JAMB UTME - Economics - 1986

Use the table below to answer the question below:

Market Demand Schedule for Commodity X:

If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

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The difference between the Gross Domestic Product and the Gross National Product is?

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Production in Economics can be defined as the

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Which of the following advantages of localization of industries may also be a disadvantage?

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The best technical description of a progressive tax is a?

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In international trade, a country specializes in the production of a commodity or group of commodities for which it has?

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The main function of price mechanism is to?

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The Nigeria Bank for Commerce and Industry is?

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A firm is at its optimum size when?

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Deflation is a persistent fall in the general price level and is usually caused by?

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ECOWAS will enable the countries involved to achieve

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Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?

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Which of the following is NOT a goal of modern budgets?

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If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

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Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

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An nation's distribution of income shows?

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A monopolist will practice price discrimination in two markets if?

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The revenue accruing to the seller of commodity X as a result of a fall in price will

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The term of trade often measured by the ratio of the index of export

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One major difference between monopoly and perfect competition is that?

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Gresham's law in economics shows that

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Choice in economic life is necessitated by?

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Which of the following is used by the Central Bank to control the rate of interest?

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Population density refers to?

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Which of the following is a characteristic of private limited liability company?

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Tax incidence is the analysis of?

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The term balance oftrade, can be defined as the?

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In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

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The degree of specialization is limited by the

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Mobility of labour is NOT affected by

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To control inflation, the monetary authorities of a country can?

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The most important advantage of co-operative societies is?

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Which of the following is an external economy derived by a firm?

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A country has a population distribution as shown below:

The dependency ratio is

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Which of the following methods is most likely to lead an economy?

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Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00?

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One of the advantages of a partnership over a sole proprietorship is that?

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Which of the following is an important function of prices in a market economy?

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A firm achieves least cost in production by substituting factors until

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The most important economic characteristic differentiating commercial banks from other financial institutions is their?

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Which of the following strategies will provide more employment opportunities for Nigerians?

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Which of the following statements describes a mixed economy?

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In a public company, shares are?

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A producer sustains a loss in the short run if

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What fundamentally determines how much a consumer spends in a producer's shop?

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A society which forgoes present consumption

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Under normal circumstances the concept of consumers sovereignty implies that

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Balance of payment deficit in Nigeria CANNOT be solved by

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In the normal channels of distribution the breaking of bulk is performed by the

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Which of the following causes of inflation is related to demand-pull inflation?

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