JAMB UTME - Economics - 1987
Ibeere 1 Ìròyìn
A production possibility curve shows?
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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.
Ibeere 4 Ìròyìn
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?
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Ibeere 7 Ìròyìn
Statistical information available in most West African countries suggests that?
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Ibeere 10 Ìròyìn
A budget with a projected revenue in excess of its expenditure is said to be?
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Ibeere 13 Ìròyìn
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
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Ibeere 14 Ìròyìn
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
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Ibeere 16 Ìròyìn
In the operation of market forces, the market is in equilibrium at the point where?
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Ibeere 17 Ìròyìn
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
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Ibeere 18 Ìròyìn
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
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Ibeere 21 Ìròyìn
In which of the diagrams above, is the consumer surplus correctly shaded?
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Ibeere 24 Ìròyìn
The shut-down point for a firm in the short run is the output at which?
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Ibeere 25 Ìròyìn
For the improvement of the welfare of a people, a high production level is not enough because
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Ibeere 27 Ìròyìn
The additional revenue obtained by using one more unit of a factor is called its?
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Ibeere 28 Ìròyìn
Which of the following is a disadvantage of regional concentration of industries?
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Ibeere 30 Ìròyìn
Which of the following best describes the concept of opportunity cost?
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Ibeere 32 Ìròyìn
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?
Ibeere 34 Ìròyìn
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
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Ibeere 35 Ìròyìn
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Ibeere 36 Ìròyìn
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?
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Ibeere 37 Ìròyìn
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Ibeere 38 Ìròyìn
The residual of production which accrues to the owner of land after all other expenses have been met is called?
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Ibeere 39 Ìròyìn
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
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Ibeere 43 Ìròyìn
Which of the following best explains the structural changes in the population of a country?
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Ibeere 44 Ìròyìn
An increase in supply will lower price unless?
Ibeere 46 Ìròyìn
Which of the following is compatible with a firm in a purely competitive market?
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Ibeere 48 Ìròyìn
The rate of exchange between a domestic and a foreign currency is defined as the?
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Ibeere 50 Ìròyìn
The difference between personal income and personal disposal income is?
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