JAMB UTME - Economics - 1979 | Green Bridge CBT

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 Amsar da ta dace

inelastic demand

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science

Duba Amsa

Tambaya 8 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

The Theory Of Production

Duba Amsa

Tambaya 9 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Methods And Tools Of Economic Analysis (JAMB)

Karanta bayanin darasi akan Public Finance (JAMB)

Karanta bayanin darasi akan Banking (JAMB)

Methods And Tools Of Economic Analysis

Public Finance

Banking

Duba Amsa

Tambaya 10 Rahoto

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 Amsar da ta dace

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

Bayanin Amsa

Karanta bayanin darasi akan Population (JAMB)

Population

Duba Amsa

Tambaya 11 Rahoto

In most cases the marginal utility derived from a particular good

increases as additional units are consumed

increases at a decreasing rate as additional units are consumed

decreases at a constant rate as additional units are consumed

decreases as additional units are consumed Amsar da ta dace

remains constant as additional units are consumed

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Duba Amsa

Tambaya 12 Rahoto

Infant industries are

a baby food and a baby clothing factories

those which are introducing new products

cases of arrested development

industries temporarily protected by tariff barriers until mature enough to compete on world markets Amsar da ta dace

industries that are allowed to remain permanent cases of adolescence

Bayanin Amsa

Karanta bayanin darasi akan Economic Integration (WAEC)

Karanta bayanin darasi akan Economic Systems (JAMB)

Economic Integration

Economic Systems

Duba Amsa

Tambaya 13 Rahoto

when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

a fall in income

a rise in the price of a complement

a fall in the price of substitute

a change in taste against this commodity

none of the above Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

Karanta bayanin darasi akan Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

Duba Amsa

Tambaya 14 Rahoto

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

The agricultural bank

The Industrial bank

The central bank Amsar da ta dace

The Co-operative bank

The Standard bank

Bayanin Amsa

Duba Amsa

Tambaya 15 Rahoto

The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

visible trade

invisible trade

balance of payments Amsar da ta dace

balance of trade

terms of trade

Bayanin Amsa

Karanta bayanin darasi akan International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Duba Amsa

Tambaya 16 Rahoto

Which is the most liquid of the following financial assets held by an individual?

Outstanding balance on the current account of a commercial bank

A credit balance on a savings account Amsar da ta dace

A crossed postal order

An insurance policy

All of the above

Bayanin Amsa

Karanta bayanin darasi akan Financial Institutions (WAEC)

Financial Institutions

Duba Amsa

Tambaya 17 Rahoto

Which of the following is not an asset of a commercial bank?

cash

money at call Amsar da ta dace

treasury bills

reserve funds

loans and over-draft

Bayanin Amsa

Karanta bayanin darasi akan Banking (JAMB)

Banking

Duba Amsa

Tambaya 18 Rahoto

The quantity supplied of a commodity increases best when

Production increases

Demand increases

Price of the commodity increases Amsar da ta dace

Population of the country increases

More commodities are imported

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Production (WAEC)

Karanta bayanin darasi akan Supply (WAEC)

Theory Of Production

Supply

Duba Amsa

Tambaya 19 Rahoto

Which of the following is not a direct tax?

company income tax

capital tax

purchase tax Amsar da ta dace

personal income tax

capital gain tax

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (WAEC)

Karanta bayanin darasi akan Financial Institutions (WAEC)

Public Finance

Financial Institutions

Duba Amsa

Tambaya 20 Rahoto

The country will be over populated when

the rate of birth is high

the death rate is low

the growth rate is high

population is increasing more than resources in the country Amsar da ta dace

unemployement is high in the country

Bayanin Amsa

Karanta bayanin darasi akan Population And Labour Market (WAEC)

Karanta bayanin darasi akan Population (JAMB)

Population And Labour Market

Population

Duba Amsa

Tambaya 21 Rahoto

The burden of tax on a commodity whose demand is infinitely inelastic

is zero

will be borne by the seller alone

will be borne by the buyer alone Amsar da ta dace

will be borne by both buyer and seller

is impossible to tell who bears it

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Duba Amsa

Tambaya 22 Rahoto

One of the reason why the condition of supply of a commodity may change is

a change in real income

changes in the technique of production Amsar da ta dace

a change of fashion or taste

change in population

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Population (JAMB)

The Theory Of Supply

The Theory Of Production

Population

Duba Amsa

Tambaya 23 Rahoto

If a government is running deficit, this means

A term of trade are unfavourable

more project cannot be undertaken

Tax inflow is greater than expenditure

aggregate demand is greater than aggregate supply

tax inflow is less than expenditure Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Methods And Tools Of Economic Analysis (JAMB)

Karanta bayanin darasi akan The Theory Of Consumer Behaviour (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Consumer Behaviour

Duba Amsa

Tambaya 24 Rahoto

Division of labour means

dividing the labour into different categories

splitting the process of production into different parts to be completed by each person Amsar da ta dace

dividing the goods and services into different sections

assigning different duties to labourers

group of labourers working in a factory or shop

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 25 Rahoto

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

Wages earned by doctor

Rent paid to landlords

Indirect tax Amsar da ta dace

Undistributed company profits

Interest on loan

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

National Income

Duba Amsa

Tambaya 26 Rahoto

The quantity supplied of a commodity increases while

production incraases

demand increses

price of the commodity increases Amsar da ta dace

population of the country increases

more commodites are imported

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

The Theory Of Supply

Duba Amsa

Tambaya 27 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

National Income

Duba Amsa

Tambaya 28 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

Karanta bayanin darasi akan Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Duba Amsa

Tambaya 29 Rahoto

When the average physical product curve is rising the marginal physical product is

below it

above it Amsar da ta dace

falling

zero

None of the above

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Duba Amsa

Tambaya 30 Rahoto

The value of money is generally measured in reference to

the interest rate charged on bank loans

the general price level Amsar da ta dace

the size of countries gold stock

the level of economic development in a country

the price of stocks and shareson the stock exchange

Bayanin Amsa

Karanta bayanin darasi akan Money And Inflation (WAEC)

Karanta bayanin darasi akan Money And Inflation (JAMB)

Money And Inflation

Duba Amsa

Tambaya 31 Rahoto

A typical corporate form of business organization is owned by

President of a country

Shareholders Amsar da ta dace

The general manager and the executives

A local government

Foreigners and citizens of the country

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Business Organizations

Duba Amsa

Tambaya 32 Rahoto

An ad valorem tax means

total amount of an income tax

a certain percentage on the value of a commodity Amsar da ta dace

a certain percentage tax on the volume of commodity

a tax on capital gain

a profit tax

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Karanta bayanin darasi akan Economic Systems (JAMB)

Economics As A Science

Economic Systems

Duba Amsa

Tambaya 33 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Market Structures (WAEC)

Market Structures

Duba Amsa

Tambaya 34 Rahoto

which of these alternative is wrong? central banks are

bankers to the government

bankers to commercial banks

merchant banks Amsar da ta dace

controllers and regulators of money supply

issuers of bank note

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (JAMB)

Karanta bayanin darasi akan Banking (JAMB)

Public Finance

Banking

Duba Amsa

Tambaya 35 Rahoto

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

Free market

Perfectly competitive market Amsar da ta dace

Controllled market

Stock exchange market

Open market

Bayanin Amsa

Karanta bayanin darasi akan Market Structures (WAEC)

Market Structures

Duba Amsa

Tambaya 36 Rahoto

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 Amsar da ta dace

Proportional

None of the above

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

Karanta bayanin darasi akan Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Duba Amsa

Tambaya 37 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

International Trade

Duba Amsa

Tambaya 38 Rahoto

Average cost is

the total cost of production

the extra cost of producing one additional unit of output

cost of producing a unit of output Amsar da ta dace

variable cost

overhead cost

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Karanta bayanin darasi akan Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Duba Amsa

Tambaya 39 Rahoto

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

Transport

Storage

Advertising

After-sale services

Branding Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Business Organizations

Duba Amsa

Tambaya 40 Rahoto

The pre-dominance of non-working housewives and maids in West Africa

will understate the national income of the countries Amsar da ta dace

will overstate the national income of the countries

will lead to constant per capita income over the years

will lead to balance of payment deficits

will cause unfavourable terms of trade

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

Karanta bayanin darasi akan Banking (JAMB)

National Income

Banking

Duba Amsa

Tambaya 41 Rahoto

By utility we mean

usefulness

power of satisfying a want Amsar da ta dace

beneficial

advantageous

consumable

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Demand

Duba Amsa

Tambaya 42 Rahoto

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 Amsar da ta dace

the rate at which the central bank issues money

the rate of interest on government bonds

None of the above

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

International Trade

Duba Amsa

Tambaya 43 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Duba Amsa

Tambaya 44 Rahoto

Which of the following assets of the commercial bank does not yield revenue?

Money in the tills of the bank Amsar da ta dace

money at call

Treasury certificates

Treasury bills

Bills of exchange

Bayanin Amsa

Karanta bayanin darasi akan Banking (JAMB)

Banking

Duba Amsa

Tambaya 45 Rahoto

Disposable income equals

personal income less business profits

personal inome minus taxes and subsidies

national income less borrowing from abroad

national income plus transfer of payments

personal income less taxes plus subsidies Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

National Income

Duba Amsa

Tambaya 46 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan Demand (WAEC)

The Theory Of Demand

Demand

Duba Amsa

Tambaya 47 Rahoto

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

there are restrictions in trade Amsar da ta dace

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

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

Karanta bayanin darasi akan International Economic Organizations (WAEC)

International Trade

International Economic Organizations

Duba Amsa

Tambaya 48 Rahoto

Which of the following is not an indirect tax?

excise duty

company tax Amsar da ta dace

import duty

export duty

sales tax

Bayanin Amsa

Duba Amsa

Tambaya 49 Rahoto

which of the following is not true about occupational distribution of the labour force of West Africa?

A large percentage of the labour force is engaged in agriculture

Agriculture is the most important occupation in West Africa

The manufacturing sector employs a large percentage of the population Amsar da ta dace

Agriculture does not constitute an important source of paid employment

The public sector forms an important source of paid employment

Bayanin Amsa

Karanta bayanin darasi akan Agriculture (WAEC)

Karanta bayanin darasi akan Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Duba Amsa

Tambaya 50 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa






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