JAMB UTME - Economics - 1979

Ajụjụ 1 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Demand

Demand

Lee Azịza

Ajụjụ 2 Ripọtì

The quantity supplied of a commodity increases best when

Production increases

Demand increases

Price of the commodity increases Azịza ziri ezi

Population of the country increases

More commodities are imported

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Gụọ akwụkwọ nkuzi na Supply (WAEC)

Theory Of Production

Supply

Lee Azịza

Ajụjụ 3 Ripọtì

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 Azịza ziri ezi

Agriculture does not constitute an important source of paid employment

The public sector forms an important source of paid employment

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Lee Azịza

Ajụjụ 4 Ripọtì

Which of the following type of capital is not rewarded by means of dividends?

Ordinary shares

Preference shares

cummulative shares

participating preference shares

debentures Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Theory Of Consumer Behaviour

Theory Of Costs

Lee Azịza

Ajụjụ 5 Ripọtì

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

cash

money at call Azịza ziri ezi

treasury bills

reserve funds

loans and over-draft

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Banking

Lee Azịza

Ajụjụ 6 Ripọtì

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 Azịza ziri ezi

the rate at which the central bank issues money

the rate of interest on government bonds

None of the above

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

International Trade

Lee Azịza

Ajụjụ 7 Ripọtì

Which of the following is not an indirect tax?

excise duty

company tax Azịza ziri ezi

import duty

export duty

sales tax

Akọwa Nkọwa

Lee Azịza

Ajụjụ 8 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Methods And Tools Of Economic Analysis

Public Finance

Banking

Lee Azịza

Ajụjụ 9 Ripọtì

The quantity supplied of a commodity increases while

production incraases

demand increses

price of the commodity increases Azịza ziri ezi

population of the country increases

more commodites are imported

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

The Theory Of Supply

Lee Azịza

Ajụjụ 10 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Consumer Behaviour (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Consumer Behaviour

Lee Azịza

Ajụjụ 11 Ripọtì

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 Azịza ziri ezi

Proportional

None of the above

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Lee Azịza

Ajụjụ 12 Ripọtì

When marginal cost equals marginal revenue of products

the firms is producing at a loss

the firm is at a break-even point Azịza ziri ezi

the firm is making the least profit

the supplementary cost of the firm is highest

the firm has maximum profit

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Lee Azịza

Ajụjụ 13 Ripọtì

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 Azịza ziri ezi

variable cost

overhead cost

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Lee Azịza

Ajụjụ 14 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

International Trade

Lee Azịza

Ajụjụ 15 Ripọtì

A typical corporate form of business organization is owned by

President of a country

Shareholders Azịza ziri ezi

The general manager and the executives

A local government

Foreigners and citizens of the country

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Business Organizations

Lee Azịza

Ajụjụ 16 Ripọtì

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

The agricultural bank

The Industrial bank

The central bank Azịza ziri ezi

The Co-operative bank

The Standard bank

Akọwa Nkọwa

Lee Azịza

Ajụjụ 17 Ripọtì

Inflation can be curbed by

increasing aggregate demand

paying higher wages

increasing government expenditure

reducing aggregate demand Azịza ziri ezi

a deficit budget

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

Lee Azịza

Ajụjụ 18 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structures (WAEC)

Market Structures

Lee Azịza

Ajụjụ 19 Ripọtì

The 'terms of trade' means

the trade agreement between two countries

the difference in the volumes of exports of two countries

the value of a unit of export in relation to the value of a unit of import Azịza ziri ezi

the production of total value of exports to the value of total trade

None of the above

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

International Trade

Lee Azịza

Ajụjụ 20 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 21 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

The Theory Of Production

Lee Azịza

Ajụjụ 22 Ripọtì

The proportion of currency in the money supply

is higher in developing countries than advanced countries Azịza ziri ezi

is lower in developing countries than advanced countries

is the same in both developing and advanced countries

grows as the economy develope

none of the above

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Money And Inflation

Lee Azịza

Ajụjụ 23 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 24 Ripọtì

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 Azịza ziri ezi

A crossed postal order

An insurance policy

All of the above

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Financial Institutions (WAEC)

Financial Institutions

Lee Azịza

Ajụjụ 25 Ripọtì

By utility we mean

usefulness

power of satisfying a want Azịza ziri ezi

beneficial

advantageous

consumable

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Demand

Lee Azịza

Ajụjụ 26 Ripọtì

An ad valorem tax means

total amount of an income tax

a certain percentage on the value of a commodity Azịza ziri ezi

a certain percentage tax on the volume of commodity

a tax on capital gain

a profit tax

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 27 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 28 Ripọtì

The price mechanism

regulates supply and demand Azịza ziri ezi

rations the consumers

rewards the producers

allocates scarce resources

does all of the above

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Lee Azịza

Ajụjụ 29 Ripọtì

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 Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population (JAMB)

Population

Lee Azịza

Ajụjụ 30 Ripọtì

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 Azịza ziri ezi

will be borne by both buyer and seller

is impossible to tell who bears it

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Lee Azịza

Ajụjụ 31 Ripọtì

The value of money is generally measured in reference to

the interest rate charged on bank loans

the general price level Azịza ziri ezi

the size of countries gold stock

the level of economic development in a country

the price of stocks and shareson the stock exchange

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Money And Inflation

Lee Azịza

Ajụjụ 32 Ripọtì

Which of the following is not a direct tax?

company income tax

capital tax

purchase tax Azịza ziri ezi

personal income tax

capital gain tax

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (WAEC)

Gụọ akwụkwọ nkuzi na Financial Institutions (WAEC)

Public Finance

Financial Institutions

Lee Azịza

Ajụjụ 33 Ripọtì

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 Azịza ziri ezi

balance of trade

terms of trade

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Lee Azịza

Ajụjụ 34 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Lee Azịza

Ajụjụ 35 Ripọtì

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 Azịza ziri ezi

Controllled market

Stock exchange market

Open market

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structures (WAEC)

Market Structures

Lee Azịza

Ajụjụ 36 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

Lee Azịza

Ajụjụ 37 Ripọtì

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

below it

above it Azịza ziri ezi

falling

zero

None of the above

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Lee Azịza

Ajụjụ 38 Ripọtì

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 Azịza ziri ezi

a change of fashion or taste

change in population

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Population (JAMB)

The Theory Of Supply

The Theory Of Production

Population

Lee Azịza

Ajụjụ 39 Ripọtì

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

Transport

Storage

Advertising

After-sale services

Branding Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Business Organizations

Lee Azịza

Ajụjụ 40 Ripọtì

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 Azịza ziri ezi

inelastic demand

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science

Lee Azịza

Ajụjụ 41 Ripọtì

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

there are restrictions in trade Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

Gụọ akwụkwọ nkuzi na International Economic Organizations (WAEC)

International Trade

International Economic Organizations

Lee Azịza

Ajụjụ 42 Ripọtì

Division of labour means

dividing the labour into different categories

splitting the process of production into different parts to be completed by each person Azịza ziri ezi

dividing the goods and services into different sections

assigning different duties to labourers

group of labourers working in a factory or shop

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 43 Ripọtì

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 Azịza ziri ezi

industries that are allowed to remain permanent cases of adolescence

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Integration (WAEC)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economic Integration

Economic Systems

Lee Azịza

Ajụjụ 44 Ripọtì

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

will understate the national income of the countries Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

Gụọ akwụkwọ nkuzi na Banking (JAMB)

National Income

Banking

Lee Azịza

Ajụjụ 45 Ripọtì

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 Azịza ziri ezi

remains constant as additional units are consumed

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Lee Azịza

Ajụjụ 46 Ripọtì

which of these alternative is wrong? central banks are

bankers to the government

bankers to commercial banks

merchant banks Azịza ziri ezi

controllers and regulators of money supply

issuers of bank note

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Public Finance

Banking

Lee Azịza

Ajụjụ 47 Ripọtì

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

Wages earned by doctor

Rent paid to landlords

Indirect tax Azịza ziri ezi

Undistributed company profits

Interest on loan

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 48 Ripọtì

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 Azịza ziri ezi

unemployement is high in the country

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Gụọ akwụkwọ nkuzi na Population (JAMB)

Population And Labour Market

Population

Lee Azịza

Ajụjụ 49 Ripọtì

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

Money in the tills of the bank Azịza ziri ezi

money at call

Treasury certificates

Treasury bills

Bills of exchange

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Banking

Lee Azịza

Ajụjụ 50 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Lee Azịza






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