JAMB UTME - Economics - 1982

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?

Public enterprises are supported on the grounds that they are undertaken for

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

Taxes which are levied on a person’s expenditures are known as?

Oligopoly means

The PAYE (Pay As You Earn) in Nigeria is an example of?

One of the ways by which Government derives revenue from industrial enterprises in West Africa is?

The difference between visible exports and invisible exports of a country, in money terms, is known as the?

Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?

If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is

Demand for money for speculative purposes means?

Retailers are greater in numbers than wholesalers because?

In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?

Who controls a limited liability company ?

The supply of and demand for goods and services are influenced by the?

Economics is a science which deals basically with

The purpose of import duties does NOT include the?

Population growth can be calculated as ?

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

Economist speak about 'opportunity cost' when a person

Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is

The sloping downward of the demand curve implies that?

We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because

The main economic goal of ECOWAS is the attainment of ?

Which one of the following functions of banks in Nigeria is reserved to the Central Bank?

The most dominant economic activity which employs the largest number of people in West Africa is?

The National Electric Power Authority (NEPA) is a?

Full equilibrium under perfect competition requires that?

A good measure of the standard of living usually used for international comparison is

If the Central Bank intends to increase the money supply through open market operations then it will

In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the

The chief sources of Federal Government revenue in Nigeria are?

Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

Which of the following countries is NOT a member of the economic Community of West African States?

Balance of payments of a country explains the overall position of?

Monetary policy does NOT involve

The equilibrium market price is determined at a point where?

What is the growth rate of employment?

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

Function of commercial banks do NOT include?

What is the growth rate of GNP?

which is not responsible for the decline in food production in West Africa?

All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria

A commodity can be sold for two or more different prices if it is?

if AC = Average Cost of production ,

TC = Total Cost of production

VC = Variable Cost of production

FC = Fixed Cost of production

Q = Quantity of goods produced

Then,

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?