JAMB UTME - Economics - 1988

Economic is often described as a science because?

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

In the short run, the monopolistic competitors?

The assumption of profit maximization implies profit?

When a nation is experiencing balance of payment surplus, it is in a better position to?

When a variable is associated with time period, it is?

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

Which of the following is a direct tax?

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

The law of Diminishing Returns begins to operate when?

Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?

An increase in an economy's productive capacity implies?

Merchants banks perform all the following functions EXCEPT?

The rate at which money changes hands is known as the?

One of the characteristics of an imperfect market is?

Collectivism refers to the system of management of state enterprises in a?

Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?

The most important limitation on the partner as a form of business enterprise is the?

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

If technology becomes less capital-intensive, it means?

Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?

The output at which total revenue equals total cost is known as?

Total revenue is always equal to?

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

In estimating the national income of a country, the three approaches usually adopted are the?

The most threatening problem for the less developed countries is?

Localization of industries refers to the?

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

Which of the following is a good example of invisible item on balance of payments account?

If goods were free, a rational consumer would consume?

A commodity is said to have a derived demand when the commodity

Which of the following occurs in the circular flow of economic activities with no leakages

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

Price leadership is?

The Malthusian theory of population predicts that growth in food production will?

If in this demand-supply diagram, the quantity supplied is OQ, then

Total fixed cost measures the cost of?

In a public company, enterpreneurial functions are performed by the?

Development outside a given firm which reduce the firm costs are called?

In any economy, what is used as money is determined by?

Deficit financing is mostly facilitated by the existence of?

Which of the following BEST describes the production function?

Restriction on credit creation by commercial banks can be effected through?

Which of the following would most likely be considered an example of benefit taxation?

Scarcity in economics means that?

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

Which of the following factors enhances the ability of commercial banks to create money?

One factor which influences the slope of a non-linear demand curve for a commodity is the?

The average product of labour in a given period is obtained by dividing the?