JAMB UTME - Economics - 1987 | Green Bridge CBT

Pergunta 1 Relatório

Which of the following best describes the concept of opportunity cost?

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good Resposta correta

A cost that constantly decreases

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Pergunta 2 Relatório

The residual of production which accrues to the owner of land after all other expenses have been met is called?

wages

rent Resposta correta

interest

profit

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The Theory Of Production

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Pergunta 3 Relatório

The difference between personal income and personal disposal income is?

personal income tax Resposta correta

investment income

personal savings

consumption expenditure

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Pergunta 4 Relatório

In the history of Economic Thought the concept of Division of labour is usually associated with?

David Richardo

J.M. Keynes

Adam Smith Resposta correta

Karl Marx

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Pergunta 5 Relatório

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

75 units

35 units

7 units

not determinable from the schedules except when graphed Resposta correta

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Pergunta 6 Relatório

Efficiency of labour is enhanced by?

Average Total Cost less the sum of Varriable Cost

half the sum of all costs

Total Fixed Cost divided by the the level of output Resposta correta

Total Fixed Cost plus Marginal Cost

Detalhes da Resposta

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Factors Of Production And Their Theories

Theory Of Costs

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Pergunta 7 Relatório

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Resposta correta

payment transferred from one account to another

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Pergunta 8 Relatório

Market is defined as?

one geographical location where people meet to buy and sell

the demand and supply of goods and services

a group of people whose sole interest is to make profit

any organizational framework which links the buyers and sellers of a good and service Resposta correta

Detalhes da Resposta

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

Ler a nota de aula em Market Structures (WAEC)

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

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

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Pergunta 9 Relatório

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Resposta correta

Construction

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Market Structure

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Pergunta 10 Relatório

For the improvement of the welfare of a people, a high production level is not enough because

the have-nots deserve more than a fair share Resposta correta

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

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The Theory Of Production

Economics As A Science

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Pergunta 11 Relatório

The liability of the sole trader is?

indeterminable

unlimited Resposta correta

transferable

limited

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Business Organizations

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Pergunta 12 Relatório

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

price only Resposta correta

quantity only

quality only

price and quantity

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Theory Of Price Determination

The Theory Of Demand

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Pergunta 13 Relatório

For normal goods the income elasticity of demand is?

positive Resposta correta

negative

zero

infinite

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Pergunta 14 Relatório

A budget with a projected revenue in excess of its expenditure is said to be?

balanced

surplus Resposta correta

deficit

inflationary

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Public Finance

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Pergunta 15 Relatório

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

Dumping Resposta correta

Counter-trade

Bilateral trade

Trade liberalization

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International Trade

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Pergunta 16 Relatório

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

microeconomics Resposta correta

macroeconomics

production

indifference curve

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The Theory Of Demand

Economics As A Science

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Pergunta 17 Relatório

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Resposta correta

demand is highly inelastic

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The Theory Of Supply

Demand

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Pergunta 18 Relatório

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

elastic

inelastic Resposta correta

perfectly elastic

unitary elastic

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The Theory Of Demand

Demand

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Pergunta 19 Relatório

Which of the following is compatible with a firm in a purely competitive market?

demand is inelastic

demand is infinitely inelastic Resposta correta

Marginal Cost is falling

Price is greater than Marginal Cost

Detalhes da Resposta

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

The Theory Of Supply

The Theory Of Demand

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Pergunta 20 Relatório

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

Resposta correta

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

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Economics As A Science

Economic Systems

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Pergunta 21 Relatório

Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

10.20

3.57

1.25 Resposta correta

0.80

Detalhes da Resposta

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

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

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

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

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Pergunta 22 Relatório

Economic development is defined as?

positive change plus growth

avalibility of more goods and services

outward shift of the production possibility curve

growth in the national income Resposta correta

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Economic Growth And Development

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Pergunta 23 Relatório

Which of the following is a disadvantage of regional concentration of industries?

Development of congested urban areas Resposta correta

Existence of regional unempolyment

High cost of labour

Immobility of labour

Detalhes da Resposta

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Ler a nota de aula em Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

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Pergunta 24 Relatório

The shut-down point for a firm in the short run is the output at which?

the pricr of the product is lowest

marginal Cost is constant

Average Variable Cost is not covered Resposta correta

Average Cost is minimum

Detalhes da Resposta

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The Theory Of Production

Theory Of Costs

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Pergunta 25 Relatório

Frictional unemployment?

is total unemployment minus structural unemployment

occurs when the unemployed are persons with specific training

occurs when the number of job seekers exceeds the number of vacancies

occurs when people are changing jobs Resposta correta

Detalhes da Resposta

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National Income

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Pergunta 26 Relatório

Price can be defined as?

a rate of exchange Resposta correta

a mediumof exchange

the cost of product

the standard of accounting

Detalhes da Resposta

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Pergunta 27 Relatório

In which of the diagrams above, is the consumer surplus correctly shaded?

III

IV Resposta correta

Detalhes da Resposta

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Methods And Tools Of Economic Analysis

The Theory Of Demand

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Pergunta 28 Relatório

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high Resposta correta

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Detalhes da Resposta

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The Theory Of Demand

Economic Systems

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Pergunta 29 Relatório

The money which government spends yearly for the maintenance of its school is?

used only for wages and salaries

part of the government's capital expenditure

part of the government's recurrent expenditure Resposta correta

the government's budget for its school

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Pergunta 30 Relatório

In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change Resposta correta

Detalhes da Resposta

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

Theory Of Price Determination

The Theory Of Demand

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Pergunta 31 Relatório

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Resposta correta

the growth of full employment output will be accelerated

people will want to hold more money

Detalhes da Resposta

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Money And Inflation

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Pergunta 32 Relatório

In the operation of market forces, the market is in equilibrium at the point where?

demand and supply curve intersect in more than one point provided the market is cleared

the excess in market can be conveniently stored

excess demand is negative

demand and supply curves intersect 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 Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

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Pergunta 33 Relatório

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

65 units

40 units

30 units Resposta correta

20 units

Detalhes da Resposta

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Ler a nota de aula em Demand (WAEC)

The Theory Of Demand

Demand

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Pergunta 34 Relatório

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative Resposta correta

the poor buy the good only out of habit

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 The Theory Of Demand (JAMB)

Ler a nota de aula em Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

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Pergunta 35 Relatório

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Resposta correta

Detalhes da Resposta

The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.

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

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Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

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Pergunta 36 Relatório

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Resposta correta

Total fixed cost plus marginal cost

Detalhes da Resposta

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

Methods And Tools Of Economic Analysis

Theory Of Costs

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Pergunta 37 Relatório

In the keynesian model?

the demand for money is inversely related to the rate of interest

investment is directly related to the rate of interest

investment is not related to the rate of interest to the rate of interest

the demand for money is directly related to the rate of interest Resposta correta

Detalhes da Resposta

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

The Theory Of Demand

Economics As A Science

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Pergunta 38 Relatório

The additional revenue obtained by using one more unit of a factor is called its?

marginal product

additional product

marginal revenue product Resposta correta

average product

Detalhes da Resposta

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Pergunta 39 Relatório

The rate of exchange between a domestic and a foreign currency is defined as the?

terms of trade

domestic currency price of a unit of the foreign currency Resposta correta

foreign currency price of gold

domestic currency price of gold

Detalhes da Resposta

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International Trade

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Pergunta 40 Relatório

What form of market is found in an imperfect competition where there are few buyers and many sellers?

Oligopoly

Monopoly

Duopoly

Oligopsony Resposta correta

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Market Structure

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Pergunta 41 Relatório

A limited liability company is usually owned by?

an individual

a government

shareholders Resposta correta

two or more partners

Detalhes da Resposta

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Business Organizations

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Pergunta 42 Relatório

In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

the quantity supplied is infinitely elastic Resposta correta

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

Detalhes da Resposta

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

Theory Of Price Determination

The Theory Of Price Determination

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Pergunta 43 Relatório

Which of the following is NOT a type of business ownership?

Debenture holding Resposta correta

private company

Parnership

Joint Stock venture

Detalhes da Resposta

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Business Organizations

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Pergunta 44 Relatório

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

Resposta correta

expenditure on capital equipment

Detalhes da Resposta

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Theory Of Costs

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Pergunta 45 Relatório

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Resposta correta

a certain percentage tax based on the volume of the commodity

a tax on the income of the consumer

payment of a tax on the profits made

Detalhes da Resposta

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Economics As A Science

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Pergunta 46 Relatório

In the long run a firm will leave an industry if price?

does not cover at at least Average Total Cost

is not equal to Marginal Cost Resposta correta

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Detalhes da Resposta

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

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

Ler a nota de aula em Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

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Pergunta 47 Relatório

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

industrial capital

social capital

fixed capital

circulating capital Resposta correta

Detalhes da Resposta

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The Theory Of Production

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Pergunta 48 Relatório

Which of the following best explains the structural changes in the population of a country?

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population Resposta correta

Detalhes da Resposta

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Population And Labour Market

Population

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Pergunta 49 Relatório

Labour productivity is defined as?

output per man/hour Resposta correta

average output

the maximum number of hours worked

total level of output

Detalhes da Resposta

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Market Structures

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Pergunta 50 Relatório

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Resposta correta

mobilize more funds for development

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

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