JAMB UTME - Economics - 1987 | Green Bridge CBT

Tambaya 1 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

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 2 Rahoto

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

III

Bayanin Amsa

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

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Duba Amsa

Tambaya 3 Rahoto

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

Dumping

Counter-trade

Bilateral trade

Trade liberalization

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

International Trade

Duba Amsa

Tambaya 4 Rahoto

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

price only

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 5 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

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 6 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

Bayanin Amsa

Karanta bayanin darasi akan National Income (JAMB)

National Income

Duba Amsa

Tambaya 7 Rahoto

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

the government's budget for its school

Bayanin Amsa

Duba Amsa

Tambaya 8 Rahoto

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

marginal product

additional product

marginal revenue product

average product

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

The Theory Of Production

Duba Amsa

Tambaya 9 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

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 10 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

Bayanin Amsa

Duba Amsa

Tambaya 11 Rahoto

For normal goods the income elasticity of demand is?

positive

negative

zero

infinite

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Demand

Duba Amsa

Tambaya 12 Rahoto

A limited liability company is usually owned by?

an individual

a government

shareholders

two or more partners

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (JAMB)

Business Organizations

Duba Amsa

Tambaya 13 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

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

The Theory Of Production

Duba Amsa

Tambaya 14 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

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 15 Rahoto

Money market differs from capital market in that it?

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

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

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 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

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

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

Debenture holding

private company

Parnership

Joint Stock venture

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Business Organizations

Duba Amsa

Tambaya 18 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

A cost that constantly decreases

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 19 Rahoto

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

wages

rent

interest

profit

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

Duba Amsa

Tambaya 20 Rahoto

To which of the following sectors do services belong?

Primary

Secondary

Tertiary

Construction

Bayanin Amsa

Karanta bayanin darasi akan Market Structure (JAMB)

Market Structure

Duba Amsa

Tambaya 21 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

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 22 Rahoto

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate

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

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

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 24 Rahoto

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

balanced

surplus

deficit

inflationary

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (WAEC)

Public Finance

Duba Amsa

Tambaya 25 Rahoto

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

demand is inelastic

demand is infinitely inelastic

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 26 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

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 27 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

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 28 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

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 29 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

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 30 Rahoto

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

Oligopoly

Monopoly

Duopoly

Oligopsony

Bayanin Amsa

Karanta bayanin darasi akan Market Structure (JAMB)

Market Structure

Duba Amsa

Tambaya 31 Rahoto

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income

payment transferred from one account to another

Bayanin Amsa

Duba Amsa

Tambaya 32 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

foreign currency price of gold

domestic currency price of gold

Bayanin Amsa

Karanta bayanin darasi akan International Trade (JAMB)

International Trade

Duba Amsa

Tambaya 33 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

Bayanin Amsa

Karanta bayanin darasi akan Economic Growth And Development (JAMB)

Economic Growth And Development

Duba Amsa

Tambaya 34 Rahoto

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative

the poor buy the good only out of habit

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Consumer Behaviour (WAEC)

Karanta bayanin darasi akan Distributive Trade (WAEC)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

Duba Amsa

Tambaya 35 Rahoto

Labour productivity is defined as?

output per man/hour

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 36 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

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 37 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

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 38 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

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 39 Rahoto

Price can be defined as?

a rate of exchange

a mediumof exchange

the cost of product

the standard of accounting

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

Theory Of Price Determination

Duba Amsa

Tambaya 40 Rahoto

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits

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 41 Rahoto

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

elastic

inelastic

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 42 Rahoto

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

David Richardo

J.M. Keynes

Adam Smith

Karl Marx

Bayanin Amsa

Duba Amsa

Tambaya 43 Rahoto

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

expenditure on capital equipment

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Theory Of Costs

Duba Amsa

Tambaya 44 Rahoto

The difference between personal income and personal disposal income is?

personal income tax

investment income

personal savings

consumption expenditure

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 45 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

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 46 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

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 47 Rahoto

The liability of the sole trader is?

indeterminable

unlimited

transferable

limited

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Business Organizations

Duba Amsa

Tambaya 48 Rahoto

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

Development of congested urban areas

Existence of regional unempolyment

High cost of labour

Immobility of labour

Bayanin Amsa

Karanta bayanin darasi akan Distributive Trade (WAEC)

Karanta bayanin darasi akan Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

Duba Amsa

Tambaya 49 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

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 50 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?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change

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






Latsa & Riƙe don Ja Shi Gabaɗaya
Danna nan don rufewa