JAMB UTME - Economics - 1987 | Green Bridge CBT

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 10 Ripoti

For normal goods the income elasticity of demand is?

positive

negative

zero

infinite

Maelezo ya Majibu

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

The Theory Of Demand

Tazama Jibu

Swali 11 Ripoti

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

Tazama Jibu

Swali 12 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

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 13 Ripoti

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

elastic

inelastic

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 14 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

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 15 Ripoti

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

David Richardo

J.M. Keynes

Adam Smith

Karl Marx

Maelezo ya Majibu

Tazama Jibu

Swali 16 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

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 17 Ripoti

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

Debenture holding

private company

Parnership

Joint Stock venture

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu

Swali 18 Ripoti

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

balanced

surplus

deficit

inflationary

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (WAEC)

Public Finance

Tazama Jibu

Swali 19 Ripoti

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

wages

rent

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 20 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

the government's budget for its school

Maelezo ya Majibu

Tazama Jibu

Swali 21 Ripoti

To which of the following sectors do services belong?

Primary

Secondary

Tertiary

Construction

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structure (JAMB)

Market Structure

Tazama Jibu

Swali 22 Ripoti

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

Oligopoly

Monopoly

Duopoly

Oligopsony

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structure (JAMB)

Market Structure

Tazama Jibu

Swali 23 Ripoti

Price can be defined as?

a rate of exchange

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 24 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

Maelezo ya Majibu

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

Economic Growth And Development

Tazama Jibu

Swali 25 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

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 26 Ripoti

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

Dumping

Counter-trade

Bilateral trade

Trade liberalization

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 27 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. 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

Maelezo ya Majibu

Tazama Jibu

Swali 28 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

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 29 Ripoti

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

Development of congested urban areas

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 30 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

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 31 Ripoti

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

is higher than Average Varriable Cost

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

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Soma maelezo ya somo kwenye Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

Tazama Jibu

Swali 32 Ripoti

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits

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 33 Ripoti

Labour productivity is defined as?

output per man/hour

average output

the maximum number of hours worked

total level of output

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structures (WAEC)

Market Structures

Tazama Jibu

Swali 34 Ripoti

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

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Market Structures (WAEC)

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

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

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

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

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

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (JAMB)

National Income

Tazama Jibu

Swali 37 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

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 38 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

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 39 Ripoti

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

price only

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 40 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

Maelezo ya Majibu

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

The Theory Of Production

Tazama Jibu

Swali 41 Ripoti

The liability of the sole trader is?

indeterminable

unlimited

transferable

limited

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu

Swali 42 Ripoti

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income

payment transferred from one account to another

Maelezo ya Majibu

Tazama Jibu

Swali 43 Ripoti

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

expenditure on capital equipment

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Theory Of Costs

Tazama Jibu

Swali 44 Ripoti

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate

the growth of full employment output will be accelerated

people will want to hold more money

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 45 Ripoti

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

marginal product

additional product

marginal revenue product

average product

Maelezo ya Majibu

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

The Theory Of Production

Tazama Jibu

Swali 46 Ripoti

The difference between personal income and personal disposal income is?

personal income tax

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 47 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

Total Fixed Cost plus Marginal Cost

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Factors Of Production And Their Theories

Theory Of Costs

Tazama Jibu

Swali 48 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

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 49 Ripoti

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