JAMB UTME - Economics - 1987
Tambaya 1 Rahoto
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
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Tambaya 6 Rahoto
Statistical information available in most West African countries suggests that?
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Tambaya 7 Rahoto
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
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Tambaya 10 Rahoto
Price can be defined as?
Tambaya 11 Rahoto
Which of the following is a disadvantage of regional concentration of industries?
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Tambaya 13 Rahoto
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Tambaya 14 Rahoto
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?
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Tambaya 15 Rahoto
The additional revenue obtained by using one more unit of a factor is called its?
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Tambaya 16 Rahoto
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Tambaya 19 Rahoto
For the improvement of the welfare of a people, a high production level is not enough because
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Tambaya 20 Rahoto
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?
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Tambaya 21 Rahoto
Which of the following is compatible with a firm in a purely competitive market?
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Tambaya 22 Rahoto
A production possibility curve shows?
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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.
Tambaya 24 Rahoto
An increase in supply will lower price unless?
Tambaya 25 Rahoto
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?
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Tambaya 27 Rahoto
In the operation of market forces, the market is in equilibrium at the point where?
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Tambaya 28 Rahoto
In which of the diagrams above, is the consumer surplus correctly shaded?
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Tambaya 29 Rahoto
Which of the following best explains the structural changes in the population of a country?
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Tambaya 31 Rahoto
Economic development is defined as?
Tambaya 33 Rahoto
The difference between personal income and personal disposal income is?
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Tambaya 35 Rahoto
The residual of production which accrues to the owner of land after all other expenses have been met is called?
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Tambaya 37 Rahoto
The shut-down point for a firm in the short run is the output at which?
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Tambaya 40 Rahoto
A budget with a projected revenue in excess of its expenditure is said to be?
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Tambaya 41 Rahoto
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?
Tambaya 43 Rahoto
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
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Tambaya 44 Rahoto
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
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Tambaya 48 Rahoto
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
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Tambaya 49 Rahoto
The rate of exchange between a domestic and a foreign currency is defined as the?
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Tambaya 50 Rahoto
Which of the following best describes the concept of opportunity cost?
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