JAMB UTME - Economics - 1988

Scarcity in economics means that?

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

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

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

If goods were free, a rational consumer would consume?

Total revenue is always equal to?

The assumption of profit maximization implies profit?

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?

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

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

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

The law of Diminishing Returns begins to operate when?

Which of the following BEST describes the production function?

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

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

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

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

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

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

Price leadership is?

An increase in an economy's productive capacity implies?

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

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

One of the characteristics of an imperfect market is?

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

The most threatening problem for the less developed countries is?

Economic is often described as a science because?

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

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

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

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

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

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

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

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

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

Merchants banks perform all the following functions EXCEPT?

Localization of industries refers to the?

Deficit financing is mostly facilitated by the existence of?

Which of the following is a direct tax?

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

Total fixed cost measures the cost of?

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

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

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

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

If technology becomes less capital-intensive, it means?

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

In the short run, the monopolistic competitors?