JAMB UTME - Economics - 1987
Vraag 1 Verslag
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
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Vraag 2 Verslag
The shut-down point for a firm in the short run is the output at which?
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Vraag 3 Verslag
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
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Vraag 5 Verslag
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
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Vraag 6 Verslag
In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?
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Vraag 7 Verslag
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
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Vraag 8 Verslag
Which of the following best explains the structural changes in the population of a country?
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Vraag 9 Verslag
For the improvement of the welfare of a people, a high production level is not enough because
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Vraag 11 Verslag
Which of the following best describes the concept of opportunity cost?
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Vraag 12 Verslag
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Vraag 16 Verslag
Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?
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Vraag 17 Verslag
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
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Vraag 19 Verslag
An increase in supply will lower price unless?
Vraag 21 Verslag
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Vraag 23 Verslag
Which of the following is a disadvantage of regional concentration of industries?
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Vraag 25 Verslag
In the history of Economic Thought the concept of Division of labour is usually associated with?
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Vraag 27 Verslag
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is
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Vraag 28 Verslag
In which of the diagrams above, is the consumer surplus correctly shaded?
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Vraag 29 Verslag
The difference between personal income and personal disposal income is?
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Vraag 31 Verslag
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
Vraag 32 Verslag
The money which government spends yearly for the maintenance of its school is?
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Vraag 34 Verslag
Which of the following is compatible with a firm in a purely competitive market?
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Vraag 36 Verslag
The additional revenue obtained by using one more unit of a factor is called its?
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Vraag 40 Verslag
In the operation of market forces, the market is in equilibrium at the point where?
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Vraag 42 Verslag
The residual of production which accrues to the owner of land after all other expenses have been met is called?
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Vraag 43 Verslag
A budget with a projected revenue in excess of its expenditure is said to be?
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Vraag 44 Verslag
The rate of exchange between a domestic and a foreign currency is defined as the?
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Vraag 46 Verslag
Statistical information available in most West African countries suggests that?
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Vraag 49 Verslag
A production possibility curve shows?
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The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.
