JAMB UTME - Economics - 1984 | Green Bridge CBT

Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as?

speculative motive

precautionary motive

transactions motive

investment motives

rainy day motive

Awọn alaye Idahun

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

The Theory Of Consumer Behaviour

Wo Idahun

Ibeere 6 Ìròyìn

Cost push inflation takes place due to?

the rapid increase in the demand for goods

an increase in productivity of the factors of production

a rise in the cost of production

a rise in the standard of living

the low wage rate of the workers

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 7 Ìròyìn

The diagram illustrates

the circular flow of income

gross national product plus depreciation

incomes of the private sector

the profit of business enterprises

the output approach to national income determination

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 8 Ìròyìn

The economic goal of public utilities is to?

maximize profit

expand assets

minimize costs

provide essential services

pay higher dividends to shareholders

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Public Finance

Wo Idahun

Ibeere 9 Ìròyìn

An imperfectly competitive market is one where?

a large number of firms sell homogenous products

input and output prices are unaffected

each firm faces aa horizontal demand curve

each firm maximize profit by selecting an output level at

commodities are differentiated

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 10 Ìròyìn

For two substitution goods, the cross elastic of demand is?

greater than one but less than two

zero

negative

positive

infinity

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Demand

Wo Idahun

Ibeere 11 Ìròyìn

The main economic objective behind the production of goods and services in any economy is to?

maximize profits

satisfy human wants

become self reliant

create job opportunities

make people wealthy

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Distributive Trade

Theory Of Production

The Theory Of Demand

Economics As A Science

Wo Idahun

Ibeere 12 Ìròyìn

In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?

Length and cost of training

Demand and supply

attractiveness of the job

Influence of the trade union

Government intervention

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 13 Ìròyìn

In the diagram III refers to the calculationof national income through the

Income approach

Government earnings approach

Expenditure approach

Output approach

Flow of funds approach

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 14 Ìròyìn

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

equal to marginal cost

greater than marginal cost

greater than average total cost

equal to marginal revenue

equal to toal revenue

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

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

The Theory Of Demand

The Theory Of Price Determination

Wo Idahun

Ibeere 15 Ìròyìn

Which of the following does NOT represent the behavior of a monopolist?

Manipulating the market price of his goods

Manipulating both the price and quantity of his goods at the same time

Raising the price at one market, lowering it at another market

Manipulating only quantity, price being a given factor

Manipulating the quantity of his goods

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Production

Wo Idahun

Ibeere 16 Ìròyìn

Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if

$$P_{x}/P_{m}$$

$$P_{x}/P_{m}=1$$

$$P_{x}/P_{m}>1$$

$$P_{x}/P_{m}+1$$

Awọn alaye Idahun

"$$P_{x}/P_{m} > 1$$"

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

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

International Trade And Balance Of Payments

Economics As A Science

Wo Idahun

Ibeere 17 Ìròyìn

An improvement in Nigeria's terms of trade should

Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them

Make made in Nigeria goods cheaper to buy

Increase Nigeria's domestic output of commodities

Lead to an increase in her exchange rates

Lead to an increase in Nigeria's exports of petroleum

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

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

International Trade

The Theory Of Consumer Behaviour

Wo Idahun

Ibeere 18 Ìròyìn

The following except ONE, are the differences between international trade and internal trade?

Diferences in currencies

Government control

Mobility of factors of production

Cultural differences

Exchange of Goods and services

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Factors Of Production And Their Theories

International Trade

Theory Of Consumer Behaviour

Wo Idahun

Ibeere 19 Ìròyìn

In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

a drop in supply

a rise in supply

a supply- push inflation

a stable supply curve

an increase in quantity supplied

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

The Theory Of Supply

Theory Of Price Determination

Theory Of Production

Wo Idahun

Ibeere 20 Ìròyìn

Which of the following items does NOT belong to a country's current account in the balance of payments accounts?

Merchandise exports

Merchandise import

Travel

Foreign currencies

Insurance services

Awọn alaye Idahun

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

International Trade And Balance Of Payments

Wo Idahun

Ibeere 21 Ìròyìn

pricing and output decisions of sellers are highly interdependent in markets known as?

oligopoly

perfect competition

monopoly

monopolistic competition

imperfect competititon

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa Market Structures (WAEC)

Theory Of Price Determination

Theory Of Production

Market Structures

Wo Idahun

Ibeere 22 Ìròyìn

In the diagram, (I) refers to the calculation of national income through the

Expenditure approach

Input - Output approach

Flows of funds approach

Income approach

Output approach

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 23 Ìròyìn

Generally, property taxes?

are borne entirely by landlords

cannot be shifted in the long run

are borne by all (renter, owner occupiers and landlords)

are borne only by renters

are borne by a few industrialist

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 24 Ìròyìn

The question below is based on the table below:

The international production set for Nigeria and Austria is:

From the table, it can be deduced that?

Nigeria should produce cocoa and lace

Austria should produce cocoa and lace

Nigeria can benefit from producing lace only

Nigeria should not produce any of the products because of her relative disadvantages

Austria should produce lace and Nigeria should produce cocoa

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Wo Idahun

Ibeere 25 Ìròyìn

The basic principles of co-operative societies are those of?

active participation of capitalist in the affairs of co-operative societies

worker ownership and worker control

sole proprietorship

partnership

denying of credit facilities to members

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Agriculture

Wo Idahun

Ibeere 26 Ìròyìn

One of the major effects of an increase in government expenditure on a nation’s economy is that it?

creates investment opportunities for foreign investors

leads to indigenization of the private sector

raises the level of total tax revenue

raises the level of aggregate demand

controls the spread of monopoly

Awọn alaye Idahun

Wo Idahun

Ibeere 27 Ìròyìn

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

Excess supply

Favouritism

Bribery and corruption

Bllack marketing

Hoarding

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Wo Idahun

Ibeere 28 Ìròyìn

Public expenditure on services, such as education and health, is known as expenditure on

general services

community services

social services

economic services

administrative services

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Public Finance

Wo Idahun

Ibeere 29 Ìròyìn

The population level that yields the maximum output when combined with available resources is known as

dependent population

maximum population

active population

productive population

optimum population

Awọn alaye Idahun

Wo Idahun

Ibeere 30 Ìròyìn

Which of the following is NOT true of debentures and debenture holders?

Debentures are instruments for rising long-term capital by limited liability companies

Debenture are fixed interest-bearing securities with specified maturity dates

Debentures holders are creditors to the company and therefore do not share in the risk of the company

Debenture holders are entitled to interest payments whether or not profits are made

Preference shareholders recieve their share of profits before debenture holders receive their entitlements

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Theory Of Costs

Population And Labour Market

Wo Idahun

Ibeere 31 Ìròyìn

In the diagram, (III) refers to the calculation of national income through the

Income approach

Government earnings approach

Expenditure approach

Output approach

Flow of funds approach

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (JAMB)

National Income

Wo Idahun

Ibeere 32 Ìròyìn

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

₦350.00

₦340.00

₦360.00

₦370.00

₦55.00

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Ka ìwé ẹ̀kọ́ nípa Supply (WAEC)

Banking

Theory Of Costs

Supply

Wo Idahun

Ibeere 33 Ìròyìn

One of the advantages of large - scale production is that

There is a rise in the cost of administration

Consumers sacrifice their individual tastes

The firm can use labour - saving machinery

The demand for a firm's products become localized

Decision making takes a long time because different levels of management are involved

Awọn alaye Idahun

The usage of machinery helps to oversee in a large scale of production which in turn covers the high amount in time consumption. This makes room for the efficiency of labour as compared to the usage of manpower.

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

The Theory Of Supply

The Theory Of Production

Wo Idahun

Ibeere 34 Ìròyìn

If a person demands money for buying and selling securities. It is referred as demanding money for

Transaction purposes

Speculative purposes

Precautionary purposes

Meeting the educational expenses of the children

Carrying out gambling activities

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

The Theory Of Demand

Demand

Wo Idahun

Ibeere 35 Ìròyìn

Which Of the following is NOT an obstacle to economic development?

Low level of investment

lack of modern technology

High rate of population growth

Low productivity

Dedicated leadership

Awọn alaye Idahun

Wo Idahun

Ibeere 36 Ìròyìn

The Central Bank instrument of control does NOT include

open market operation

moral sanctions

reverse requirements

selective credit control

printing bank-notes

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Public Finance

Banking

Wo Idahun

Ibeere 37 Ìròyìn

In the diagram I refers to the calculation of national income through the

Expenditure approach

Input - Output approach

Flows of funds approach

Income approach

Output approach

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 38 Ìròyìn

The question below is based on the table below:

The international production set for Nigeria and Austria is:

The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

2,2

2,1.5

1.5,4

1.5,2

0.5,1.5

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 39 Ìròyìn

Which of the following is NOT a determinant of the size economically active population?

Age structure

Occupation of workers

Proportion of men to women

Average length of the working day

Efficiency of the labour force

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Population And Labour Market

Wo Idahun

Ibeere 40 Ìròyìn

The most important factor determining the location of the cement industry in Nigeria today is ?

capital and government policy

the nature of the product, infrastructure and government policy

nearness to the market and source of power

Price of the product and source of labour

raw materials

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Petroleum And The Nigerian Economy

Industry And Industrialization

Wo Idahun

Ibeere 41 Ìròyìn

The advantages that accrue to a firm as the size of the firm increases are known as

external diseconomies

internal returns to scale

internal economies

internal diseconomies

constant returns to scale

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

The Theory Of Production

Theory Of Production

Wo Idahun

Ibeere 42 Ìròyìn

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

percentage change in the quantity of X divded by the percentage change in the price of Y

percentage change in the quantity of X divided by change in the price of Y

change in the quantity of X divided by change in the price of Y

percentage change in the quantity of X divided by the price Y

percentage change in the price of X divided by percentage change in the quantity of Y

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

The Theory Of Demand

Demand

Wo Idahun

Ibeere 43 Ìròyìn

A demand curve slopes downwards because of ?

an increase inthe money income of the consumer

a decrease inthe money income of the consumer

the substitution effect and the rise in real income of the consumer

the rise in demand for the complementary goods

the increase in the demand for factors and production

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

The Theory Of Demand

Demand

Wo Idahun

Ibeere 44 Ìròyìn

One disadvantage of sole proprietorship is its?

limited libility

high profits

high sense of ownership

low credit rating

low failure rate

Awọn alaye Idahun

Wo Idahun

Ibeere 45 Ìròyìn

The most important characteristic of money is?

portability

intrisic value

acceptability

usefulness

beauty

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Banking

Money And Inflation

Wo Idahun

Ibeere 46 Ìròyìn

The channel for food distribution in Nigeria consist of?

farmers and their families

producers, wholesalers and retailers

producers and consumers

producers and processor

farmers, processors and consumers

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Business Organizations

Distributive Trade

Wo Idahun

Ibeere 47 Ìròyìn

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

demands at a given price at a point in time

demand at a given price

actually digests

produces, given its price

can store away during bnad weather

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

The Theory Of Demand

Demand

Wo Idahun

Ibeere 48 Ìròyìn

Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?

Complete dependence on oil exports

concentration on agricultural exports

Diversification of the economy

Building of more schools and universities

Introductionn of nuclear energy in Nigeria

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Development And Planning (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economic Growth And Development (JAMB)

Economic Development And Planning

Economic Growth And Development

Wo Idahun

Ibeere 49 Ìròyìn

Which of the following is NOT a feature of economic underdevelopment of a country?

A large number of High income earners relative to the population

High annual income for the few

High incidence of poverty

Low daily calorie intake per person

High infant mortality rate

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Growth And Development (JAMB)

Economic Growth And Development

Wo Idahun

Ibeere 50 Ìròyìn

Division of labour is limited by?

the size of market

the productivity of capital

cost of production

the factors of production

government policy

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economics As A Science

Economic Systems

Wo Idahun






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