JAMB UTME - Economics - 1987 | Green Bridge CBT

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

Bonne réponse

Détails de la réponse

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.

Lisez la note de cours sur Factors Of Production And Their Theories (JAMB)

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

Lisez la note de cours sur Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

Voir la réponse

Question 2 Rapport

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

elastic

inelastic Bonne réponse

perfectly elastic

unitary elastic

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 3 Rapport

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 Bonne réponse

Total Fixed Cost plus Marginal Cost

Détails de la réponse

Lisez la note de cours sur Factors Of Production And Their Theories (JAMB)

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

Factors Of Production And Their Theories

Theory Of Costs

Voir la réponse

Question 4 Rapport

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 Bonne réponse

0.80

Détails de la réponse

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

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

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

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

Voir la réponse

Question 5 Rapport

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Bonne réponse

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

Détails de la réponse

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

Economics As A Science

Voir la réponse

Question 6 Rapport

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Bonne réponse

demand is highly inelastic

Détails de la réponse

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

Lisez la note de cours sur Demand (WAEC)

The Theory Of Supply

Demand

Voir la réponse

Question 7 Rapport

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high Bonne réponse

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Détails de la réponse

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

Lisez la note de cours sur Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

Voir la réponse

Question 8 Rapport

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 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 9 Rapport

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 Bonne réponse

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

Détails de la réponse

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

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

Theory Of Price Determination

The Theory Of Price Determination

Voir la réponse

Question 10 Rapport

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 Bonne réponse

macroeconomics

production

indifference curve

Détails de la réponse

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

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

The Theory Of Demand

Economics As A Science

Voir la réponse

Question 11 Rapport

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Bonne réponse

mobilize more funds for development

Détails de la réponse

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

Lisez la note de cours sur Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 12 Rapport

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 Bonne réponse

is higher than Average Varriable Cost

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

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)

Lisez la note de cours sur Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

Voir la réponse

Question 13 Rapport

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 Bonne réponse

the government's budget for its school

Détails de la réponse

Voir la réponse

Question 14 Rapport

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

balanced

surplus Bonne réponse

deficit

inflationary

Détails de la réponse

Lisez la note de cours sur Public Finance (WAEC)

Public Finance

Voir la réponse

Question 15 Rapport

The difference between personal income and personal disposal income is?

personal income tax Bonne réponse

investment income

personal savings

consumption expenditure

Détails de la réponse

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

Economics As A Science

Voir la réponse

Question 16 Rapport

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 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 Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Voir la réponse

Question 17 Rapport

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Bonne réponse

payment transferred from one account to another

Détails de la réponse

Voir la réponse

Question 18 Rapport

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

wages

rent Bonne réponse

interest

profit

Détails de la réponse

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

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

The Theory Of Production

Theory Of Price Determination

Voir la réponse

Question 19 Rapport

The liability of the sole trader is?

indeterminable

unlimited Bonne réponse

transferable

limited

Détails de la réponse

Lisez la note de cours sur Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 20 Rapport

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

David Richardo

J.M. Keynes

Adam Smith Bonne réponse

Karl Marx

Détails de la réponse

Voir la réponse

Question 21 Rapport

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 Bonne réponse

20 units

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 22 Rapport

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 Bonne réponse

Détails de la réponse

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

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

Theory Of Price Determination

The Theory Of Demand

Voir la réponse

Question 23 Rapport

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 Bonne réponse

foreign currency price of gold

domestic currency price of gold

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

International Trade

Voir la réponse

Question 24 Rapport

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 Bonne réponse

Détails de la réponse

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

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

The Theory Of Demand

Economics As A Science

Voir la réponse

Question 25 Rapport

Price can be defined as?

a rate of exchange Bonne réponse

a mediumof exchange

the cost of product

the standard of accounting

Détails de la réponse

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

Theory Of Price Determination

Voir la réponse

Question 26 Rapport

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

price only Bonne réponse

quantity only

quality only

price and quantity

Détails de la réponse

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

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

Theory Of Price Determination

The Theory Of Demand

Voir la réponse

Question 27 Rapport

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

marginal product

additional product

marginal revenue product Bonne réponse

average product

Détails de la réponse

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

The Theory Of Production

Voir la réponse

Question 28 Rapport

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

Development of congested urban areas Bonne réponse

Existence of regional unempolyment

High cost of labour

Immobility of labour

Détails de la réponse

Lisez la note de cours sur Distributive Trade (WAEC)

Lisez la note de cours sur Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

Voir la réponse

Question 29 Rapport

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 Bonne réponse

Détails de la réponse

Lisez la note de cours sur National Income (JAMB)

National Income

Voir la réponse

Question 30 Rapport

A limited liability company is usually owned by?

an individual

a government

shareholders Bonne réponse

two or more partners

Détails de la réponse

Lisez la note de cours sur Business Organizations (JAMB)

Business Organizations

Voir la réponse

Question 31 Rapport

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

demand is inelastic

demand is infinitely inelastic Bonne réponse

Marginal Cost is falling

Price is greater than Marginal Cost

Détails de la réponse

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

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

The Theory Of Supply

The Theory Of Demand

Voir la réponse

Question 32 Rapport

Labour productivity is defined as?

output per man/hour Bonne réponse

average output

the maximum number of hours worked

total level of output

Détails de la réponse

Lisez la note de cours sur Market Structures (WAEC)

Market Structures

Voir la réponse

Question 33 Rapport

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 Bonne réponse

Détails de la réponse

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

Lisez la note de cours sur Market Structures (WAEC)

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

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

Voir la réponse

Question 34 Rapport

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 Bonne réponse

Détails de la réponse

Lisez la note de cours sur Economic Growth And Development (JAMB)

Economic Growth And Development

Voir la réponse

Question 35 Rapport

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 Bonne réponse

Average Cost is minimum

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 36 Rapport

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

Oligopoly

Monopoly

Duopoly

Oligopsony Bonne réponse

Détails de la réponse

Lisez la note de cours sur Market Structure (JAMB)

Market Structure

Voir la réponse

Question 37 Rapport

Money market differs from capital market in that it?

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

Bonne réponse

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

Détails de la réponse

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

Lisez la note de cours sur Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 38 Rapport

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

III

IV 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 The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Voir la réponse

Question 39 Rapport

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Bonne réponse

Construction

Détails de la réponse

Lisez la note de cours sur Market Structure (JAMB)

Market Structure

Voir la réponse

Question 40 Rapport

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

Debenture holding Bonne réponse

private company

Parnership

Joint Stock venture

Détails de la réponse

Lisez la note de cours sur Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 41 Rapport

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 Bonne réponse

Détails de la réponse

Lisez la note de cours sur Population And Labour Market (WAEC)

Lisez la note de cours sur Population (JAMB)

Population And Labour Market

Population

Voir la réponse

Question 42 Rapport

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

Bonne réponse

Total fixed cost plus marginal cost

Détails de la réponse

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

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

Methods And Tools Of Economic Analysis

Theory Of Costs

Voir la réponse

Question 43 Rapport

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Bonne réponse

the growth of full employment output will be accelerated

people will want to hold more money

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 44 Rapport

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

Dumping Bonne réponse

Counter-trade

Bilateral trade

Trade liberalization

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

International Trade

Voir la réponse

Question 45 Rapport

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 Bonne réponse

equitable distribution is necessary

production efficiency is vital

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

Détails de la réponse

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

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

The Theory Of Production

Economics As A Science

Voir la réponse

Question 46 Rapport

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 Bonne réponse

Détails de la réponse

Voir la réponse

Question 47 Rapport

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

Bonne réponse