JAMB UTME - Economics - 1980

In a free market economy, the rationing of scarce goods is done principally by

Commercial banks can create money in the following ways

Which of the following is NOT a function of Nigeria commercial Banks?

In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

Price control indicate the following

By subsistence production we mean?

When we draw a market demand curve, we?

The value of money depends primarily on?

Which of the following is a correct definition of equilibrium price?

In a subsistence economy?

An economic problem arises when?

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

The budget of Nigeria will be deficit if

Utility of a commodity means?

Which is NOT a method of raising capital funds in Nigeria?

The fundamental problem of Economics is?

Production in Economics occurs when

Which of the taxes appear generally progressive in nature?

A disadvantage of the corporate form of business is the?

In Nigeria, cheques are not money because?

Which is NOT a cause of high population growth in Nigeria?

If a firm doubles its output and its cost increase by 60%, the firm is experiencing

Commercial banks can create money in the following ways?

Which of the following is NOT a determinant of changes in supply?

Which of the following is the standard concept for measuring and analyzing population growth?

International trade arise because?

Which of the following is NOT one of the balance of payment entries?

Which would you NOT consider an agro-based industry in Nigeria?

Which is the dominant form of tax in Nigeria

A limited liability company is owned by?

Division of labour means?

Which would you NOT consider an advantage of one-man business?

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

In a limited liability company, the greatest risk is borne by?

In a normal (typical) demand schedule, the quantity demand is?

A commercial bank is able to create money

By balance of visible trade we mean?

If the government is interested in raising the highest revenue from a tax system, then for any two commodities

The terms of trade are said to be favorable only if

Which of the following is NOT a measure for controlling inflation?

One of the disadvantages of division of labour is that?

Nigeria earns the major part of her foreign exchange from the export of?

Capital earns income because?

The marginal physical product of labour is?

Indicate which of the following are invisible trade items in a country’s balance of payments?

Which is NOT a function of Central Bank in West Africa

Division of labour is limited by the?

Which sector can you say is growing fastest in the Nigeria economy?

From an economic point of view, an activity does not have a cost when