JAMB UTME - Economics - 1983

Which of the following defines Economics most comprehensively?

What is the market equilibrium price?

Mono production economies are those that?

The meaningof 'Dumping' is selling goods in a foreign market

Full employment is a situation in which?

Which of the following is NOT include in measuring national income by the income approach?

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

Which of the following are direct taxes?

The effect of emigration on a country's population, all other things remaining equal, is to

The concept of economic efficiency primary refers to?

A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

The quickest way of achieving an economic union on regional basis is to remove all?

The monetary system that requires double coincidence of want is known as?

Which of thefollowing items is NOT an argument for locating industries in rural areas?

The natural growth rate of a population is the

When demand is elastic, it means that consumers

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

NEPA as a public corporation is?

Which of the following is NOT an advantage of localization of industries?

Petroleum 'glut' in international trade means

Agriculture plays a dominant role in West Africa economics because

The meaning of ‘wage-price spiral’ is?

In the diagram P₁ S is a supply curve for a manufactured. its shows that

Nigeria is currently implementing the?

Differentiated product is the characteristic feature of?

Comparative cost doctrine of international trade means specialization in production

Public expenditure creates expansionary effects in the economy when it is

A greater burden of the taxes on essential goods is borne by the?

Retailers in an economy perform the function of

Age-structure in Nigeria is such that the working age-group is in the years

The supply of loanable funds is significantly influenced by?

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

Disequilibrium in the balance of payment means?

In a sole proprietorship, the decisions are made by the?

Demand for a factor of production is?

A Nigerian household's demand curve for semovita is downward because?

Marginal cost curve intersects average cost curve ?

The maintenance of general economic stability in the country necessarily relies heavily on?

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

In an inflationary period which of the following statements is NOT true?

Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?

Division of labour has many advantages . Not withstanding, it is greatly limited by?

In the event of a limited liability company going into liquidation each

A major function of middlemen in Nigeria is the distribution of?

Which of the following sets fully represents factors of production?

When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages?

Palm oil industry is located in Bendel State because the State?

International trade is necessary because?

Which of the following enterprises does NOT pursue the sole objective of profit maximization?