JAMB UTME - Economics - 1984

Ajụjụ 1 Ripọtì

One of the advantages of large - scale production is that

There is a rise in the cost of administration

Consumers sacrifice their individual tastes

The firm can use labour - saving machinery

Azịza ziri ezi

The demand for a firm's products become localized

Decision making takes a long time because different levels of management are involved

Akọwa Nkọwa

The usage of machinery helps to oversee in a large scale of production which in turn covers the high amount in time consumption. This makes room for the efficiency of labour as compared to the usage of manpower.

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 2 Ripọtì

Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if

$$P_{x}/P_{m}$$

$$P_{x}/P_{m}=1$$

$$P_{x}/P_{m}>1$$

Azịza ziri ezi

$$P_{x}/P_{m}+1$$

Akọwa Nkọwa

"$$P_{x}/P_{m} > 1$$"

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

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

International Trade And Balance Of Payments

Economics As A Science

Lee Azịza

Ajụjụ 3 Ripọtì

In the diagram, (III) refers to the calculation of national income through the

Income approach

Government earnings approach

Expenditure approach Azịza ziri ezi

Output approach

Flow of funds approach

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (JAMB)

National Income

Lee Azịza

Ajụjụ 4 Ripọtì

The most important characteristic of money is?

portability

intrisic value

acceptability Azịza ziri ezi

usefulness

beauty

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Banking

Money And Inflation

Lee Azịza

Ajụjụ 5 Ripọtì

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

percentage change in the quantity of X divded by the percentage change in the price of Y Azịza ziri ezi

percentage change in the quantity of X divided by change in the price of Y

change in the quantity of X divided by change in the price of Y

percentage change in the quantity of X divided by the price Y

percentage change in the price of X divided by percentage change in the quantity of Y

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 6 Ripọtì

Which of the following is NOT true of debentures and debenture holders?

Debentures are instruments for rising long-term capital by limited liability companies

Debenture are fixed interest-bearing securities with specified maturity dates

Debentures holders are creditors to the company and therefore do not share in the risk of the company

Debenture holders are entitled to interest payments whether or not profits are made

Preference shareholders recieve their share of profits before debenture holders receive their entitlements Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Theory Of Costs

Population And Labour Market

Lee Azịza

Ajụjụ 7 Ripọtì

A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because?

it is illegal price cutting

other competitors will be angry

total revenue will decline due to its elastic demand curve Azịza ziri ezi

it is able to sell all it wants at the market price

it does not maximize profit

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

The Theory Of Demand

Market Structure

Lee Azịza

Ajụjụ 8 Ripọtì

Cost push inflation takes place due to?

the rapid increase in the demand for goods

an increase in productivity of the factors of production

a rise in the cost of production Azịza ziri ezi

a rise in the standard of living

the low wage rate of the workers

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 9 Ripọtì

An improvement in Nigeria's terms of trade should

Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them Azịza ziri ezi

Make made in Nigeria goods cheaper to buy

Increase Nigeria's domestic output of commodities

Lead to an increase in her exchange rates

Lead to an increase in Nigeria's exports of petroleum

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

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

International Trade

The Theory Of Consumer Behaviour

Lee Azịza

Ajụjụ 10 Ripọtì

For two substitution goods, the cross elastic of demand is?

greater than one but less than two

zero

negative

positive Azịza ziri ezi

infinity

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Demand

Lee Azịza

Ajụjụ 11 Ripọtì

In taxation, the benefit principle requires that?

everybody must draw benefit from taxation

all those who earn more income must pay more taxes

only those who derive benefit from services provided from public revenue should be taxed Azịza ziri ezi

taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities

everybody pays an equal amount

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

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

Public Finance

The Theory Of Price Determination

Lee Azịza

Ajụjụ 12 Ripọtì

Public expenditure on services, such as education and health, is known as expenditure on

general services

community services

social services Azịza ziri ezi

economic services

administrative services

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Public Finance

Lee Azịza

Ajụjụ 13 Ripọtì

Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as?

speculative motive

precautionary motive Azịza ziri ezi

transactions motive

investment motives

rainy day motive

Akọwa Nkọwa

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

The Theory Of Consumer Behaviour

Lee Azịza

Ajụjụ 14 Ripọtì

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

Excess supply Azịza ziri ezi

Favouritism

Bribery and corruption

Bllack marketing

Hoarding

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 15 Ripọtì

The Central Bank instrument of control does NOT include

open market operation

moral sanctions Azịza ziri ezi

reverse requirements

selective credit control

printing bank-notes

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Public Finance

Banking

Lee Azịza

Ajụjụ 16 Ripọtì

In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

a drop in supply

a rise in supply Azịza ziri ezi

a supply- push inflation

a stable supply curve

an increase in quantity supplied

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

The Theory Of Supply

Theory Of Price Determination

Theory Of Production

Lee Azịza

Ajụjụ 17 Ripọtì

Which of the following is NOT a feature of economic underdevelopment of a country?

A large number of High income earners relative to the population Azịza ziri ezi

High annual income for the few

High incidence of poverty

Low daily calorie intake per person

High infant mortality rate

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Growth And Development (JAMB)

Economic Growth And Development

Lee Azịza

Ajụjụ 18 Ripọtì

Which of the following is NOT a determinant of the size economically active population?

Age structure

Occupation of workers Azịza ziri ezi

Proportion of men to women

Average length of the working day

Efficiency of the labour force

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Population And Labour Market

Lee Azịza

Ajụjụ 19 Ripọtì

The question below is based on the table below:

The international production set for Nigeria and Austria is:

From the table, it can be deduced that?

Nigeria should produce cocoa and lace

Austria should produce cocoa and lace

Nigeria can benefit from producing lace only

Nigeria should not produce any of the products because of her relative disadvantages

Austria should produce lace and Nigeria should produce cocoa 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

Ajụjụ 20 Ripọtì

A demand curve slopes downwards because of ?

an increase inthe money income of the consumer

a decrease inthe money income of the consumer

the substitution effect and the rise in real income of the consumer

Azịza ziri ezi

the rise in demand for the complementary goods

the increase in the demand for factors and production

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 21 Ripọtì

The diagram illustrates

the circular flow of income Azịza ziri ezi

gross national product plus depreciation

incomes of the private sector

the profit of business enterprises

the output approach to national income determination

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 22 Ripọtì

The economic goal of public utilities is to?

maximize profit

expand assets

minimize costs

provide essential services Azịza ziri ezi

pay higher dividends to shareholders

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (WAEC)

Public Finance

Lee Azịza

Ajụjụ 23 Ripọtì

A rightward shift in the production possibility frontier may be due to

Use of inferior inputs

Inefficiency

Improvement in production techniques and practices Azịza ziri ezi

Changes in the product mix

Changes in consumer's tastes and preferences

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 24 Ripọtì

One of the major effects of an increase in government expenditure on a nation’s economy is that it?

creates investment opportunities for foreign investors

leads to indigenization of the private sector

raises the level of total tax revenue

raises the level of aggregate demand Azịza ziri ezi

controls the spread of monopoly

Akọwa Nkọwa

Lee Azịza

Ajụjụ 25 Ripọtì

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

₦350.00

₦340.00 Azịza ziri ezi

₦360.00

₦370.00

₦55.00

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Gụọ akwụkwọ nkuzi na Supply (WAEC)

Banking

Theory Of Costs

Supply

Lee Azịza

Ajụjụ 26 Ripọtì

Which of the following items does NOT belong to a country's current account in the balance of payments accounts?

Merchandise exports

Merchandise import

Travel

Foreign currencies Azịza ziri ezi

Insurance services

Akọwa Nkọwa

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

International Trade And Balance Of Payments

Lee Azịza

Ajụjụ 27 Ripọtì

In the diagram III refers to the calculationof national income through the

Income approach

Government earnings approach

Expenditure approach Azịza ziri ezi

Output approach

Flow of funds approach

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 28 Ripọtì

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

demands at a given price at a point in time Azịza ziri ezi

demand at a given price

actually digests

produces, given its price

can store away during bnad weather

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 29 Ripọtì

In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?

Length and cost of training

Demand and supply Azịza ziri ezi

attractiveness of the job

Influence of the trade union

Government intervention

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Lee Azịza

Ajụjụ 30 Ripọtì

The main economic objective behind the production of goods and services in any economy is to?

maximize profits

satisfy human wants Azịza ziri ezi

become self reliant

create job opportunities

make people wealthy

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Distributive Trade

Theory Of Production

The Theory Of Demand

Economics As A Science

Lee Azịza

Ajụjụ 31 Ripọtì

In the diagram I refers to the calculation of national income through the

Expenditure approach

Input - Output approach

Flows of funds approach

Income approach Azịza ziri ezi

Output approach

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 32 Ripọtì

Which of the following does NOT represent the behavior of a monopolist?

Manipulating the market price of his goods

Manipulating both the price and quantity of his goods at the same time Azịza ziri ezi

Raising the price at one market, lowering it at another market

Manipulating only quantity, price being a given factor

Manipulating the quantity of his goods

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Production

Lee Azịza

Ajụjụ 33 Ripọtì

One disadvantage of sole proprietorship is its?

limited libility

high profits

high sense of ownership

low credit rating Azịza ziri ezi

low failure rate

Akọwa Nkọwa

Lee Azịza

Ajụjụ 34 Ripọtì

An imperfectly competitive market is one where?

a large number of firms sell homogenous products

input and output prices are unaffected

each firm faces aa horizontal demand curve

each firm maximize profit by selecting an output level at

commodities are differentiated Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Market Structure

Lee Azịza

Ajụjụ 35 Ripọtì

Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?

Complete dependence on oil exports

concentration on agricultural exports

Diversification of the economy Azịza ziri ezi

Building of more schools and universities

Introductionn of nuclear energy in Nigeria

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Development And Planning (WAEC)

Gụọ akwụkwọ nkuzi na Economic Growth And Development (JAMB)

Economic Development And Planning

Economic Growth And Development

Lee Azịza

Ajụjụ 36 Ripọtì

If a person demands money for buying and selling securities. It is referred as demanding money for

Transaction purposes

Speculative purposes Azịza ziri ezi

Precautionary purposes

Meeting the educational expenses of the children

Carrying out gambling activities

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 37 Ripọtì

Generally, property taxes?

are borne entirely by landlords

cannot be shifted in the long run

are borne by all (renter, owner occupiers and landlords) Azịza ziri ezi

are borne only by renters

are borne by a few industrialist

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 38 Ripọtì

pricing and output decisions of sellers are highly interdependent in markets known as?

oligopoly Azịza ziri ezi

perfect competition

monopoly

monopolistic competition

imperfect competititon

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Gụọ akwụkwọ nkuzi na Market Structures (WAEC)

Theory Of Price Determination

Theory Of Production

Market Structures

Lee Azịza

Ajụjụ 39 Ripọtì

Which Of the following is NOT an obstacle to economic development?

Low level of investment

lack of modern technology

High rate of population growth

Low productivity

Dedicated leadership Azịza ziri ezi

Akọwa Nkọwa

Lee Azịza

Ajụjụ 40 Ripọtì

The most important factor determining the location of the cement industry in Nigeria today is ?

capital and government policy

the nature of the product, infrastructure and government policy

nearness to the market and source of power

Price of the product and source of labour

raw materials Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Petroleum And The Nigerian Economy (JAMB)

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Petroleum And The Nigerian Economy

Industry And Industrialization

Lee Azịza

Ajụjụ 41 Ripọtì

Which Of the following is NOT an obstacle to economic development?

Low level of investment

lack of modern technology

High rate of population growth

Low productivity

Dedicated leadership

Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Development And Planning (WAEC)

Gụọ akwụkwọ nkuzi na Economic Growth And Development (JAMB)

Economic Development And Planning

Economic Growth And Development

Lee Azịza

Ajụjụ 42 Ripọtì

The channel for food distribution in Nigeria consist of?

farmers and their families

producers, wholesalers and retailers Azịza ziri ezi

producers and consumers

producers and processor

farmers, processors and consumers

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (JAMB)

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Business Organizations

Distributive Trade

Lee Azịza

Ajụjụ 43 Ripọtì

In the diagram, (I) refers to the calculation of national income through the

Expenditure approach

Input - Output approach

Flows of funds approach

Income approach

Azịza ziri ezi

Output approach

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 44 Ripọtì

The question below is based on the table below:

The international production set for Nigeria and Austria is:

The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

2,2

2,1.5

1.5,4

1.5,2 Azịza ziri ezi

0.5,1.5

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

International Trade

Economics As A Science

Lee Azịza

Ajụjụ 45 Ripọtì

The basic principles of co-operative societies are those of?

active participation of capitalist in the affairs of co-operative societies

worker ownership and worker control Azịza ziri ezi

sole proprietorship

partnership

denying of credit facilities to members

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Agriculture

Lee Azịza

Ajụjụ 46 Ripọtì

The advantages that accrue to a firm as the size of the firm increases are known as

external diseconomies

internal returns to scale

internal economies

Azịza ziri ezi

internal diseconomies

constant returns to scale

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

The Theory Of Production

Theory Of Production

Lee Azịza

Ajụjụ 47 Ripọtì

The population level that yields the maximum output when combined with available resources is known as

dependent population

maximum population

active population

productive population

optimum population Azịza ziri ezi

Akọwa Nkọwa

Lee Azịza

Ajụjụ 48 Ripọtì

Division of labour is limited by?

the size of market Azịza ziri ezi

the productivity of capital

cost of production

the factors of production

government policy

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 49 Ripọtì

The following except ONE, are the differences between international trade and internal trade?

Diferences in currencies

Government control

Mobility of factors of production Azịza ziri ezi

Cultural differences

Exchange of Goods and services

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Factors Of Production And Their Theories (JAMB)

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Factors Of Production And Their Theories

International Trade

Theory Of Consumer Behaviour

Lee Azịza

Ajụjụ 50 Ripọtì

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

equal to marginal cost

greater than marginal cost Azịza ziri ezi

greater than average total cost

equal to marginal revenue

equal to toal revenue

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






Pịa ma Jide iji Dọkpụrụ Ya
Pịa Ebe a ka Imechi