JAMB UTME - Economics - 1987 | Green Bridge CBT

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 Jibu sahihi

Maelezo ya Majibu

Tazama Jibu

Swali 11 Ripoti

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Jibu sahihi

payment transferred from one account to another

Maelezo ya Majibu

Tazama Jibu

Swali 12 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

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

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

The Theory Of Demand

Economics As A Science

Tazama Jibu

Swali 13 Ripoti

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 Jibu sahihi

foreign currency price of gold

domestic currency price of gold

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 14 Ripoti

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

Oligopoly

Monopoly

Duopoly

Oligopsony Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structure (JAMB)

Market Structure

Tazama Jibu

Swali 15 Ripoti

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

Development of congested urban areas Jibu sahihi

Existence of regional unempolyment

High cost of labour

Immobility of labour

Maelezo ya Majibu

Soma maelezo ya somo kwenye Distributive Trade (WAEC)

Soma maelezo ya somo kwenye Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

Tazama Jibu

Swali 16 Ripoti

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 Jibu sahihi

20 units

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 17 Ripoti

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

III

IV 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 Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Tazama Jibu

Swali 18 Ripoti

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Jibu sahihi

demand is highly inelastic

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Demand (WAEC)

The Theory Of Supply

Demand

Tazama Jibu

Swali 19 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Growth And Development (JAMB)

Economic Growth And Development

Tazama Jibu

Swali 20 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

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

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

The Theory Of Supply

The Theory Of Demand

Tazama Jibu

Swali 21 Ripoti

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 Jibu sahihi

macroeconomics

production

indifference curve

Maelezo ya Majibu

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

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

The Theory Of Demand

Economics As A Science

Tazama Jibu

Swali 22 Ripoti

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

marginal product

additional product

marginal revenue product Jibu sahihi

average product

Maelezo ya Majibu

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

The Theory Of Production

Tazama Jibu

Swali 23 Ripoti

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

balanced

surplus Jibu sahihi

deficit

inflationary

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (WAEC)

Public Finance

Tazama Jibu

Swali 24 Ripoti

For normal goods the income elasticity of demand is?

positive Jibu sahihi

negative

zero

infinite

Maelezo ya Majibu

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

The Theory Of Demand

Tazama Jibu

Swali 25 Ripoti

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 Jibu sahihi

the poor buy the good only out of habit

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Distributive Trade (WAEC)

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

Soma maelezo ya somo kwenye Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

Tazama Jibu

Swali 26 Ripoti

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 Jibu sahihi

0.80

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

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

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

Tazama Jibu

Swali 27 Ripoti

Price can be defined as?

a rate of exchange Jibu sahihi

a mediumof exchange

the cost of product

the standard of accounting

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Theory Of Price Determination

Tazama Jibu

Swali 28 Ripoti

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Jibu sahihi

mobilize more funds for development

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 29 Ripoti

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 Jibu sahihi

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 30 Ripoti

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

price only Jibu sahihi

quantity only

quality only

price and quantity

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

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

Theory Of Price Determination

The Theory Of Demand

Tazama Jibu

Swali 31 Ripoti

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

elastic

inelastic Jibu sahihi

perfectly elastic

unitary elastic

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 32 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

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

The Theory Of Production

Tazama Jibu

Swali 33 Ripoti

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Jibu sahihi

Construction

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structure (JAMB)

Market Structure

Tazama Jibu

Swali 34 Ripoti

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

David Richardo

J.M. Keynes

Adam Smith Jibu sahihi

Karl Marx

Maelezo ya Majibu

Tazama Jibu

Swali 35 Ripoti

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

demand is inelastic

demand is infinitely inelastic Jibu sahihi

Marginal Cost is falling

Price is greater than Marginal Cost

Maelezo ya Majibu

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

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

The Theory Of Supply

The Theory Of Demand

Tazama Jibu

Swali 36 Ripoti

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 Jibu sahihi

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

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

Theory Of Price Determination

The Theory Of Price Determination

Tazama Jibu

Swali 37 Ripoti

Money market differs from capital market in that it?

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

Jibu sahihi

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

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 38 Ripoti

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

Jibu sahihi

Total fixed cost plus marginal cost

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

Tazama Jibu

Swali 39 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

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

Theory Of Price Determination

The Theory Of Demand

Tazama Jibu

Swali 40 Ripoti

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

wages

rent Jibu sahihi

interest

profit

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

Tazama Jibu

Swali 41 Ripoti

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 Jibu sahihi

the government's budget for its school

Maelezo ya Majibu

Tazama Jibu

Swali 42 Ripoti

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 Jibu sahihi

Average Cost is minimum

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 43 Ripoti

The difference between personal income and personal disposal income is?

personal income tax Jibu sahihi

investment income

personal savings

consumption expenditure

Maelezo ya Majibu

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

Economics As A Science

Tazama Jibu

Swali 44 Ripoti

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 Jibu sahihi

A cost that constantly decreases

Maelezo ya Majibu

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

Economics As A Science

Tazama Jibu

Swali 45 Ripoti

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

Debenture holding Jibu sahihi

private company

Parnership

Joint Stock venture

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu

Swali 46 Ripoti

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

Dumping Jibu sahihi

Counter-trade

Bilateral trade

Trade liberalization

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 47 Ripoti

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

Jibu sahihi

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

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

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

Tazama Jibu

Swali 48 Ripoti

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 Jibu sahihi