JAMB UTME - Economics - 1980

Which of the following is a correct definition of equilibrium price?

Production in Economics occurs when

In a normal (typical) demand schedule, the quantity demand is?

The terms of trade are said to be favorable only if

Nigeria earns the major part of her foreign exchange from the export of?

Which would you NOT consider an advantage of one-man business?

When we draw a market demand curve, we?

In a subsistence economy?

If the government is interested in raising the highest revenue from a tax system, then for any two commodities

Indicate which of the following are invisible trade items in a country’s balance of payments?

By subsistence production we mean?

If a firm doubles its output and its cost increase by 60%, the firm is experiencing

The marginal physical product of labour is?

Which of the following is the standard concept for measuring and analyzing population growth?

Division of labour means?

Division of labour is limited by the?

The value of money depends primarily on?

A disadvantage of the corporate form of business is the?

Which is the dominant form of tax in Nigeria

The fundamental problem of Economics is?

In a free market economy, the rationing of scarce goods is done principally by

Capital earns income because?

Commercial banks can create money in the following ways?

In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

Which would you NOT consider an agro-based industry in Nigeria?

In a limited liability company, the greatest risk is borne by?

Commercial banks can create money in the following ways

A limited liability company is owned by?

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

Which of the following is NOT a measure for controlling inflation?

In Nigeria, cheques are not money because?

Which of the following is NOT a function of Nigeria commercial Banks?

One of the disadvantages of division of labour is that?

Utility of a commodity means?

Which is NOT a method of raising capital funds in Nigeria?

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

A commercial bank is able to create money

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

Which of the following is NOT a determinant of changes in supply?

From an economic point of view, an activity does not have a cost when

Which of the taxes appear generally progressive in nature?

Which is NOT a cause of high population growth in Nigeria?

By balance of visible trade we mean?

Which sector can you say is growing fastest in the Nigeria economy?

International trade arise because?

The budget of Nigeria will be deficit if

Which of the following is NOT one of the balance of payment entries?

Which is NOT a function of Central Bank in West Africa

An economic problem arises when?

Price control indicate the following