JAMB UTME - Economics - 1986 | Green Bridge CBT

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?

N100.00

N1,000.00

N9,000.00

N10,000.00

Détails de la réponse

Read lesson note on Banking (JAMB)

Banking

Voir la réponse

Question 15 Rapport

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

individual's money income

price of subtitutes

price of complementary goods

price of the commodity under consideration

Détails de la réponse

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Voir la réponse

Question 16 Rapport

ECOWAS will enable the countries involved to achieve

comparative political advantage over other countries not in the region

a large market for their products

military superiority over countries not in the region

lower the transportation codt of goods wthin the region

Détails de la réponse

Read lesson note on Economic Integration (WAEC)

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

Economic Integration

International Trade And Balance Of Payments

Voir la réponse

Question 17 Rapport

A firm is at its optimum size when?

it produce the greatest output at a minimum cost

it has a motive to increase output

marginal cost equals marginal revenue

marginal cost is less than marginal revenue

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Voir la réponse

Question 18 Rapport

Population density refers to?

densely populated urban centres

the total area divided by the total population

densely populated rural areas

the total population divided by the total area

Détails de la réponse

Voir la réponse

Question 19 Rapport

The Nigeria Bank for Commerce and Industry is?

a commercial Bank

a developmment bank

an industrial bank

a merchant bank

Détails de la réponse

Read lesson note on Banking (JAMB)

Banking

Voir la réponse

Question 20 Rapport

Which of the following statements describes a mixed economy?

The government and the private sector interact in solving the basic economic problems

The invisible hand solves the basic economic problems

The government produces and distributes all goods and services

Society answers the 'what', 'how', and 'for whom' questions only through the market system

Détails de la réponse

Read lesson note on Economic Systems (JAMB)

Economic Systems

Voir la réponse

Question 21 Rapport

The best technical description of a progressive tax is a?

tax which takes more money from the rich than from the poor

more equitable tax than aggressive one

tax which takes a higher proportion of extra naira received as income rises

tax which falls directly on those in the high income brackets

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

Voir la réponse

Question 22 Rapport

A monopolist will practice price discrimination in two markets if?

the cost of separating the markets is large

the markets have different elasticities of demand

there is free flow of information in the two markets

there is a patent of the commodity

Détails de la réponse

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

Read lesson note on Market Structures (WAEC)

Read lesson note on Economics As A Science (JAMB)

Factors Of Production And Their Theories

Market Structures

Economics As A Science

Voir la réponse

Question 23 Rapport

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

a buoyant market

plenty of raw materials

the greatest relative advantage

executive manpower

Détails de la réponse

Read lesson note on International Trade (JAMB)

International Trade

Voir la réponse

Question 24 Rapport

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

Individual's propensity to consume

level of his taxation

level of his income

Individual's taste or fashion

Détails de la réponse

Read lesson note on Public Finance (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on National Income (JAMB)

Public Finance

The Theory Of Demand

National Income

Voir la réponse

Question 25 Rapport

The most important advantage of co-operative societies is?

their high degree of democracy

the increase inthe cost of marketing

that member are encouraged to save money

the possibility of raising loans for the members

Détails de la réponse

Read lesson note on Business Organizations (JAMB)

Read lesson note on Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 26 Rapport

One major difference between monopoly and perfect competition is that?

the perfect competitor is a price taker while the monopolist determines his own output

homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist

sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist

there is free entry and exist in perfect competition but no free exist in monopoly

Détails de la réponse

Read lesson note on Market Structure (JAMB)

Market Structure

Voir la réponse

Question 27 Rapport

Mobility of labour is NOT affected by

optimum size of population

marriage and family

regulation of trade unions

period of training

Détails de la réponse

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

Voir la réponse

Question 28 Rapport

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

Low cost opportunities enjoyed by being in a place where other producers concentrate

Technical economics enjoyed by varying the factors of production

Economics of management by putting administrators where the are most efficient

marketing advantages attained through preferential treatment in the purchase and distribution of produce

Détails de la réponse

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

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structure

Voir la réponse

Question 29 Rapport

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

Ensuring that resources are used in the most efficient manner

Ensuring an equitable distribution of goods and services

Ensuring that all industries are perfectly competitive in the long run

Equating level of purchases with level of needs

Détails de la réponse

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 30 Rapport

The main function of price mechanism is to?

limit consumer demand

enable producers make profit

allocate scarce resources among competing ends

ensure consumer sovereignty

Détails de la réponse

Voir la réponse

Question 31 Rapport

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

Variable cost

opportunity cost

Total cost

Prime cost

Détails de la réponse

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

Voir la réponse

Question 32 Rapport

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

function as a safe and profitable store place for savings

role in financing balance of payment deficits

status as an intermediary between savers and borrowers

ability to create and destory money

Détails de la réponse

Voir la réponse

Question 33 Rapport

Production in Economics can be defined as the

totality of producing, buying and consuming

transformation of raw materials and services in order to provide ultimate utility

transformation of raw materials and services in order to make maximum profit

production of goods and services for consumption

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 34 Rapport

A society which forgoes present consumption

is forced to do so because of excessive consumption within the country in the past

is devoting new resources to new capital formation

is merely devoting resources to the replacement of capital

expects to consume only that amount tomorow which was forgone today

Détails de la réponse

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Costs

The Theory Of Demand

Voir la réponse

Question 35 Rapport

An nation's distribution of income shows?

the value of all goods produce inthe economy

how income is divided among different groups

where the economy system is on its production possibility curve

the consumption behaviour of the people

Détails de la réponse

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on National Income (JAMB)

Methods And Tools Of Economic Analysis

National Income

Voir la réponse

Question 36 Rapport

Tax incidence is the analysis of?

how progressive a tax is

how a tax is collected

hw distorting a tax is

who ultimately pays the tax

Détails de la réponse

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 37 Rapport

Under normal circumstances the concept of consumers sovereignty implies that

the consumer and not the producer owns the means of production

the producer and not the consumer determines what is to be produced

the consumer and not the producer determines what is to be produced

both the consumer and the producer determines what should be produced

Détails de la réponse

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

Theory Of Production

The Theory Of Demand

Voir la réponse

Question 38 Rapport

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

increase

fall

first fall but will increase later

remain unchanged

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 39 Rapport

In a public company, shares are?

sold to one person only

distributed freely

advertised to members of the public for subscription

disposed by the Chief Executive

Détails de la réponse

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Economic Systems (JAMB)

Distributive Trade

Economic Systems

Voir la réponse

Question 40 Rapport

A producer sustains a loss in the short run if

marfinal revenue is less than price

price is less than average cost

average variable cost is less than average cost

marginal cost is less than marginal revenue

Détails de la réponse

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Price Determination

Market Structures

Voir la réponse

Question 41 Rapport

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

Bill of Exchange

Banker's order

Fixed deposit account

Open market operation

Détails de la réponse

Read lesson note on Banking (JAMB)

Banking

Voir la réponse

Question 42 Rapport

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

External economies

Concentration of industries and of people

Development of organized markets

Reduced costs of research

Détails de la réponse

Read lesson note on Market Structure (JAMB)

Read lesson note on Industry And Industrialization (JAMB)

Market Structure

Industry And Industrialization

Voir la réponse

Question 43 Rapport

Choice in economic life is necessitated by?

the need to construct scale of preference

the opportunity cost of consumption

unlimited wants

scarcity of economic resources

Détails de la réponse

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 44 Rapport

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

producer

wholesaler

retailer

consumer

Détails de la réponse

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

Voir la réponse

Question 45 Rapport

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

it is the most popular form of business organization

the patern can easy withdraw from business

it makes an increase in the capital of the business possible

there is no limit to the number of people who may bring in capital

Détails de la réponse

Read lesson note on Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 46 Rapport

Balance of payment deficit in Nigeria CANNOT be solved by

importing more goods and services

devaluation of the currency

imposing import duties

imposing import bans on some commodities

Détails de la réponse

Read lesson note on Economic Integration (WAEC)

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

Economic Integration

International Trade And Balance Of Payments

Voir la réponse

Question 47 Rapport

The degree of specialization is limited by the

avalibility of specialized skills and machinery

marginal cost exceeding marginal revenue

extent of the market

disadvantage of standardization

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 48 Rapport

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

divided by the index of import prices multiplied by 100

multiplied by the index of import prices

plus the index of import prices multiplied by 100

minus the index of import prices

Détails de la réponse

Read lesson note on International Trade (JAMB)

International Trade

Voir la réponse

Question 49 Rapport

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

induce greater demand for beef

induce greater demand for fish

induce lower demand for fish

equate demands for beef and fish

Détails de la réponse

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

Voir la réponse

Question 50 Rapport

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

rent

profit

interest

surtax income

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse






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