JAMB UTME - Economics - 1987

An increase in supply will lower price unless?

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The difference between personal income and personal disposal income is?

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In the long run a firm will leave an industry if price?

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What form of market is found in an imperfect competition where there are few buyers and many sellers?

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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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In the keynesian model?

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Transfer payment are

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Which of the following best describes the concept of opportunity cost?

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Market is defined as?

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To which of the following sectors do services belong?

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Money market differs from capital market in that it?

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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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The liability of the sole trader is?

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Ad valorem tax means?

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The money which government spends yearly for the maintenance of its school is?

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In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

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Efficiency of labour is enhanced by?

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Which of the following is a disadvantage of regional concentration of industries?

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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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Capital consumption allowance refers to?

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Average fixed cost is

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In the operation of market forces, the market is in equilibrium at the point where?

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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.

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?

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If a good is an inferior good, then?

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The shut-down point for a firm in the short run is the output at which?

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The residual of production which accrues to the owner of land after all other expenses have been met is called?

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Economic development is defined as?

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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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In the history of Economic Thought the concept of Division of labour is usually associated with?

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Price can be defined as?

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The main reason for charging interest is to?

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The additional revenue obtained by using one more unit of a factor is called its?

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A budget with a projected revenue in excess of its expenditure is said to be?

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Statistical information available in most West African countries suggests that?

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The rate of exchange between a domestic and a foreign currency is defined as the?

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Labour productivity is defined as?

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In which of the diagrams above, is the consumer surplus correctly shaded?

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Which of the following is NOT a type of business ownership?

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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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For the improvement of the welfare of a people, a high production level is not enough because

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Which of the following best explains the structural changes in the population of a country?

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Frictional unemployment?

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A limited liability company is usually owned by?

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For normal goods the income elasticity of demand is?

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If inflation is anticipated to continue?

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Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

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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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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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Which of the following is compatible with a firm in a purely competitive market?

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