JAMB UTME - Economics - 1987 | Green Bridge CBT

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Duba Amsa

Tambaya 7 Rahoto

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

balanced

surplus Amsar da ta dace

deficit

inflationary

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (WAEC)

Public Finance

Duba Amsa

Tambaya 8 Rahoto

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Amsar da ta dace

mobilize more funds for development

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 9 Rahoto

A limited liability company is usually owned by?

an individual

a government

shareholders Amsar da ta dace

two or more partners

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (JAMB)

Business Organizations

Duba Amsa

Tambaya 10 Rahoto

The liability of the sole trader is?

indeterminable

unlimited Amsar da ta dace

transferable

limited

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Business Organizations

Duba Amsa

Tambaya 11 Rahoto

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high Amsar da ta dace

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

Duba Amsa

Tambaya 12 Rahoto

The difference between personal income and personal disposal income is?

personal income tax Amsar da ta dace

investment income

personal savings

consumption expenditure

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 13 Rahoto

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

Debenture holding Amsar da ta dace

private company

Parnership

Joint Stock venture

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Business Organizations

Duba Amsa

Tambaya 14 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan National Income (JAMB)

National Income

Duba Amsa

Tambaya 15 Rahoto

Labour productivity is defined as?

output per man/hour Amsar da ta dace

average output

the maximum number of hours worked

total level of output

Bayanin Amsa

Karanta bayanin darasi akan Market Structures (WAEC)

Market Structures

Duba Amsa

Tambaya 16 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?

the quantity supplied is infinitely elastic Amsar da ta dace

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

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

Theory Of Price Determination

The Theory Of Price Determination

Duba Amsa

Tambaya 17 Rahoto

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

Amsar da ta dace

Bayanin Amsa

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.

Karanta bayanin darasi akan Factors Of Production And Their Theories (JAMB)

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

Duba Amsa

Tambaya 18 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

The Theory Of Production

Duba Amsa

Tambaya 19 Rahoto

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 Amsar da ta dace

is higher than Average Varriable Cost

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

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Karanta bayanin darasi akan Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

Duba Amsa

Tambaya 20 Rahoto

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 Amsar da ta dace

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

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Amsar da ta dace

payment transferred from one account to another

Bayanin Amsa

Duba Amsa

Tambaya 22 Rahoto

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Amsar da ta dace

the growth of full employment output will be accelerated

people will want to hold more money

Bayanin Amsa

Karanta bayanin darasi akan Money And Inflation (WAEC)

Karanta bayanin darasi akan Money And Inflation (JAMB)

Money And Inflation

Duba Amsa

Tambaya 23 Rahoto

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

Dumping Amsar da ta dace

Counter-trade

Bilateral trade

Trade liberalization

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

International Trade

Duba Amsa

Tambaya 24 Rahoto

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

price only Amsar da ta dace

quantity only

quality only

price and quantity

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Duba Amsa

Tambaya 25 Rahoto

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 Amsar da ta dace

Average Cost is minimum

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Duba Amsa

Tambaya 26 Rahoto

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

elastic

inelastic Amsar da ta dace

perfectly elastic

unitary elastic

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 27 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Consumer Behaviour (WAEC)

Karanta bayanin darasi akan Market Structures (WAEC)

Karanta bayanin darasi akan Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

Duba Amsa

Tambaya 28 Rahoto

Which of the following best describes the concept of opportunity cost?

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good Amsar da ta dace

A cost that constantly decreases

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 29 Rahoto

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

marginal product

additional product

marginal revenue product Amsar da ta dace

average product

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

The Theory Of Production

Duba Amsa

Tambaya 30 Rahoto

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

Amsar da ta dace

expenditure on capital equipment

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Theory Of Costs

Duba Amsa

Tambaya 31 Rahoto

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 Amsar da ta dace

equitable distribution is necessary

production efficiency is vital

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

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

Duba Amsa

Tambaya 32 Rahoto

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 Amsar da ta dace

Total Fixed Cost plus Marginal Cost

Bayanin Amsa

Karanta bayanin darasi akan Factors Of Production And Their Theories (JAMB)

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Factors Of Production And Their Theories

Theory Of Costs

Duba Amsa

Tambaya 33 Rahoto

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Amsar da ta dace

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

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 34 Rahoto

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Amsar da ta dace

Construction

Bayanin Amsa

Karanta bayanin darasi akan Market Structure (JAMB)

Market Structure

Duba Amsa

Tambaya 35 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Duba Amsa

Tambaya 36 Rahoto

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 Amsar da ta dace

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 37 Rahoto

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Amsar da ta dace

demand is highly inelastic

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan Demand (WAEC)

The Theory Of Supply

Demand

Duba Amsa

Tambaya 38 Rahoto

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 Amsar da ta dace

foreign currency price of gold

domestic currency price of gold

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

International Trade

Duba Amsa

Tambaya 39 Rahoto

For normal goods the income elasticity of demand is?

positive Amsar da ta dace

negative

zero

infinite

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Demand

Duba Amsa

Tambaya 40 Rahoto

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

demand is inelastic

demand is infinitely inelastic Amsar da ta dace

Marginal Cost is falling

Price is greater than Marginal Cost

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Duba Amsa

Tambaya 41 Rahoto

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

Amsar da ta dace

Total fixed cost plus marginal cost

Bayanin Amsa

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

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

Duba Amsa

Tambaya 42 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?

65 units

40 units

30 units Amsar da ta dace

20 units

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 43 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?

microeconomics Amsar da ta dace

macroeconomics

production

indifference curve

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 44 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?

10.20

3.57

1.25 Amsar da ta dace

0.80

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

Duba Amsa

Tambaya 45 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Economic Growth And Development (JAMB)

Economic Growth And Development

Duba Amsa

Tambaya 46 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

75 units

35 units

7 units

not determinable from the schedules except when graphed Amsar da ta dace

Bayanin Amsa

Duba Amsa

Tambaya 47 Rahoto

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