JAMB UTME - Economics - 1985 | Green Bridge CBT

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

X = 20, Y = 6

X = 38, Y =9

X = 46, Y = 9 Ìdáhùn tó tọ́

X = 46, Y = 14

X = 10, Y = 10

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Wo Idahun

Ibeere 11 Ìròyìn

Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?

cost of the bok

cost of the hat Ìdáhùn tó tọ́

book

hat

N10.00

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 12 Ìròyìn

Which of the following is NOT a feature of underdevelopment?

Low per capita income

Vicious circle of poverty

Low level of industrialization

Greater dependence on primary production

High per capita income Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Growth And Development (JAMB)

Economic Growth And Development

Wo Idahun

Ibeere 13 Ìròyìn

Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

Establishement of industries

presence of mineral deposits Ìdáhùn tó tọ́

Transportation facilities

Favourable soils

Favourable climate conditions

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Industrialization (WAEC)

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa Petroleum And The Nigerian Economy (JAMB)

Industrialization

Agriculture

Petroleum And The Nigerian Economy

Wo Idahun

Ibeere 14 Ìròyìn

Because money serves as a standard for deferred payments

it serves as a store of value

goods can be bought on credit with pre-determined value

Ìdáhùn tó tọ́

future trade becomes possible

it serves as a unit of account

it becomes valuable

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

Wo Idahun

Ibeere 15 Ìròyìn

A state budget is an outline of planned

expenditures and revenues expected within a financial year Ìdáhùn tó tọ́

expenditures of ministries and parastatals within a given period

recurrent and capital expenditures within a year

sources of revenues derivationn for a financial year

use of different kinds of taxation in a given year

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Ka ìwé ẹ̀kọ́ nípa Financial Institutions (WAEC)

Public Finance

Financial Institutions

Wo Idahun

Ibeere 16 Ìròyìn

One main quality of a good is that it

is sold in the market

satisfies wants Ìdáhùn tó tọ́

is made in the factory

is always tangible

is non-perishable

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

Wo Idahun

Ibeere 17 Ìròyìn

The inefficient distribution of scarce commodities in Nigeria is mostly due to the?

inefficiency in the middlemen

inefficiency in the production process

long chain of the distribution system

Ìdáhùn tó tọ́

sovereignty of the consumers

ineffectiveness of retailers

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Distributive Trade

Economics As A Science

Wo Idahun

Ibeere 18 Ìròyìn

A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?

6 months

9 mnths

2 years

5 years

10 or more years Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Public Finance

Banking

Wo Idahun

Ibeere 19 Ìròyìn

In the table, the marginal cost when output is two, units is

16.00

20.00

36.00 Ìdáhùn tó tọ́

40.00

48.00

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Wo Idahun

Ibeere 20 Ìròyìn

Under perfect competition, the long-run equilibrium requires?

MR = MC

MR = AC = AR

MR > MC

MR = MC = AR = AC Ìdáhùn tó tọ́

AR = AC

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

Wo Idahun

Ibeere 21 Ìròyìn

The argument of tariff protection in less developed economies is that such a measure would

raise the price of goods affected abroad

make consumers pay a higher price for the domestically produced output

protect young industries from ruinous competition from abroad Ìdáhùn tó tọ́

help reduced excess capacity in domestic industries

stifle private investment intiatives

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

International Trade

Economics As A Science

Wo Idahun

Ibeere 22 Ìròyìn

In the figure above, the broken line labelled M is the marginal revenue curve of a

Monopoly Ìdáhùn tó tọ́

Competitive firm

State corporation

Partnership

Monophony

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Economics As A Science

Industry And Industrialization

Wo Idahun

Ibeere 23 Ìròyìn

The process by which a country attempts to reduce the import of manufactured goods at home is described as?

export-promotion

import-substitution Ìdáhùn tó tọ́

industrialization

export-diversification

import-creation

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa Types And Basic Features Of Economic Systems (WAEC)

International Trade

Types And Basic Features Of Economic Systems

Wo Idahun

Ibeere 24 Ìròyìn

The amount of labour a producer hires relative to labour factor inputs depends on the?

price of labour or it wage

price of labour, machinery and other inputs Ìdáhùn tó tọ́

price of machinery

price of the other inputs

type of machinery

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Factors Of Production (WAEC)

Distributive Trade

Factors Of Production

Wo Idahun

Ibeere 25 Ìròyìn

Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

it would allowed for more money to be spent on luxuries

the interest rate on the loan will increase

it would decrease the demand for Nigeria's exports

it would worsen Nigeria foreign exchange situation Ìdáhùn tó tọ́

Nigerias oil would sell less in the world market

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Ka ìwé ẹ̀kọ́ nípa Agriculture In Nigeria (JAMB)

International Trade

Market Structure

Agriculture In Nigeria

Wo Idahun

Ibeere 26 Ìròyìn

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?

14 days

30 days

60 days

90 days Ìdáhùn tó tọ́

100 days

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Wo Idahun

Ibeere 27 Ìròyìn

How many National Development Plans did Nigeria have between 1960 and 1984?

One

Two

Four Ìdáhùn tó tọ́

Five

Six

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Development And Planning (WAEC)

Economic Development And Planning

Wo Idahun

Ibeere 28 Ìròyìn

Tax which is levied on goods manufactured, sold or used within a country is?

sales tax

excise tax Ìdáhùn tó tọ́

direct tax

income tax

poll tax

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economic Systems

Wo Idahun

Ibeere 29 Ìròyìn

An economic problem exists whenever

there is scacity and choice Ìdáhùn tó tọ́

here are no buyers for our goods

there are too many sellers

many people are out of work

all raw materials are imported

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 30 Ìròyìn

The meaning of scale of preference is?

preparing a list of goods and services to be purchased in order of priority Ìdáhùn tó tọ́

showing the monthly income

budget preparation without due regard to proper proirities

consumers' preference for luxury goods

consumers preference for foreugn goods

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Wo Idahun

Ibeere 31 Ìròyìn

One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?

Prof. Paul Samuelson

Adam Smith

David Ricardo

Rev. Thomas Malthus Ìdáhùn tó tọ́

Prof. Ojetuuji Aboyade

Awọn alaye Idahun

Wo Idahun

Ibeere 32 Ìròyìn

A firm is said to be a public Joint Stock Company when it?

is owned by the government

is operated as a public corporation

is operated in a non-democratic fashion

sells shares to members of the public and publishes its account Ìdáhùn tó tọ́

is a limited liability company

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Business Organizations

Wo Idahun

Ibeere 33 Ìròyìn

The age distribution of a population is NOT influenced by?

brith rates

death rates

patterns of immigration

patterns of emmigration

school leaving age Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Ka ìwé ẹ̀kọ́ nípa Population (JAMB)

Population And Labour Market

Population

Wo Idahun

Ibeere 34 Ìròyìn

Which of the following is a necessary prerequisite for trade by barter?

Needs for double coincidence of wants Ìdáhùn tó tọ́

Multiple exchange rate

Impossibility of future trade

Impossibility of large scale production

Indivisibility of commodities

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Theory Of Price Determination

Economics As A Science

Wo Idahun

Ibeere 35 Ìròyìn

The unemployment associated with a recession is called?

voluntary

frictonal

cyclical Ìdáhùn tó tọ́

structural

maximum

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Public Finance

Population And Labour Market

Wo Idahun

Ibeere 36 Ìròyìn

Which of the following is NOT among the canons of taxation as set out by Adam Smith?

Equality

Security Ìdáhùn tó tọ́

Certainty

Convenience

Economy

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 37 Ìròyìn

Disguised unemployment

exist when manpower is not being utilized efficiently Ìdáhùn tó tọ́

calls for the implementation of five plans

can be eliminated if the press is free

can be eliminated if the capital output ratio is increased

is a statistical artifact with no economic meaning

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Methods And Tools Of Economic Analysis (JAMB)

Ka ìwé ẹ̀kọ́ nípa Factors Of Production And Their Theories (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

Economic Systems

Wo Idahun

Ibeere 38 Ìròyìn

By terms of trade, we mean the?

ratio of exports and imports

differences between exports and imports

differences between current account and capital account

index of export prices to import prices expressed as a percentage

Ìdáhùn tó tọ́

ratio of short-term capital movements to long-term capital movements

Awọn alaye Idahun

Terms of trade (TOT) refers to the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

International Trade

Wo Idahun

Ibeere 39 Ìròyìn

Which of the following is NOT a part of the fixed costs of a limited liability company?

Interest on loans

Rent on buildings

Depreciation reserves

Management expenditure

Wages

Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Theory Of Costs

Wo Idahun

Ibeere 40 Ìròyìn

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

demand for his product is completely elastic Ìdáhùn tó tọ́

supply of his goods is more elastic than the demand

demand for his product is more elastic than the supply

production of his commodities is subject to diminishing returns

production of his commodities is subject to increase returns to scale

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Wo Idahun

Ibeere 41 Ìròyìn

In market economies, resources are allocated through the?

government authorities

price system Ìdáhùn tó tọ́

banking system

central planning bureau

revenue allocation formula

Awọn alaye Idahun

Wo Idahun

Ibeere 42 Ìròyìn

The table above illustrates the law of

diminishing marginal utility Ìdáhùn tó tọ́

diminishing marginal productivity

diminishing returns

increasing returns

increasing total utility

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Demand

Wo Idahun

Ibeere 43 Ìròyìn

If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

technical progress

size of the population

amount of natural resources

Ìdáhùn tó tọ́

the environment

the quality of human resources

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Growth And Development (JAMB)

Economic Growth And Development

Wo Idahun

Ibeere 44 Ìròyìn

When a business has unlimited liability

all its profits can be taxed away by the government

all its assets are owned by the members of its board of directors

the business ceases to exist at the death of one of its owners

the owners are responsible for all its financial debts Ìdáhùn tó tọ́

the owners are not responsible for all its financial debts

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Factors Of Production And Their Theories (JAMB)

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Factors Of Production And Their Theories

Business Organizations

Wo Idahun

Ibeere 45 Ìròyìn

If monopoly is attempting to maximize profit which of the following should it attempt to do?

Select that output at which ATC is at minimum

Set price equal to TC

Maximize profit per unit

Maximize revenue

Equate marginal cost to marginal revnue Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Price Determination (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Theory Of Production

The Theory Of Price Determination

Demand

Wo Idahun

Ibeere 46 Ìròyìn

Limited liability means?

the debts of a company can only be paid from its own assets

Ìdáhùn tó tọ́

the debts of a company are paid from business as well as private funds of the owners

government cannot tax the company

the debts of a company must be paid from private funds only

the company does not have to pay its debts

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Ka ìwé ẹ̀kọ́ nípa Financial Institutions (WAEC)

Business Organizations

Financial Institutions

Wo Idahun

Ibeere 47 Ìròyìn

Study the figure above. At paint H the price elasticity of supply is

Perfectly inelastic

Inelastic

Unit elastic

Ìdáhùn tó tọ́

Perfectly elastic

Elastic

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Price Determination (JAMB)

The Theory Of Supply

The Theory Of Price Determination

Wo Idahun

Ibeere 48 Ìròyìn

Optimum population is desirable because it enables an economy to obtain maximum?

per capita income Ìdáhùn tó tọ́

per capital output

per capita real income

per capital revenue

growth rate

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Ka ìwé ẹ̀kọ́ nípa Population (JAMB)

Population And Labour Market

Population

Wo Idahun

Ibeere 49 Ìròyìn

One of the functions of the commercial banks is that it is?

responsible for monetary policy

responsible for issuing currency notes

the lender of last resort

the banker of the government

a banker of demand and time deposits of customers Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Banking

Wo Idahun

Ibeere 50 Ìròyìn

An example of a regressive tax is?

the personal income tax

the graduated corporation income tax

a general sales tax Ìdáhùn tó tọ́

the inheritance tax

the excise tax

Awọn alaye Idahun

Examples of regressive taxes include sales taxes, user fees and, arguably, property taxes.

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun






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