JAMB UTME - Economics - 1988

The law of Diminishing Returns begins to operate when?

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

The most threatening problem for the less developed countries is?

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

Merchants banks perform all the following functions EXCEPT?

Antwoorddetails

Which of the following BEST describes the production function?

Antwoorddetails

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

Antwoorddetails

Total fixed cost measures the cost of?

Antwoorddetails

In the short run, the monopolistic competitors?

Antwoorddetails

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

Antwoorddetails

Deficit financing is mostly facilitated by the existence of?

Antwoorddetails

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

Antwoorddetails

If goods were free, a rational consumer would consume?

Antwoorddetails

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

Antwoorddetails

If technology becomes less capital-intensive, it means?

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

Antwoorddetails

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

Antwoorddetails

The assumption of profit maximization implies profit?

Antwoorddetails

Localization of industries refers to the?

Antwoorddetails

Price leadership is?

Antwoorddetails

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

Antwoorddetails

Which of the following is a direct tax?

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

One of the characteristics of an imperfect market is?

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

Total revenue is always equal to?

Antwoorddetails

Scarcity in economics means that?

Antwoorddetails

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

Antwoorddetails

An increase in an economy's productive capacity implies?

Antwoorddetails

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

Antwoorddetails

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?

Antwoorddetails

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

Antwoorddetails

Reserve ratio is one of instrument that central bank use to control the activities of commercial banks across the nation. So, a reduction in this reserve ratio will make commercial banks to lend more to the public which in turn yield more interest for them.

Economic is often described as a science because?

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails

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

Antwoorddetails