JAMB UTME - Economics - 1987

The liability of the sole trader is?

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The shut-down point for a firm in the short run is the output at which?

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Market is defined as?

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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?

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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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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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A budget with a projected revenue in excess of its expenditure is said to be?

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Frictional unemployment?

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In the operation of market forces, the market is in equilibrium at the point where?

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Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

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A limited liability company is usually owned by?

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Which of the following is compatible with a firm in a purely competitive market?

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Efficiency of labour is enhanced by?

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If a good is an inferior good, then?

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Ad valorem tax means?

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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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Labour productivity is defined as?

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Transfer payment are

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The rate of exchange between a domestic and a foreign currency is defined as the?

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Capital consumption allowance refers to?

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Which of the following best explains the structural changes in the population of a country?

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Price can be defined as?

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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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In which of the diagrams above, is the consumer surplus correctly shaded?

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The main reason for charging interest is to?

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The residual of production which accrues to the owner of land after all other expenses have been met is called?

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In the history of Economic Thought the concept of Division of labour is usually associated with?

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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.

What form of market is found in an imperfect competition where there are few buyers and many sellers?

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Which of the following is a disadvantage of regional concentration of industries?

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Money market differs from capital market in that it?

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In the long run a firm will leave an industry if price?

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To which of the following sectors do services belong?

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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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Average fixed cost is

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An increase in supply will lower price unless?

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Economic development is defined as?

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For normal goods the income elasticity of demand is?

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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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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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Which of the following best describes the concept of opportunity cost?

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For the improvement of the welfare of a people, a high production level is not enough because

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Statistical information available in most West African countries suggests that?

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If inflation is anticipated to continue?

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In the keynesian model?

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Which of the following is NOT a type of business ownership?

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The money which government spends yearly for the maintenance of its school is?

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

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The difference between personal income and personal disposal income is?

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In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

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