JAMB UTME - Economics - 1980

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

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The fundamental problem of Economics is?

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One of the disadvantages of division of labour is that?

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Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

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Commercial banks can create money in the following ways?

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If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

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Which would you NOT consider an advantage of one-man business?

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Utility of a commodity means?

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If the government is interested in raising the highest revenue from a tax system, then for any two commodities

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Production in Economics occurs when

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Which is NOT a method of raising capital funds in Nigeria?

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Which of the taxes appear generally progressive in nature?

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Which is NOT a function of Central Bank in West Africa

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Price control indicate the following

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In a free market economy, the rationing of scarce goods is done principally by

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Which of the following is the standard concept for measuring and analyzing population growth?

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Which is NOT a cause of high population growth in Nigeria?

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Commercial banks can create money in the following ways

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A commercial bank is able to create money

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An economic problem arises when?

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From an economic point of view, an activity does not have a cost when

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Which of the following is NOT a determinant of changes in supply?

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The budget of Nigeria will be deficit if

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Division of labour means?

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In a limited liability company, the greatest risk is borne by?

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Which would you NOT consider an agro-based industry in Nigeria?

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The value of money depends primarily on?

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By subsistence production we mean?

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Which sector can you say is growing fastest in the Nigeria economy?

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By balance of visible trade we mean?

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In Nigeria, cheques are not money because?

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Which of the following is NOT one of the balance of payment entries?

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Nigeria earns the major part of her foreign exchange from the export of?

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In a subsistence economy?

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When we draw a market demand curve, we?

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Indicate which of the following are invisible trade items in a country’s balance of payments?

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The marginal physical product of labour is?

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A limited liability company is owned by?

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Which is the dominant form of tax in Nigeria

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Capital earns income because?

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A disadvantage of the corporate form of business is the?

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In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

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Division of labour is limited by the?

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The terms of trade are said to be favorable only if

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International trade arise because?

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Which of the following is a correct definition of equilibrium price?

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Which of the following is NOT a function of Nigeria commercial Banks?

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Which of the following is NOT a measure for controlling inflation?

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If a firm doubles its output and its cost increase by 60%, the firm is experiencing

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In a normal (typical) demand schedule, the quantity demand is?

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