JAMB UTME - Economics - 1979 | Green Bridge CBT

When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

elastic supply

joint demand

excess supply

derived demand

none of the above Bonne réponse

Détails de la réponse

Lisez la note de cours sur The Theory Of Price Determination (JAMB)

Lisez la note de cours sur Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Voir la réponse

Question 26 Rapport

Which of the following is not true of the theory of optimum population?

It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors

The quantity of labour which combined with the other factors gives the minimum output is known as optimum population Bonne réponse

The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population

The test for over-population is whether it exceed the optimum

It is possible for a thinly populated country to be over populated if it has a poor supply of other factor

Détails de la réponse

Lisez la note de cours sur Population (JAMB)

Population

Voir la réponse

Question 27 Rapport

The central bank controls the activities of other banks by all but one of the following

The use of bank rate

The purchase or sale of government bonds on the open market

special deposite

the use of directives

taxation Bonne réponse

Détails de la réponse

Lisez la note de cours sur Methods And Tools Of Economic Analysis (JAMB)

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur Banking (JAMB)

Methods And Tools Of Economic Analysis

Public Finance

Banking

Voir la réponse

Question 28 Rapport

The lowering of the exchange rate between country's currency and other currencies is known as

the foreign exchange rate

deflation

exchange control

the law of comparative advantage

None of the above Bonne réponse

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

International Trade

Voir la réponse

Question 29 Rapport

Which of the following is not a component of national income at factor cost?

Wages earned by doctor

Rent paid to landlords

Indirect tax Bonne réponse

Undistributed company profits

Interest on loan

Détails de la réponse

Lisez la note de cours sur National Income (WAEC)

National Income

Voir la réponse

Question 30 Rapport

By utility we mean

usefulness

power of satisfying a want Bonne réponse

beneficial

advantageous

consumable

Détails de la réponse

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 31 Rapport

If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

composite demand

elastic demand

derived demand

competitive demand Bonne réponse

inelastic demand

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

Lisez la note de cours sur The Theory Of Demand (JAMB)

Lisez la note de cours sur Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science

Voir la réponse

Question 32 Rapport

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

zero

2 Bonne réponse

Détails de la réponse

Lisez la note de cours sur The Theory Of Demand (JAMB)

Lisez la note de cours sur Demand (WAEC)

The Theory Of Demand

Demand

Voir la réponse

Question 33 Rapport

which of the financial institutions cannot direct tax loans to individuals?

The agricultural bank

The Industrial bank

The central bank Bonne réponse

The Co-operative bank

The Standard bank

Détails de la réponse

Voir la réponse

Question 34 Rapport

The foreign exchange rate of a country is

the interest rate fixed by the central bank

the price of one national currency in terms of another Bonne réponse

the rate at which the central bank issues money

the rate of interest on government bonds

None of the above

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

International Trade

Voir la réponse

Question 35 Rapport

Which of the following type of capital is not rewarded by means of dividends?

Ordinary shares

Preference shares

cummulative shares

participating preference shares

debentures Bonne réponse

Détails de la réponse

Lisez la note de cours sur Theory Of Consumer Behaviour (WAEC)

Lisez la note de cours sur Theory Of Costs (JAMB)

Theory Of Consumer Behaviour

Theory Of Costs

Voir la réponse

Question 36 Rapport

The proportion of currency in the money supply

is higher in developing countries than advanced countries Bonne réponse

is lower in developing countries than advanced countries

is the same in both developing and advanced countries

grows as the economy develope

none of the above

Détails de la réponse

Lisez la note de cours sur Money And Inflation (WAEC)

Money And Inflation

Voir la réponse

Question 37 Rapport

Net national income is

Gross national income minus depreciation

gross domestic product plus net income from abroad

nominal national income divided by the price level

gross national income divided by the total population

gross national product plus subsidies minus indirect taxes Bonne réponse

Détails de la réponse

Lisez la note de cours sur National Income (WAEC)

National Income

Voir la réponse

Question 38 Rapport

The value of money is generally measured in reference to

the interest rate charged on bank loans

the general price level Bonne réponse

the size of countries gold stock

the level of economic development in a country

the price of stocks and shareson the stock exchange

Détails de la réponse

Lisez la note de cours sur Money And Inflation (WAEC)

Lisez la note de cours sur Money And Inflation (JAMB)

Money And Inflation

Voir la réponse

Question 39 Rapport

Which of the following is not an indirect tax?

excise duty

company tax Bonne réponse

import duty

export duty

sales tax

Détails de la réponse

Voir la réponse

Question 40 Rapport

Division of labour means

dividing the labour into different categories

splitting the process of production into different parts to be completed by each person Bonne réponse

dividing the goods and services into different sections

assigning different duties to labourers

group of labourers working in a factory or shop

Détails de la réponse

Lisez la note de cours sur Economics As A Science (JAMB)

Economics As A Science

Voir la réponse

Question 41 Rapport

Number of Workers	Total Products
1	10
2	28
3	48
4	72
5	80

Study the table above: What is the marginal product of the second worker?

18 Bonne réponse

Détails de la réponse

Lisez la note de cours sur The Theory Of Supply (JAMB)

Lisez la note de cours sur The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Voir la réponse

Question 42 Rapport

Pure monopoly describes market where

there are many sellers and a few buyers

goods are sold at different price

entry is not blocked, but no one cares to enter

a few sellers and one buyer exist

None of the above Bonne réponse

Détails de la réponse

Lisez la note de cours sur Market Structures (WAEC)

Market Structures

Voir la réponse

Question 43 Rapport

Which of these is not usually the function of a wholesaler?

Transport

Storage

Advertising

After-sale services

Branding Bonne réponse

Détails de la réponse

Lisez la note de cours sur Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 44 Rapport

Production covers all but one of the following activities:

changing the position of a good in time as, for example, holding stock of goods until they are required

the provision of some kind of service e.g retailing

changing the form of a good from the raw material to the finished product

changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt

the use of good and services to satisfy individual wants Bonne réponse

Détails de la réponse

Lisez la note de cours sur The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 45 Rapport

The 'terms of trade' means

the trade agreement between two countries

the difference in the volumes of exports of two countries

the value of a unit of export in relation to the value of a unit of import Bonne réponse

the production of total value of exports to the value of total trade

None of the above

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

International Trade

Voir la réponse

Question 46 Rapport

If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

Progressive

Indirect

Regressive Bonne réponse

Proportional

None of the above

Détails de la réponse

Lisez la note de cours sur The Theory Of Price Determination (JAMB)

Lisez la note de cours sur Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Voir la réponse

Question 47 Rapport

opportunity cost is the

price of scarce goods

resources required for making a commodity

cost of luxury goods

accrual of financial loses by chance

althernative forgone in other to satisfy a want Bonne réponse

Détails de la réponse

Lisez la note de cours sur Economics As A Science (JAMB)

Economics As A Science

Voir la réponse

Question 48 Rapport

When marginal cost equals marginal revenue of products

the firms is producing at a loss

the firm is at a break-even point Bonne réponse

the firm is making the least profit

the supplementary cost of the firm is highest

the firm has maximum profit

Détails de la réponse

Lisez la note de cours sur The Theory Of Production (JAMB)

Lisez la note de cours sur Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Voir la réponse

Question 49 Rapport

which of these alternative is wrong? central banks are

bankers to the government

bankers to commercial banks

merchant banks Bonne réponse

controllers and regulators of money supply

issuers of bank note

Détails de la réponse

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur Banking (JAMB)

Public Finance

Banking

Voir la réponse

Question 50 Rapport

The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions

there are restrictions in trade Bonne réponse

there are no cost of transportations

ther is perfect competition

there are no tariff or import and export quota

there are only two countries and only two commodities entering into international trade

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

Lisez la note de cours sur International Economic Organizations (WAEC)

International Trade

International Economic Organizations

Voir la réponse






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