesta

Lee la nota de la lección en Factors Of Production And Their Theories (JAMB)

Lee la nota de la lección en Theory Of Costs (JAMB)

Factors Of Production And Their Theories

Theory Of Costs

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Pregunta 41 Informe

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Respuesta correcta

Construction

Detalles de la respuesta

Lee la nota de la lección en Market Structure (JAMB)

Market Structure

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Pregunta 42 Informe

Which of the following is compatible with a firm in a purely competitive market?

demand is inelastic

demand is infinitely inelastic Respuesta correcta

Marginal Cost is falling

Price is greater than Marginal Cost

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Supply (JAMB)

Lee la nota de la lección en The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

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Pregunta 43 Informe

In the operation of market forces, the market is in equilibrium at the point where?

demand and supply curve intersect in more than one point provided the market is cleared

the excess in market can be conveniently stored

excess demand is negative

demand and supply curves intersect Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Supply (JAMB)

Lee la nota de la lección en The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

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Pregunta 44 Informe

Which of the following is NOT a type of business ownership?

Debenture holding Respuesta correcta

private company

Parnership

Joint Stock venture

Detalles de la respuesta

Lee la nota de la lección en Business Organizations (WAEC)

Business Organizations

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Pregunta 45 Informe

For normal goods the income elasticity of demand is?

positive Respuesta correcta

negative

zero

infinite

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Demand (JAMB)

The Theory Of Demand

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Pregunta 46 Informe

A limited liability company is usually owned by?

an individual

a government

shareholders Respuesta correcta

two or more partners

Detalles de la respuesta

Lee la nota de la lección en Business Organizations (JAMB)

Business Organizations

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Pregunta 47 Informe

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Respuesta correcta

a certain percentage tax based on the volume of the commodity

a tax on the income of the consumer

payment of a tax on the profits made

Detalles de la respuesta

Lee la nota de la lección en Economics As A Science (JAMB)

Economics As A Science

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Pregunta 48 Informe

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Respuesta correcta

mobilize more funds for development

Detalles de la respuesta

Lee la nota de la lección en Economics As A Science (JAMB)

Lee la nota de la lección en Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Pregunta 49 Informe

In the history of Economic Thought the concept of Division of labour is usually associated with?

David Richardo

J.M. Keynes

Adam Smith Respuesta correcta

Karl Marx

Detalles de la respuesta

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Pregunta 50 Informe

Which of the following best explains the structural changes in the population of a country?

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en Population And Labour Market (WAEC)

Lee la nota de la lección en Population (JAMB)

Population And Labour Market

Population

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