JAMB UTME - Economics - 1987
Ibeere 1 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 2 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 3 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 4 Ìròyìn
The difference between personal income and personal disposal income is?
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Ibeere 5 Ìròyìn
In which of the diagrams above, is the consumer surplus correctly shaded?
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Ibeere 6 Ìròyìn
In the operation of market forces, the market is in equilibrium at the point where?
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Ibeere 7 Ìròyìn
Which of the following best explains the structural changes in the population of a country?
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Ibeere 9 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 12 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 13 Ìròyìn
A budget with a projected revenue in excess of its expenditure is said to be?
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Ibeere 14 Ìròyìn
Statistical information available in most West African countries suggests that?
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Ibeere 20 Ìròyìn
An increase in supply will lower price unless?
Ibeere 24 Ìròyìn
For the improvement of the welfare of a people, a high production level is not enough because
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Ibeere 26 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 27 Ìròyìn
The shut-down point for a firm in the short run is the output at which?
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Ibeere 28 Ìròyìn
Which of the following best describes the concept of opportunity cost?
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Ibeere 30 Ìròyìn
What form of market is found in an imperfect competition where there are few buyers and many sellers?
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Ibeere 32 Ìròyìn
Which of the following is a disadvantage of regional concentration of industries?
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Ibeere 33 Ìròyìn
Which of the following is compatible with a firm in a purely competitive market?
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Ibeere 35 Ìròyìn
The additional revenue obtained by using one more unit of a factor is called its?
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Ibeere 36 Ìròyìn
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Ibeere 38 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 40 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 44 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 48 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 49 Ìròyìn
The rate of exchange between a domestic and a foreign currency is defined as the?
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Ibeere 50 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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