JAMB UTME - Economics - 1979 | Green Bridge CBT

When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

elastic supply

joint demand

excess supply

derived demand

none of the above Juist antwoord

Antwoorddetails

Lees lesnotitie op The Theory Of Price Determination (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Vraag 32 Verslag

Disposable income equals

personal income less business profits

personal inome minus taxes and subsidies

national income less borrowing from abroad

national income plus transfer of payments

personal income less taxes plus subsidies Juist antwoord

Antwoorddetails

Lees lesnotitie op National Income (WAEC)

National Income

Bekijk antwoord

Vraag 33 Verslag

The lowering of the exchange rate between country's currency and other currencies is known as

the foreign exchange rate

deflation

exchange control

the law of comparative advantage

None of the above Juist antwoord

Antwoorddetails

Lees lesnotitie op International Trade (JAMB)

International Trade

Bekijk antwoord

Vraag 34 Verslag

If a government is running deficit, this means

A term of trade are unfavourable

more project cannot be undertaken

Tax inflow is greater than expenditure

aggregate demand is greater than aggregate supply

tax inflow is less than expenditure Juist antwoord

Antwoorddetails

Lees lesnotitie op Methods And Tools Of Economic Analysis (JAMB)

Lees lesnotitie op The Theory Of Consumer Behaviour (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Consumer Behaviour

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Vraag 35 Verslag

Inflation can be curbed by

increasing aggregate demand

paying higher wages

increasing government expenditure

reducing aggregate demand Juist antwoord

a deficit budget

Antwoorddetails

Lees lesnotitie op Money And Inflation (WAEC)

Lees lesnotitie op The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

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Vraag 36 Verslag

Which of these is not usually the function of a wholesaler?

Transport

Storage

Advertising

After-sale services

Branding Juist antwoord

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Lees lesnotitie op Business Organizations (WAEC)

Business Organizations

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Vraag 37 Verslag

If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

Progressive

Indirect

Regressive Juist antwoord

Proportional

None of the above

Antwoorddetails

Lees lesnotitie op The Theory Of Price Determination (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Vraag 38 Verslag

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

Free market

Perfectly competitive market Juist antwoord

Controllled market

Stock exchange market

Open market

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Lees lesnotitie op Market Structures (WAEC)

Market Structures

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Vraag 39 Verslag

When the average physical product curve is rising the marginal physical product is

below it

above it Juist antwoord

falling

zero

None of the above

Antwoorddetails

Lees lesnotitie op The Theory Of Supply (JAMB)

Lees lesnotitie op The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

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Vraag 40 Verslag

Which of the following is not an asset of a commercial bank?

cash

money at call Juist antwoord

treasury bills

reserve funds

loans and over-draft

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Lees lesnotitie op Banking (JAMB)

Banking

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Vraag 41 Verslag

By utility we mean

usefulness

power of satisfying a want Juist antwoord

beneficial

advantageous

consumable

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Lees lesnotitie op The Theory Of Demand (JAMB)

The Theory Of Demand

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Vraag 42 Verslag

The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions

there are restrictions in trade Juist antwoord

there are no cost of transportations

ther is perfect competition

there are no tariff or import and export quota

there are only two countries and only two commodities entering into international trade

Antwoorddetails

Lees lesnotitie op International Trade (JAMB)

Lees lesnotitie op International Economic Organizations (WAEC)

International Trade

International Economic Organizations

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Vraag 43 Verslag

The price mechanism

regulates supply and demand Juist antwoord

rations the consumers

rewards the producers

allocates scarce resources

does all of the above

Antwoorddetails

Lees lesnotitie op The Theory Of Price Determination (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Vraag 44 Verslag

The quantity supplied of a commodity increases best when

Production increases

Demand increases

Price of the commodity increases Juist antwoord

Population of the country increases

More commodities are imported

Antwoorddetails

Lees lesnotitie op Theory Of Production (WAEC)

Lees lesnotitie op Supply (WAEC)

Theory Of Production

Supply

Bekijk antwoord

Vraag 45 Verslag

The pre-dominance of non-working housewives and maids in West Africa

will understate the national income of the countries Juist antwoord

will overstate the national income of the countries

will lead to constant per capita income over the years

will lead to balance of payment deficits

will cause unfavourable terms of trade

Antwoorddetails

Lees lesnotitie op National Income (WAEC)

Lees lesnotitie op Banking (JAMB)

National Income

Banking

Bekijk antwoord

Vraag 46 Verslag

opportunity cost is the

price of scarce goods

resources required for making a commodity

cost of luxury goods

accrual of financial loses by chance

althernative forgone in other to satisfy a want Juist antwoord

Antwoorddetails

Lees lesnotitie op Economics As A Science (JAMB)

Economics As A Science

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Vraag 47 Verslag

The proportion of currency in the money supply

is higher in developing countries than advanced countries Juist antwoord

is lower in developing countries than advanced countries

is the same in both developing and advanced countries

grows as the economy develope

none of the above

Antwoorddetails

Lees lesnotitie op Money And Inflation (WAEC)

Money And Inflation

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Vraag 48 Verslag

If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called

composite demand

elastic demand

derived demand

competitive demand Juist antwoord

inelastic demand

Antwoorddetails

Lees lesnotitie op International Trade (JAMB)

Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science