JAMB UTME - Economics - 1985

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

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Which of the following is NOT among the canons of taxation as set out by Adam Smith?

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An example of a regressive tax is?

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Examples of regressive taxes include sales taxes, user fees and, arguably, property taxes.

A state budget is an outline of planned

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The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

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Which of the following is NOT a feature of underdevelopment?

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One main quality of a good is that it

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Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

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Which of the following is a necessary prerequisite for trade by barter?

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An economic problem exists whenever

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If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

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If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?

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Study the figure above. At paint H the price elasticity of supply is

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One of the functions of the commercial banks is that it is?

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When a business has unlimited liability

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The meaning of scale of preference is?

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Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

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The purchasing power of the naira will fall when?

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The age distribution of a population is NOT influenced by?

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Foreign exchange control in Nigeria is administered by the?

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How many National Development Plans did Nigeria have between 1960 and 1984?

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Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?

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Because money serves as a standard for deferred payments

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Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

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Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

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The act of combining factor inputs in order to obtain specific output is known as

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Under perfect competition, the long-run equilibrium requires?

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One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?

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A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

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If monopoly is attempting to maximize profit which of the following should it attempt to do?

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Which of the following is NOT a part of the fixed costs of a limited liability company?

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Tax which is levied on goods manufactured, sold or used within a country is?

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The amount of labour a producer hires relative to labour factor inputs depends on the?

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By terms of trade, we mean the?

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Terms of trade (TOT) refers to the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.

In market economies, resources are allocated through the?

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The petro- chemical industries are located in the River State of Nigeria due to?

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Warehousing facilities in the distribution and marketing of products are provided by?

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Disguised unemployment

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Optimum population is desirable because it enables an economy to obtain maximum?

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The unemployment associated with a recession is called?

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The interdependence between households and business enterprises illustrated in the figure is known as

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In the figure above, the broken line labelled M is the marginal revenue curve of a

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The table above illustrates the law of

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Limited liability means?

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In the table, the marginal cost when output is two, units is

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At every point on a indifference curve, the

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The argument of tariff protection in less developed economies is that such a measure would

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When total revenue is at a maximum, marginal revenue is?

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The process by which a country attempts to reduce the import of manufactured goods at home is described as?

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A firm is said to be a public Joint Stock Company when it?

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