JAMB UTME - Economics - 1983 | Green Bridge CBT

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

Curve I

Curve ll

Curve lll

Curve lV

Curves l and lll

Detalhes da Resposta

Read lesson note on The Theory Of Supply (JAMB)

The Theory Of Supply

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Pergunta 12 Relatório

Which of the following are direct taxes?

Sales taxes

Excise taxes

Income and company taxes

Tariff duties

Commodity taxes

Detalhes da Resposta

Read lesson note on Public Finance (JAMB)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Pergunta 13 Relatório

The supply of loanable funds is significantly influenced by?

commercial banks

mortage banks

financial intermediaries

the Central Bank

insurance companies

Detalhes da Resposta

Read lesson note on Banking (JAMB)

Banking

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Pergunta 14 Relatório

In an inflationary period which of the following statements is NOT true?

Wages rise simultaneously with prices

The purchasing power of money diminishes

More money runs after a limited quantity of goods

Money supply increases

Aggregate real demand exceeds aggregate real supply

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Pergunta 15 Relatório

Agriculture plays a dominant role in West Africa economics because

the green Revolution in Nigeria is agriculture

it supplies all the foodstuff consumed in West Africa

there are large plantation of cocoa, groundnut and palm oil in West Africa

it is the main source of revenue in Nigeria

it employs more than 50% of the total labour force in West Africa

Detalhes da Resposta

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Read lesson note on National Income (JAMB)

Agriculture

Money And Inflation

National Income

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Pergunta 16 Relatório

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

land and related factors

abundance of natural resources

level of human capital

technical progress or other factors

the discipline of political leadership

Detalhes da Resposta

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

The Theory Of Price Determination

Market Structure

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Pergunta 17 Relatório

A Nigerian household's demand curve for semovita is downward because?

the demand for semovita is high

the loal markets are flooded with semovita

it is produced in Nigeria

every household can afford to buy semovita

higher prices attract lower quantities while lower prices attract larger quantities

Detalhes da Resposta

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Production

The Theory Of Demand

Demand

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Pergunta 18 Relatório

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

the productivity of labour

the law of diminishing marginal utility

the law diminishing returns

the concept of factor intensity

labour intensive production

Detalhes da Resposta

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Theory Of Production (WAEC)

The Theory Of Production

Theory Of Costs

Theory Of Production

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Pergunta 19 Relatório

The meaning of ‘wage-price spiral’ is?

demand pull and cost push inflation pulling each other in different director

demand pull and cost push inflation intensifying each other

both of them bringing about a reduction in the price level

that demand pull and cost push inflation increases employment

that wages and prices are rising at a proportional rate

Detalhes da Resposta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

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Pergunta 20 Relatório

Which of the following defines Economics most comprehensively?

Buying and selling

Organization and Industries

study of human behaviour in the allocation of scarce resources

National development planning and budgeting

Banking and Insurance

Detalhes da Resposta

Read lesson note on Definition And Scope Of Economics (WAEC)

Definition And Scope Of Economics

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Pergunta 21 Relatório

Which of the following is NOT include in measuring national income by the income approach?

Wages and salaries of public servant

student grants and scholarship

Profit of companies

income earned by self employed persons such as lawyers

Rents on property

Detalhes da Resposta

Read lesson note on National Income (JAMB)

National Income

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Pergunta 22 Relatório

Nigeria is currently implementing the?

third development plan

second development plan

fourth development plan

fifth development plan

Detalhes da Resposta

Read lesson note on Economic Development And Planning (WAEC)

Economic Development And Planning

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Pergunta 23 Relatório

The quickest way of achieving an economic union on regional basis is to remove all?

currency barriers

language barriers

politcal barriers

customs barriers

legal barriers

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Pergunta 24 Relatório

When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

More capital is provided

Price policy may be the interest of consumers

Government workers may be indifferents towards the public

Infrasturcture are rapidly developed

income may be more evenly distributed

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Pergunta 25 Relatório

Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

money is regarded as a medium of exchange

measure for value

unit of account

store of value

standard for deferred payments

Detalhes da Resposta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on International Economic Organizations (WAEC)

Money And Inflation

International Economic Organizations

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Pergunta 26 Relatório

Petroleum 'glut' in international trade means

a fall in petroleum production

an over supply of petroleum

a higher petroleum price offered by the buyer

a higher petroleum price demanded by the seller

higher prices for the consumtion of petroleum

Detalhes da Resposta

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Pergunta 27 Relatório

The concept of economic efficiency primary refers to?

obtaining the maximum output from available resources at the lowest cost

conservation of our petroleum resources

equity in the distribution of the nation's wealth

producing without waste

the limited wants-unlimited resources dilemma

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Pergunta 28 Relatório

Which of the following is NOT an advantage of localization of industries?

Reaping of external economies

Development of a pool or skilled labour for industry

Development of subsidiary industries

Development of organized markets

Growth of conurbations

Detalhes da Resposta

Read lesson note on Agriculture (WAEC)

Read lesson note on Industry And Industrialization (JAMB)

Agriculture

Industry And Industrialization

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Pergunta 29 Relatório

Comparative cost doctrine of international trade means specialization in production

according to absolute cost advantage

according to absolute cost disadvantage

according to comparative cost disadvantage

according to comparative cost advantage

on the basis of the availability of labour

Detalhes da Resposta

Read lesson note on International Trade (JAMB)

Read lesson note on Financial Institutions (WAEC)

International Trade

Financial Institutions

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Pergunta 30 Relatório

Full employment is a situation in which?

every adult is employed

all adults who can work are employed

all person who attained the age of 15 and above are employed

only the disabled are not employed

all those who are able and eligible can find employment

Detalhes da Resposta

Read lesson note on Population And Labour Market (WAEC)

Population And Labour Market

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Pergunta 31 Relatório

When demand is elastic, it means that consumers

react more proportionately to price change

are not sensitive to price changed

will stop buying when price increases

react less proportionately to price change

react equally to price change

Detalhes da Resposta

Read lesson note on The Theory Of Price Determination (JAMB)

The Theory Of Price Determination

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Pergunta 32 Relatório

NEPA as a public corporation is?

a power generating industry in Nigeria

organized in a perfect competitive market

a duopoly

a monopolistically competitive industry

a monopoly

Detalhes da Resposta

Read lesson note on Business Organizations (JAMB)

Read lesson note on Market Structure (JAMB)

Business Organizations

Market Structure

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Pergunta 33 Relatório

Division of labour has many advantages . Not withstanding, it is greatly limited by?

monotony of work

decline of craftmanship

risk of unemployment

extent of market demand

boredom

Detalhes da Resposta

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Pergunta 34 Relatório

International trade is necessary because?

no country can live in economic isolation

different countries are differently endowed in natural and man-made resources

ome countries have comparative costs advantage in the production of particular commodities over other countries

the word demand for and supply of various categories of commodities is expanding very fast

countries want to build up their foreign exchange reservers

Detalhes da Resposta

Read lesson note on International Trade (JAMB)

Read lesson note on Public Finance (WAEC)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Economics As A Science (JAMB)

International Trade

Public Finance

Factors Of Production

Theory Of Production

Economics As A Science

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Pergunta 35 Relatório

Which of thefollowing items is NOT an argument for locating industries in rural areas?

Rural areas supply agricultural raw material

The pace of development will be quickened in rural areas

Employment will be provided for rural inhabitants

Capital is easily available in rural areas

Suitable humid climate is sometimes found in rural areas

Detalhes da Resposta

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Pergunta 36 Relatório

Disequilibrium in the balance of payment means?

imports of the country exceeding its exports

overall deficit or surplus in the current account and capital account of the balance of payment

capital flowing out of the country exceeds the capital flowing into the country

deficit in the trade balance

export earnings exceeds cost of imports

Detalhes da Resposta

Read lesson note on International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

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Pergunta 37 Relatório

The effect of emigration on a country's population, all other things remaining equal, is to

increase its size

cause overpopulation

increase its growth rate

reduce the proportion of children

reduce its size

Detalhes da Resposta

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Pergunta 38 Relatório

In a sole proprietorship, the decisions are made by the?

governmnet

borad of directors

management

shareholders'conference

owner

Detalhes da Resposta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pergunta 39 Relatório

Mono production economies are those that?

have a rich cultural heritage

produces only raw materials

live from the export of their raw product

produce one main commodities

specialized in agricultral industries

Detalhes da Resposta

Read lesson note on The Theory Of Supply (JAMB)

The Theory Of Supply

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Pergunta 40 Relatório

The monetary system that requires double coincidence of want is known as?

the gold standard

barter

the commodity system

the gold exchange standard

the cheque system

Detalhes da Resposta

Read lesson note on Demand (WAEC)

Demand

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Pergunta 41 Relatório

Public expenditure creates expansionary effects in the economy when it is

in excess of government revenue

channelled into capital products

diverted into imports

financed through part of the year's total collection of taxes

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Pergunta 42 Relatório

Demand for a factor of production is?

a composite demand

a joint demand

a derived demand

an elastic demand

cross-elasticity of demand

Detalhes da Resposta

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Production

The Theory Of Demand

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Pergunta 43 Relatório

The meaningof 'Dumping' is selling goods in a foreign market

at a low price that recieved in the home market

at a price higher than that recieved in the foreign market

at a price equal to the cost price in the home market

in order to encourage indigenous producers

at a price equal to the selling price in the home market

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Pergunta 44 Relatório

In the diagram P₁ S is a supply curve for a manufactured. its shows that

when price is OP₁ quantity supplied is infinitely elastic

the higher the price the greater the quantity supplied

the higher the price the lower the quantity supplied

when price is zero quantity supplied becomes infinite

when price is infinite quantity supplied becomes zero

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Pergunta 45 Relatório

Production possibilities(alternatives)

P Q R S T

Units of shelter 5 4 3 2 0

Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

one unit of shelter

three units of shelter

one third of a unit of shelter

six units of shelter

two units of shelter

Detalhes da Resposta

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Pergunta 46 Relatório

Retailers in an economy perform the function of

production

exchange

distribution

horading

investment

Detalhes da Resposta

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Pergunta 47 Relatório

Marginal cost curve intersects average cost curve ?

from above at its lowest point

from below before the lowest point

from below at its lowest point

from below after the lowest point

at zero point

Detalhes da Resposta

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Supply

Theory Of Costs

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Pergunta 48 Relatório

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

The supply curve will shift from S_oS_o to S₂S₂