JAMB UTME - Economics - 1979 | Green Bridge CBT

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 Jibu sahihi

inelastic demand

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

International Trade

The Theory Of Demand

Economics As A Science

Tazama Jibu

Swali 8 Ripoti

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

Wages earned by doctor

Rent paid to landlords

Indirect tax Jibu sahihi

Undistributed company profits

Interest on loan

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

National Income

Tazama Jibu

Swali 9 Ripoti

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 Jibu sahihi

Proportional

None of the above

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Tazama Jibu

Swali 10 Ripoti

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 Jibu sahihi

balance of trade

terms of trade

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Tazama Jibu

Swali 11 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Demand (WAEC)

The Theory Of Demand

Demand

Tazama Jibu

Swali 12 Ripoti

A typical corporate form of business organization is owned by

President of a country

Shareholders Jibu sahihi

The general manager and the executives

A local government

Foreigners and citizens of the country

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu

Swali 13 Ripoti

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

there are restrictions in trade Jibu sahihi

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

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye International Economic Organizations (WAEC)

International Trade

International Economic Organizations

Tazama Jibu

Swali 14 Ripoti

The quantity supplied of a commodity increases while

production incraases

demand increses

price of the commodity increases Jibu sahihi

population of the country increases

more commodites are imported

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Supply (JAMB)

The Theory Of Supply

Tazama Jibu

Swali 15 Ripoti

Division of labour means

dividing the labour into different categories

splitting the process of production into different parts to be completed by each person Jibu sahihi

dividing the goods and services into different sections

assigning different duties to labourers

group of labourers working in a factory or shop

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Economics As A Science

Tazama Jibu

Swali 16 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Methods And Tools Of Economic Analysis (JAMB)

Soma maelezo ya somo kwenye Public Finance (JAMB)

Soma maelezo ya somo kwenye Banking (JAMB)

Methods And Tools Of Economic Analysis

Public Finance

Banking

Tazama Jibu

Swali 17 Ripoti

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 Jibu sahihi

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

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population (JAMB)

Population

Tazama Jibu

Swali 18 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

The Theory Of Production

Tazama Jibu

Swali 19 Ripoti

The proportion of currency in the money supply

is higher in developing countries than advanced countries Jibu sahihi

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

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Money And Inflation

Tazama Jibu

Swali 20 Ripoti

Which of the following is not an indirect tax?

excise duty

company tax Jibu sahihi

import duty

export duty

sales tax

Maelezo ya Majibu

Tazama Jibu

Swali 21 Ripoti

The value of money is generally measured in reference to

the interest rate charged on bank loans

the general price level Jibu sahihi

the size of countries gold stock

the level of economic development in a country

the price of stocks and shareson the stock exchange

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Money And Inflation

Tazama Jibu

Swali 22 Ripoti

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

Money in the tills of the bank Jibu sahihi

money at call

Treasury certificates

Treasury bills

Bills of exchange

Maelezo ya Majibu

Soma maelezo ya somo kwenye Banking (JAMB)

Banking

Tazama Jibu

Swali 23 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

National Income

Tazama Jibu

Swali 24 Ripoti

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

cash

money at call Jibu sahihi

treasury bills

reserve funds

loans and over-draft

Maelezo ya Majibu

Soma maelezo ya somo kwenye Banking (JAMB)

Banking

Tazama Jibu

Swali 25 Ripoti

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 Jibu sahihi

unemployement is high in the country

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Soma maelezo ya somo kwenye Population (JAMB)

Population And Labour Market

Population

Tazama Jibu

Swali 26 Ripoti

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 Jibu sahihi

will be borne by both buyer and seller

is impossible to tell who bears it

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Tazama Jibu

Swali 27 Ripoti

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

Ordinary shares

Preference shares

cummulative shares

participating preference shares

debentures Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Consumer Behaviour (WAEC)

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Theory Of Consumer Behaviour

Theory Of Costs

Tazama Jibu

Swali 28 Ripoti

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 Jibu sahihi

a change of fashion or taste

change in population

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Supply (JAMB)

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Population (JAMB)

The Theory Of Supply

The Theory Of Production

Population

Tazama Jibu

Swali 29 Ripoti

An ad valorem tax means

total amount of an income tax

a certain percentage on the value of a commodity Jibu sahihi

a certain percentage tax on the volume of commodity

a tax on capital gain

a profit tax

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economics As A Science

Economic Systems

Tazama Jibu

Swali 30 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structures (WAEC)

Market Structures

Tazama Jibu

Swali 31 Ripoti

Inflation can be curbed by

increasing aggregate demand

paying higher wages

increasing government expenditure

reducing aggregate demand Jibu sahihi

a deficit budget

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Soma maelezo ya somo kwenye The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

Tazama Jibu

Swali 32 Ripoti

The quantity supplied of a commodity increases best when

Production increases

Demand increases

Price of the commodity increases Jibu sahihi

Population of the country increases

More commodities are imported

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

Soma maelezo ya somo kwenye Supply (WAEC)

Theory Of Production

Supply

Tazama Jibu

Swali 33 Ripoti

The price mechanism

regulates supply and demand Jibu sahihi

rations the consumers

rewards the producers

allocates scarce resources

does all of the above

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Tazama Jibu

Swali 34 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

National Income

Tazama Jibu

Swali 35 Ripoti

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 Jibu sahihi

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

None of the above

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 36 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Methods And Tools Of Economic Analysis (JAMB)

Soma maelezo ya somo kwenye The Theory Of Consumer Behaviour (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Consumer Behaviour

Tazama Jibu

Swali 37 Ripoti

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 Jibu sahihi

the rate at which the central bank issues money

the rate of interest on government bonds

None of the above

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 38 Ripoti

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 Jibu sahihi

industries that are allowed to remain permanent cases of adolescence

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Integration (WAEC)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economic Integration

Economic Systems

Tazama Jibu

Swali 39 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Tazama Jibu

Swali 40 Ripoti

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 Jibu sahihi

Agriculture does not constitute an important source of paid employment

The public sector forms an important source of paid employment

Maelezo ya Majibu

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Tazama Jibu

Swali 41 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

Tazama Jibu

Swali 42 Ripoti

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 Jibu sahihi

A crossed postal order

An insurance policy

All of the above

Maelezo ya Majibu

Soma maelezo ya somo kwenye Financial Institutions (WAEC)

Financial Institutions

Tazama Jibu

Swali 43 Ripoti

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 Jibu sahihi

Controllled market

Stock exchange market

Open market

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structures (WAEC)

Market Structures

Tazama Jibu

Swali 44 Ripoti

When marginal cost equals marginal revenue of products

the firms is producing at a loss

the firm is at a break-even point Jibu sahihi

the firm is making the least profit

the supplementary cost of the firm is highest

the firm has maximum profit

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Tazama Jibu

Swali 45 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 46 Ripoti

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

The agricultural bank

The Industrial bank

The central bank Jibu sahihi

The Co-operative bank

The Standard bank

Maelezo ya Majibu

Tazama Jibu

Swali 47 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Economics As A Science

Tazama Jibu

Swali 48 Ripoti

Which of the following is not a direct tax?

company income tax

capital tax

purchase tax Jibu sahihi

personal income tax

capital gain tax

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (WAEC)

Soma maelezo ya somo kwenye Financial Institutions (WAEC)

Public Finance

Financial Institutions

Tazama Jibu

Swali 49 Ripoti

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

below it

above it Jibu sahihi

falling

zero

None of the above

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Supply (JAMB)

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Tazama Jibu

Swali 50 Ripoti

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

Transport

Storage

Advertising

After-sale services

Branding Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu






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