JAMB UTME - Economics - 1981

The most basic concern of economists is to?

The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

Elasticity of demand is given by

Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

An equilibrium price?

If the income of a consumer rises and his demand for good X falls, good X can be described as

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

Which of these statement is NOT true of economics as a discipline?

Economics may be defined as?

Opportunity cost is best defined as?

When a nation’s exports are greater than its imports

Which of the following statement is NOT true about agriculture in West Africa?

Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

Two goods, X and Y, are said to be complementary when?

Which of the following statements does NOT describe a situation of perfect competition?

Prohibiting the sale of lace materials in Nigeria would probably lead to?

The function of money as a standard of deferred payments

Progressive income tax can be expressed as

A movement along a given demand curve for a good is caused by a change in

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

Inflation is likely to benefit?

In this diagram, So So is the original supply curve while S₁ S₁ represent?

Which of the following does NOT belong in respect of the quantity of money?

Money becomes a very poor store of value in a period of

Surplus in balance of payment leads to?

Government in West Africa countries engage in running a number of enterprises because ?

Indirect taxes are taxes?

One of the probable effects of an increased minimum wage in Nigeria is?

Which of the following is NOT a visible iterm in international trade payments?`

Which of the following is NOT a visible item on international trade payment?

Market Schedules for Milk:

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

Which of the following is NOT a major function of a Central Bank?

Summary of product condition in countries i and ii

Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800

From the above table, we can correctly say in respect of international trade that

unlimited liability means?

External economies are

Which of the following statement does NOT describe a situation of perfect competition.?

Which of the following is NOT a characteristic of perfect competition?

Market for Garri: At a price of N5, the excess supply is`

Invisible trade refers to trade in?

If a commodity has many substitutes, it is most likely that?

Which of the following is NOT true about specialization or division of labour?

If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

From the above, the Growth Rate of Total National Output or GDP is

Scarcity in economics generally refers to

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

Government budget can be described as the sum of?