JAMB UTME - Economics - 1979 | Green Bridge CBT

Pergunta 1 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

National Income

Ver Resposta

Pergunta 2 Relatório

Division of labour means

dividing the labour into different categories

splitting the process of production into different parts to be completed by each person Resposta correta

dividing the goods and services into different sections

assigning different duties to labourers

group of labourers working in a factory or shop

Detalhes da Resposta

Ler a nota de aula em Economics As A Science (JAMB)

Economics As A Science

Ver Resposta

Pergunta 3 Relatório

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 Resposta correta

Controllled market

Stock exchange market

Open market

Detalhes da Resposta

Ler a nota de aula em Market Structures (WAEC)

Market Structures

Ver Resposta

Pergunta 4 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em Economics As A Science (JAMB)

Economics As A Science

Ver Resposta

Pergunta 5 Relatório

In most cases the marginal utility derived from a particular good

increases as additional units are consumed

increases at a decreasing rate as additional units are consumed

decreases at a constant rate as additional units are consumed

decreases as additional units are consumed Resposta correta

remains constant as additional units are consumed

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Ver Resposta

Pergunta 6 Relatório

Net national income is

Gross national income minus depreciation

gross domestic product plus net income from abroad

nominal national income divided by the price level

gross national income divided by the total population

gross national product plus subsidies minus indirect taxes Resposta correta

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

National Income

Ver Resposta

Pergunta 7 Relatório

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

there are restrictions in trade Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em International Trade (JAMB)

Ler a nota de aula em International Economic Organizations (WAEC)

International Trade

International Economic Organizations

Ver Resposta

Pergunta 8 Relatório

Which of the following is not an indirect tax?

excise duty

company tax Resposta correta

import duty

export duty

sales tax

Detalhes da Resposta

Ver Resposta

Pergunta 9 Relatório

The value of money is generally measured in reference to

the interest rate charged on bank loans

the general price level Resposta correta

the size of countries gold stock

the level of economic development in a country

the price of stocks and shareson the stock exchange

Detalhes da Resposta

Ler a nota de aula em Money And Inflation (WAEC)

Ler a nota de aula em Money And Inflation (JAMB)

Money And Inflation

Ver Resposta

Pergunta 10 Relatório

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

Transport

Storage

Advertising

After-sale services

Branding Resposta correta

Detalhes da Resposta

Ler a nota de aula em Business Organizations (WAEC)

Business Organizations

Ver Resposta

Pergunta 11 Relatório

Which of the following type of capital is not rewarded by means of dividends?

Ordinary shares

Preference shares

cummulative shares

participating preference shares

debentures Resposta correta

Detalhes da Resposta

Ler a nota de aula em Theory Of Consumer Behaviour (WAEC)

Ler a nota de aula em Theory Of Costs (JAMB)

Theory Of Consumer Behaviour

Theory Of Costs

Ver Resposta

Pergunta 12 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em International Trade (JAMB)

International Trade

Ver Resposta

Pergunta 13 Relatório

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

below it

above it Resposta correta

falling

zero

None of the above

Detalhes da Resposta

Ler a nota de aula em The Theory Of Supply (JAMB)

Ler a nota de aula em The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Ver Resposta

Pergunta 14 Relatório

The country will be over populated when

the rate of birth is high

the death rate is low

the growth rate is high

population is increasing more than resources in the country Resposta correta

unemployement is high in the country

Detalhes da Resposta

Ler a nota de aula em Population And Labour Market (WAEC)

Ler a nota de aula em Population (JAMB)

Population And Labour Market

Population

Ver Resposta

Pergunta 15 Relatório

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

will understate the national income of the countries Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

Ler a nota de aula em Banking (JAMB)

National Income

Banking

Ver Resposta

Pergunta 16 Relatório

Which of the following is not a component of national income at factor cost?

Wages earned by doctor

Rent paid to landlords

Indirect tax Resposta correta

Undistributed company profits

Interest on loan

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

National Income

Ver Resposta

Pergunta 17 Relatório

Number of Workers	Total Products
1	10
2	28
3	48
4	72
5	80

Study the table above: What is the marginal product of the second worker?

18 Resposta correta

Detalhes da Resposta

Ler a nota de aula em The Theory Of Supply (JAMB)

Ler a nota de aula em The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Ver Resposta

Pergunta 18 Relatório

Average cost is

the total cost of production

the extra cost of producing one additional unit of output

cost of producing a unit of output Resposta correta

variable cost

overhead cost

Detalhes da Resposta

Ler a nota de aula em Theory Of Costs (JAMB)

Ler a nota de aula em Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Ver Resposta

Pergunta 19 Relatório

Pure monopoly describes market where

there are many sellers and a few buyers

goods are sold at different price

entry is not blocked, but no one cares to enter

a few sellers and one buyer exist

None of the above Resposta correta

Detalhes da Resposta

Ler a nota de aula em Market Structures (WAEC)

Market Structures

Ver Resposta

Pergunta 20 Relatório

The price mechanism

regulates supply and demand Resposta correta

rations the consumers

rewards the producers

allocates scarce resources

does all of the above

Detalhes da Resposta

Ler a nota de aula em The Theory Of Price Determination (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Ver Resposta

Pergunta 21 Relatório

An ad valorem tax means

total amount of an income tax

a certain percentage on the value of a commodity Resposta correta

a certain percentage tax on the volume of commodity

a tax on capital gain

a profit tax

Detalhes da Resposta

Ler a nota de aula em Economics As A Science (JAMB)

Ler a nota de aula em Economic Systems (JAMB)

Economics As A Science

Economic Systems

Ver Resposta

Pergunta 22 Relatório

which of the financial institutions cannot direct tax loans to individuals?

The agricultural bank

The Industrial bank

The central bank Resposta correta

The Co-operative bank

The Standard bank

Detalhes da Resposta

Ver Resposta

Pergunta 23 Relatório

Infant industries are

a baby food and a baby clothing factories

those which are introducing new products

cases of arrested development

industries temporarily protected by tariff barriers until mature enough to compete on world markets Resposta correta

industries that are allowed to remain permanent cases of adolescence

Detalhes da Resposta

Ler a nota de aula em Economic Integration (WAEC)

Ler a nota de aula em Economic Systems (JAMB)

Economic Integration

Economic Systems

Ver Resposta

Pergunta 24 Relatório

The proportion of currency in the money supply

is higher in developing countries than advanced countries Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Money And Inflation (WAEC)

Money And Inflation

Ver Resposta

Pergunta 25 Relatório

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 Resposta correta

inelastic demand

Detalhes da Resposta

Ler a nota de aula em International Trade (JAMB)

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science

Ver Resposta

Pergunta 26 Relatório

One of the reason why the condition of supply of a commodity may change is

a change in real income

changes in the technique of production Resposta correta

a change of fashion or taste

change in population

Detalhes da Resposta

Ler a nota de aula em The Theory Of Supply (JAMB)

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Population (JAMB)

The Theory Of Supply

The Theory Of Production

Population

Ver Resposta

Pergunta 27 Relatório

The quantity supplied of a commodity increases while

production incraases

demand increses

price of the commodity increases Resposta correta

population of the country increases

more commodites are imported

Detalhes da Resposta

Ler a nota de aula em The Theory Of Supply (JAMB)

The Theory Of Supply

Ver Resposta

Pergunta 28 Relatório

Which of the following assets of the commercial bank does not yield revenue?

Money in the tills of the bank Resposta correta

money at call

Treasury certificates

Treasury bills

Bills of exchange

Detalhes da Resposta

Ler a nota de aula em Banking (JAMB)

Banking

Ver Resposta

Pergunta 29 Relatório

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

zero

2 Resposta correta

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em Demand (WAEC)

The Theory Of Demand

Demand

Ver Resposta

Pergunta 30 Relatório

which of these alternative is wrong? central banks are

bankers to the government

bankers to commercial banks

merchant banks Resposta correta

controllers and regulators of money supply

issuers of bank note

Detalhes da Resposta

Ler a nota de aula em Public Finance (JAMB)

Ler a nota de aula em Banking (JAMB)

Public Finance

Banking

Ver Resposta

Pergunta 31 Relatório

When marginal cost equals marginal revenue of products

the firms is producing at a loss

the firm is at a break-even point Resposta correta

the firm is making the least profit

the supplementary cost of the firm is highest

the firm has maximum profit

Detalhes da Resposta

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Ver Resposta

Pergunta 32 Relatório

The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

visible trade

invisible trade

balance of payments Resposta correta

balance of trade

terms of trade

Detalhes da Resposta

Ler a nota de aula em International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Ver Resposta

Pergunta 33 Relatório

The central bank controls the activities of other banks by all but one of the following

The use of bank rate

The purchase or sale of government bonds on the open market

special deposite

the use of directives

taxation Resposta correta

Detalhes da Resposta

Ler a nota de aula em Methods And Tools Of Economic Analysis (JAMB)

Ler a nota de aula em Public Finance (JAMB)

Ler a nota de aula em Banking (JAMB)

Methods And Tools Of Economic Analysis

Public Finance

Banking

Ver Resposta

Pergunta 34 Relatório

The burden of tax on a commodity whose demand is infinitely inelastic

is zero

will be borne by the seller alone

will be borne by the buyer alone Resposta correta

will be borne by both buyer and seller

is impossible to tell who bears it

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Ver Resposta

Pergunta 35 Relatório

A typical corporate form of business organization is owned by

President of a country

Shareholders Resposta correta

The general manager and the executives

A local government

Foreigners and citizens of the country

Detalhes da Resposta

Ler a nota de aula em Business Organizations (WAEC)

Business Organizations

Ver Resposta

Pergunta 36 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em The Theory Of Price Determination (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Ver Resposta

Pergunta 37 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em Methods And Tools Of Economic Analysis (JAMB)

Ler a nota de aula em The Theory Of Consumer Behaviour (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Consumer Behaviour

Ver Resposta

Pergunta 38 Relatório

The foreign exchange rate of a country is

the interest rate fixed by the central bank

the price of one national currency in terms of another Resposta correta

the rate at which the central bank issues money

the rate of interest on government bonds

None of the above

Detalhes da Resposta

Ler a nota de aula em International Trade (JAMB)

International Trade

Ver Resposta

Pergunta 39 Relatório

Which is the most liquid of the following financial assets held by an individual?

Outstanding balance on the current account of a commercial bank

A credit balance on a savings account Resposta correta

A crossed postal order

An insurance policy

All of the above

Detalhes da Resposta

Ler a nota de aula em Financial Institutions (WAEC)

Financial Institutions

Ver Resposta

Pergunta 40 Relatório

which of the following is not true about occupational distribution of the labour force of West Africa?

A large percentage of the labour force is engaged in agriculture

Agriculture is the most important occupation in West Africa

The manufacturing sector employs a large percentage of the population Resposta correta

Agriculture does not constitute an important source of paid employment

The public sector forms an important source of paid employment

Detalhes da Resposta

Ler a nota de aula em Agriculture (WAEC)

Ler a nota de aula em Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Ver Resposta

Pergunta 41 Relatório

Which of the following is not a direct tax?

company income tax

capital tax

purchase tax Resposta correta

personal income tax

capital gain tax

Detalhes da Resposta

Ler a nota de aula em Public Finance (WAEC)

Ler a nota de aula em Financial Institutions (WAEC)

Public Finance

Financial Institutions

Ver Resposta

Pergunta 42 Relatório

The quantity supplied of a commodity increases best when

Production increases

Demand increases

Price of the commodity increases Resposta correta

Population of the country increases

More commodities are imported

Detalhes da Resposta

Ler a nota de aula em Theory Of Production (WAEC)

Ler a nota de aula em Supply (WAEC)

Theory Of Production

Supply

Ver Resposta

Pergunta 43 Relatório

The 'terms of trade' means

the trade agreement between two countries

the difference in the volumes of exports of two countries

the value of a unit of export in relation to the value of a unit of import Resposta correta

the production of total value of exports to the value of total trade

None of the above

Detalhes da Resposta

Ler a nota de aula em International Trade (JAMB)

International Trade

Ver Resposta

Pergunta 44 Relatório

when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

a fall in income

a rise in the price of a complement

a fall in the price of substitute

a change in taste against this commodity

none of the above Resposta correta

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em The Theory Of Price Determination (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

Ver Resposta

Pergunta 45 Relatório

Inflation can be curbed by

increasing aggregate demand

paying higher wages

increasing government expenditure

reducing aggregate demand Resposta correta

a deficit budget

Detalhes da Resposta

Ler a nota de aula em Money And Inflation (WAEC)

Ler a nota de aula em The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

Ver Resposta

Pergunta 46 Relatório

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 Resposta correta

Proportional

None of the above

Detalhes da Resposta

Ler a nota de aula em The Theory Of Price Determination (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Ver Resposta

Pergunta 47 Relatório

Production covers all but one of the following activities:

changing the position of a good in time as, for example, holding stock of goods until they are required

the provision of some kind of service e.g retailing

changing the form of a good from the raw material to the finished product

changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt

the use of good and services to satisfy individual wants Resposta correta

Detalhes da Resposta

Ler a nota de aula em The Theory Of Production (JAMB)

The Theory Of Production

Ver Resposta

Pergunta 48 Relatório

By utility we mean

usefulness

power of satisfying a want Resposta correta

beneficial

advantageous

consumable

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 49 Relatório

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

cash

money at call Resposta correta

treasury bills

reserve funds

loans and over-draft

Detalhes da Resposta

Ler a nota de aula em Banking (JAMB)

Banking

Ver Resposta

Pergunta 50 Relatório

Which of the following is not true of the theory of optimum population?

It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors

The quantity of labour which combined with the other factors gives the minimum output is known as optimum population Resposta correta

The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population

The test for over-population is whether it exceed the optimum

It is possible for a thinly populated country to be over populated if it has a poor supply of other factor

Detalhes da Resposta

Ler a nota de aula em Population (JAMB)

Population

Ver Resposta






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