JAMB UTME - Economics - 1987 | Green Bridge CBT

Vraag 1 Verslag

Labour productivity is defined as?

output per man/hour Juist antwoord

average output

the maximum number of hours worked

total level of output

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Market Structures

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Vraag 2 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?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change Juist antwoord

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Lees lesnotitie op Theory Of Price Determination (WAEC)

Lees lesnotitie op The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Vraag 3 Verslag

In the keynesian model?

the demand for money is inversely related to the rate of interest

investment is directly related to the rate of interest

investment is not related to the rate of interest to the rate of interest

the demand for money is directly related to the rate of interest Juist antwoord

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Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Vraag 4 Verslag

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

price only Juist antwoord

quantity only

quality only

price and quantity

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Lees lesnotitie op Theory Of Price Determination (WAEC)

Lees lesnotitie op The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Vraag 5 Verslag

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

elastic

inelastic Juist antwoord

perfectly elastic

unitary elastic

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Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op Demand (WAEC)

The Theory Of Demand

Demand

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Vraag 6 Verslag

Market is defined as?

one geographical location where people meet to buy and sell

the demand and supply of goods and services

a group of people whose sole interest is to make profit

any organizational framework which links the buyers and sellers of a good and service Juist antwoord

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Lees lesnotitie op Theory Of Consumer Behaviour (WAEC)

Lees lesnotitie op Market Structures (WAEC)

Lees lesnotitie op Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

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Vraag 7 Verslag

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Juist antwoord

Construction

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Lees lesnotitie op Market Structure (JAMB)

Market Structure

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Vraag 8 Verslag

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

the have-nots deserve more than a fair share Juist antwoord

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

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Lees lesnotitie op The Theory Of Production (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

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Vraag 9 Verslag

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

Dumping Juist antwoord

Counter-trade

Bilateral trade

Trade liberalization

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International Trade

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Vraag 10 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?

the quantity supplied is infinitely elastic Juist antwoord

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

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Lees lesnotitie op Theory Of Price Determination (WAEC)

Lees lesnotitie op The Theory Of Price Determination (JAMB)

Theory Of Price Determination

The Theory Of Price Determination

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Vraag 11 Verslag

A limited liability company is usually owned by?

an individual

a government

shareholders Juist antwoord

two or more partners

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Business Organizations

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Vraag 12 Verslag

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

balanced

surplus Juist antwoord

deficit

inflationary

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Public Finance

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Vraag 13 Verslag

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

Juist antwoord

expenditure on capital equipment

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Lees lesnotitie op Theory Of Costs (JAMB)

Theory Of Costs

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Vraag 14 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

75 units

35 units

7 units

not determinable from the schedules except when graphed Juist antwoord

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Vraag 15 Verslag

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Juist antwoord

a certain percentage tax based on the volume of the commodity

a tax on the income of the consumer

payment of a tax on the profits made

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Lees lesnotitie op Economics As A Science (JAMB)

Economics As A Science

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Vraag 16 Verslag

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

Juist antwoord

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

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Lees lesnotitie op Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Vraag 17 Verslag

Frictional unemployment?

is total unemployment minus structural unemployment

occurs when the unemployed are persons with specific training

occurs when the number of job seekers exceeds the number of vacancies

occurs when people are changing jobs Juist antwoord

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National Income

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Vraag 18 Verslag

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

III

IV Juist antwoord

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

Lees lesnotitie op The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

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Vraag 19 Verslag

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

Debenture holding Juist antwoord

private company

Parnership

Joint Stock venture

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Lees lesnotitie op Business Organizations (WAEC)

Business Organizations

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Vraag 20 Verslag

The difference between personal income and personal disposal income is?

personal income tax Juist antwoord

investment income

personal savings

consumption expenditure

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Lees lesnotitie op Economics As A Science (JAMB)

Economics As A Science

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Vraag 21 Verslag

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

demand and supply curve intersect in more than one point provided the market is cleared

the excess in market can be conveniently stored

excess demand is negative

demand and supply curves intersect Juist antwoord

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Lees lesnotitie op The Theory Of Supply (JAMB)

Lees lesnotitie op The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

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Vraag 22 Verslag

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Juist antwoord

payment transferred from one account to another

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Vraag 23 Verslag

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

industrial capital

social capital

fixed capital

circulating capital Juist antwoord

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Lees lesnotitie op The Theory Of Production (JAMB)

The Theory Of Production

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Vraag 24 Verslag

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative Juist antwoord

the poor buy the good only out of habit

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Lees lesnotitie op Theory Of Consumer Behaviour (WAEC)

Lees lesnotitie op Distributive Trade (WAEC)

Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

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Vraag 25 Verslag

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

does not cover at at least Average Total Cost

is not equal to Marginal Cost Juist antwoord

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

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Lees lesnotitie op The Theory Of Production (JAMB)

Lees lesnotitie op Theory Of Costs (JAMB)

Lees lesnotitie op Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

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Vraag 26 Verslag

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Juist antwoord

Total fixed cost plus marginal cost

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

Lees lesnotitie op Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

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Vraag 27 Verslag

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

David Richardo

J.M. Keynes

Adam Smith Juist antwoord

Karl Marx

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Vraag 28 Verslag

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Juist antwoord

mobilize more funds for development

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Lees lesnotitie op Economics As A Science (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Vraag 29 Verslag

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

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population Juist antwoord

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Lees lesnotitie op Population (JAMB)

Population And Labour Market

Population

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Vraag 30 Verslag

Price can be defined as?

a rate of exchange Juist antwoord

a mediumof exchange

the cost of product

the standard of accounting

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Theory Of Price Determination

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Vraag 31 Verslag

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

Oligopoly

Monopoly

Duopoly

Oligopsony Juist antwoord

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Lees lesnotitie op Market Structure (JAMB)

Market Structure

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Vraag 32 Verslag

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

demand is inelastic

demand is infinitely inelastic Juist antwoord

Marginal Cost is falling

Price is greater than Marginal Cost

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Lees lesnotitie op The Theory Of Supply (JAMB)

Lees lesnotitie op The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

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Vraag 33 Verslag

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

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good Juist antwoord

A cost that constantly decreases

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Economics As A Science

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Vraag 34 Verslag

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

wages

rent Juist antwoord

interest

profit

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Lees lesnotitie op Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

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Vraag 35 Verslag

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high Juist antwoord

the consumption pattern is negative

there exists perfect correlation between consumption and savings

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Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

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Vraag 36 Verslag

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Juist antwoord

demand is highly inelastic

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Lees lesnotitie op The Theory Of Supply (JAMB)

Lees lesnotitie op Demand (WAEC)

The Theory Of Supply

Demand

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Vraag 37 Verslag

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

marginal product

additional product

marginal revenue product Juist antwoord

average product

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The Theory Of Production

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Vraag 38 Verslag

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Juist antwoord

the growth of full employment output will be accelerated

people will want to hold more money

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Money And Inflation

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Vraag 39 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?

microeconomics Juist antwoord

macroeconomics

production

indifference curve

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Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Vraag 40 Verslag

Efficiency of labour is enhanced by?

Average Total Cost less the sum of Varriable Cost

half the sum of all costs

Total Fixed Cost divided by the the level of output Juist antwoord

Total Fixed Cost plus Marginal Cost

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Lees lesnotitie op Theory Of Costs (JAMB)

Factors Of Production And Their Theories

Theory Of Costs

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Vraag 41 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?

65 units

40 units

30 units Juist antwoord

20 units

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Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op Demand (WAEC)

The Theory Of Demand

Demand

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Vraag 42 Verslag

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

used only for wages and salaries

part of the government's capital expenditure

part of the government's recurrent expenditure Juist antwoord

the government's budget for its school

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Vraag 43 Verslag

For normal goods the income elasticity of demand is?

positive Juist antwoord

negative

zero

infinite

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Lees lesnotitie op The Theory Of Demand (JAMB)

The Theory Of Demand

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Vraag 44 Verslag

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

Development of congested urban areas Juist antwoord

Existence of regional unempolyment

High cost of labour

Immobility of labour

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Lees lesnotitie op Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

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Vraag 45 Verslag

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

terms of trade

domestic currency price of a unit of the foreign currency Juist antwoord

foreign currency price of gold

domestic currency price of gold

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Lees lesnotitie op International Trade (JAMB)

International Trade

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Vraag 46 Verslag

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Juist antwoord

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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.

Lees lesnotitie op Factors Of Production And Their Theories (JAMB)

Lees lesnotitie op The Theory Of Production (JAMB)

Lees lesnotitie op Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

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Vraag 47 Verslag

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

the pricr of the product is lowest

marginal Cost is constant

Average Variable Cost is not covered Juist antwoord

Average Cost is minimum

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Lees lesnotitie op The Theory Of Production (JAMB)

Lees lesnotitie op Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

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Vraag 48 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?

10.20

3.57

1.25 Juist antwoord

0.80

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Lees lesnotitie op The Theory Of Supply (JAMB)

Lees lesnotitie op Theory Of Price Determination (WAEC)

Lees lesnotitie op The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

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