JAMB UTME - Economics - 1984 | Green Bridge CBT

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

Excess supply Resposta correta

Favouritism

Bribery and corruption

Bllack marketing

Hoarding

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

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Pergunta 18 Relatório

One of the advantages of large - scale production is that

There is a rise in the cost of administration

Consumers sacrifice their individual tastes

The firm can use labour - saving machinery

Resposta correta

The demand for a firm's products become localized

Decision making takes a long time because different levels of management are involved

Detalhes da Resposta

The usage of machinery helps to oversee in a large scale of production which in turn covers the high amount in time consumption. This makes room for the efficiency of labour as compared to the usage of manpower.

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

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Pergunta 19 Relatório

The economic goal of public utilities is to?

maximize profit

expand assets

minimize costs

provide essential services Resposta correta

pay higher dividends to shareholders

Detalhes da Resposta

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Public Finance

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Pergunta 20 Relatório

Public expenditure on services, such as education and health, is known as expenditure on

general services

community services

social services Resposta correta

economic services

administrative services

Detalhes da Resposta

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Public Finance

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Pergunta 21 Relatório

One disadvantage of sole proprietorship is its?

limited libility

high profits

high sense of ownership

low credit rating Resposta correta

low failure rate

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Pergunta 22 Relatório

An improvement in Nigeria's terms of trade should

Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them Resposta correta

Make made in Nigeria goods cheaper to buy

Increase Nigeria's domestic output of commodities

Lead to an increase in her exchange rates

Lead to an increase in Nigeria's exports of petroleum

Detalhes da Resposta

Ler a nota de aula em International Trade (JAMB)

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

International Trade

The Theory Of Consumer Behaviour

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Pergunta 23 Relatório

In taxation, the benefit principle requires that?

everybody must draw benefit from taxation

all those who earn more income must pay more taxes

only those who derive benefit from services provided from public revenue should be taxed Resposta correta

taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities

everybody pays an equal amount

Detalhes da Resposta

Ler a nota de aula em Public Finance (JAMB)

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

Public Finance

The Theory Of Price Determination

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Pergunta 24 Relatório

The Central Bank instrument of control does NOT include

open market operation

moral sanctions Resposta correta

reverse requirements

selective credit control

printing bank-notes

Detalhes da Resposta

Ler a nota de aula em Public Finance (JAMB)

Ler a nota de aula em Banking (JAMB)

Public Finance

Banking

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Pergunta 25 Relatório

The most important characteristic of money is?

portability

intrisic value

acceptability Resposta correta

usefulness

beauty

Detalhes da Resposta

Ler a nota de aula em Banking (JAMB)

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

Banking

Money And Inflation

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Pergunta 26 Relatório

The question below is based on the table below:

The international production set for Nigeria and Austria is:

The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

2,2

2,1.5

1.5,4

1.5,2 Resposta correta

0.5,1.5

Detalhes da Resposta

Ler a nota de aula em International Trade (JAMB)

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

International Trade

Economics As A Science

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Pergunta 27 Relatório

The question below is based on the table below:

The international production set for Nigeria and Austria is:

From the table, it can be deduced that?

Nigeria should produce cocoa and lace

Austria should produce cocoa and lace

Nigeria can benefit from producing lace only

Nigeria should not produce any of the products because of her relative disadvantages

Austria should produce lace and Nigeria should produce cocoa 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

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Pergunta 28 Relatório

In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?

Length and cost of training

Demand and supply Resposta correta

attractiveness of the job

Influence of the trade union

Government intervention

Detalhes da Resposta

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

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

The Theory Of Supply

The Theory Of Demand

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Pergunta 29 Relatório

A rightward shift in the production possibility frontier may be due to

Use of inferior inputs

Inefficiency

Improvement in production techniques and practices Resposta correta

Changes in the product mix

Changes in consumer's tastes and preferences

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

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Pergunta 30 Relatório

Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as?

speculative motive

precautionary motive Resposta correta

transactions motive

investment motives

rainy day motive

Detalhes da Resposta

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

The Theory Of Consumer Behaviour

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Pergunta 31 Relatório

Which of the following is NOT a feature of economic underdevelopment of a country?

A large number of High income earners relative to the population Resposta correta

High annual income for the few

High incidence of poverty

Low daily calorie intake per person

High infant mortality rate

Detalhes da Resposta

Ler a nota de aula em Economic Growth And Development (JAMB)

Economic Growth And Development

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Pergunta 32 Relatório

The main economic objective behind the production of goods and services in any economy is to?

maximize profits

satisfy human wants Resposta correta

become self reliant

create job opportunities

make people wealthy

Detalhes da Resposta

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

Ler a nota de aula em Distributive Trade (WAEC)

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

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

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

Theory Of Consumer Behaviour

Distributive Trade

Theory Of Production

The Theory Of Demand

Economics As A Science

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Pergunta 33 Relatório

In the diagram I refers to the calculation of national income through the

Expenditure approach

Input - Output approach

Flows of funds approach

Income approach Resposta correta

Output approach

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

National Income

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Pergunta 34 Relatório

The advantages that accrue to a firm as the size of the firm increases are known as

external diseconomies

internal returns to scale

internal economies

Resposta correta

internal diseconomies

constant returns to scale

Detalhes da Resposta

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

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

The Theory Of Production

Theory Of Production

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Pergunta 35 Relatório

Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if

$$P_{x}/P_{m}$$

$$P_{x}/P_{m}=1$$

$$P_{x}/P_{m}>1$$

Resposta correta

$$P_{x}/P_{m}+1$$

Detalhes da Resposta

"$$P_{x}/P_{m} > 1$$"

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

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

International Trade And Balance Of Payments

Economics As A Science

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Pergunta 36 Relatório

One of the major effects of an increase in government expenditure on a nation’s economy is that it?

creates investment opportunities for foreign investors

leads to indigenization of the private sector

raises the level of total tax revenue

raises the level of aggregate demand Resposta correta

controls the spread of monopoly

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Pergunta 37 Relatório

The following except ONE, are the differences between international trade and internal trade?

Diferences in currencies

Government control

Mobility of factors of production Resposta correta

Cultural differences

Exchange of Goods and services

Detalhes da Resposta

Ler a nota de aula em Factors Of Production And Their Theories (JAMB)

Ler a nota de aula em International Trade (JAMB)

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

Factors Of Production And Their Theories

International Trade

Theory Of Consumer Behaviour

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Pergunta 38 Relatório

Which of the following does NOT represent the behavior of a monopolist?

Manipulating the market price of his goods

Manipulating both the price and quantity of his goods at the same time Resposta correta

Raising the price at one market, lowering it at another market

Manipulating only quantity, price being a given factor

Manipulating the quantity of his goods

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 Production (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Production

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Pergunta 39 Relatório

For two substitution goods, the cross elastic of demand is?

greater than one but less than two

zero

negative

positive Resposta correta

infinity

Detalhes da Resposta

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

The Theory Of Demand

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Pergunta 40 Relatório

In the diagram, (III) refers to the calculation of national income through the

Income approach

Government earnings approach

Expenditure approach Resposta correta

Output approach

Flow of funds approach

Detalhes da Resposta

Ler a nota de aula em National Income (JAMB)

National Income

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Pergunta 41 Relatório

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

₦350.00

₦340.00 Resposta correta

₦360.00

₦370.00

₦55.00

Detalhes da Resposta

Ler a nota de aula em Banking (JAMB)

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

Ler a nota de aula em Supply (WAEC)

Banking

Theory Of Costs

Supply

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Pergunta 42 Relatório

The diagram illustrates

the circular flow of income Resposta correta

gross national product plus depreciation

incomes of the private sector

the profit of business enterprises

the output approach to national income determination

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

National Income

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Pergunta 43 Relatório

The basic principles of co-operative societies are those of?

active participation of capitalist in the affairs of co-operative societies

worker ownership and worker control Resposta correta

sole proprietorship

partnership

denying of credit facilities to members

Detalhes da Resposta

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Agriculture

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Pergunta 44 Relatório

Which Of the following is NOT an obstacle to economic development?

Low level of investment

lack of modern technology

High rate of population growth

Low productivity

Dedicated leadership Resposta correta

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Pergunta 45 Relatório

A perfectly competitive firm does not influence the demand for its commodities bylowering its price below the market price because?

it is illegal price cutting

other competitors will be angry

total revenue will decline due to its elastic demand curve Resposta correta

it is able to sell all it wants at the market price

it does not maximize profit

Detalhes da Resposta

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

Ler a nota de aula em Market Structure (JAMB)

The Theory Of Demand

Market Structure

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Pergunta 46 Relatório

Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?

Complete dependence on oil exports

concentration on agricultural exports

Diversification of the economy Resposta correta

Building of more schools and universities

Introductionn of nuclear energy in Nigeria

Detalhes da Resposta

Ler a nota de aula em Economic Development And Planning (WAEC)

Ler a nota de aula em Economic Growth And Development (JAMB)

Economic Development And Planning

Economic Growth And Development

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Pergunta 47 Relatório

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

percentage change in the quantity of X divded by the percentage change in the price of Y Resposta correta

percentage change in the quantity of X divided by change in the price of Y

change in the quantity of X divided by change in the price of Y

percentage change in the quantity of X divided by the price Y

percentage change in the price of X divided by percentage change in the quantity of Y

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

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Pergunta 48 Relatório

In the diagram III refers to the calculationof national income through the

Income approach

Government earnings approach

Expenditure approach Resposta correta

Output approach

Flow of funds approach

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

National Income

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Pergunta 49 Relatório

If a person demands money for buying and selling securities. It is referred as demanding money for

Transaction purposes

Speculative purposes Resposta correta

Precautionary purposes

Meeting the educational expenses of the children

Carrying out gambling activities

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

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Pergunta 50 Relatório

The channel for food distribution in Nigeria consist of?

farmers and their families

producers, wholesalers and retailers Resposta correta

producers and consumers

producers and processor

farmers, processors and consumers

Detalhes da Resposta

Ler a nota de aula em Business Organizations (JAMB)

Ler a nota de aula em Distributive Trade (WAEC)

Business Organizations

Distributive Trade

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