JAMB UTME - Economics - 2005
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The distinction between onshore and offshore operations in oil exploration lies in the
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Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?
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Localization of industries in Nigeria is mainly influenced by
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The hoarding of goods is usually experienced when
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The price index computed between two time periods is given as 128%,This implies that the
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The savings deposit in a commercial bank is called
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In a particular year, the sum of the value added in each sector of the economy was N4550 million
The amount represents the GNP measured by the
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Given the table above, what is the firm's short - run profit maximizing output?
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Under perfect competition, the short-run supply curve of a firm is determined by its
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The major contribution of the petroleum industry to the Nigerian economy is the
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If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county
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The short-run inelasticity of supply of agricultural produce causes
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During a conflict between management and workers, the union's bargaing power is based on
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A major assumption in a perfectly competitive market is that
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A profit maximizing monopolist should produce within the range where his demand is
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Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income?
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Above full employment level, an expansionary monetary policy will lead to a
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Population density is described as the
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Agricultural backward-linkage effect means the establishment of
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In a car assembly plant, division of labour is demonstrated by
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For a firm to break even in the long run, the marginal cost curve must cut the
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Long-run production is called
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Economies of scale refer to reduced costs per unit that arise from increased total output of a product. It is a fall in the long run average costs because of an increased scale of production. This basically means the cost of production per unit reduces as you produce more units. For example, a larger factory will produce power hand tools at a lower unit price, and a larger medical system will reduce cost per medical procedure.
