JAMB UTME - Economics - 1981 | Green Bridge CBT

Ibeere 1 Ìròyìn

Two goods, X and Y, are said to be complementary when?

A fall in the price of X raises the demand for Y Ìdáhùn tó tọ́

A fall in the price of X causes a fall in the demand for Y

A fall in the price of X does not affect the demand for Y

A rise in the price of X does not affect the demand for Y

The two goods are competitive.

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

Wo Idahun

Ibeere 2 Ìròyìn

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

substitute goods Ìdáhùn tó tọ́

complementary goods

elastic goods

inelastic goods

inferior goods

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

The Theory Of Production

Wo Idahun

Ibeere 3 Ìròyìn

Which of the following is NOT a visible item on international trade payment?

Payment for imported cars

Receipt from cocoa exports

Payments to foreign shipping companies Ìdáhùn tó tọ́

Payments for steel imports

Payment for petroleum imports

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

International Trade

Wo Idahun

Ibeere 4 Ìròyìn

Market Schedules for Milk:

Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
8k	25,000	7,500
10k	23,000	9,000
13k	20,000	11,500
15k	18,000	13,000
18k	15,000	15,000
20k	13,000	17,500
23k	10,000	21,000
25k	8,000	24,000

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

15k, 13,000

20k, 17,500

13k, 20,000

18k, 18,000

18k, 15,000 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Theory Of Price Determination

Demand

Wo Idahun

Ibeere 5 Ìròyìn

The function of money as a standard of deferred payments

Make possible for an individual to build up store of many things for future use

Makes it possible for payment to be postponed from the present to a future date Ìdáhùn tó tọ́

Facilitate the exchange of goods

Makes easy calculations possible

None of the above

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Money And Inflation

Wo Idahun

Ibeere 6 Ìròyìn

Which of the following is NOT a characteristic of perfect competition?

many sellers and buyers in the markets

There is perfect knowledge

Supply and demand are equal Ìdáhùn tó tọ́

There is no advertising

Products are identical

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 7 Ìròyìn

Money becomes a very poor store of value in a period of

Deflation

Stable prices

Recession

Inflation Ìdáhùn tó tọ́

Harvest

Awọn alaye Idahun

Wo Idahun

Ibeere 8 Ìròyìn

Economics may be defined as?

the study of money and banking

the study of markets and prices

the study of production and distribution

the study of human behaviour in the allocation of scarce resources Ìdáhùn tó tọ́

the study of the employment of labour, land, and capital

Awọn alaye Idahun

Wo Idahun

Ibeere 9 Ìròyìn

Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

Climate influences

Development of trade and markets

Soil fertility

Processing of petroleum oil Ìdáhùn tó tọ́

Concentration of educational facilities

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa Population (JAMB)

Agriculture

Population

Wo Idahun

Ibeere 10 Ìròyìn

An economy in which both the public and the private sectors contribute substantially to the growth of output is?

a socialist economy

a capitalist economy

a mixed economy Ìdáhùn tó tọ́

an industrial economy

a peasant economy

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Types And Basic Features Of Economic Systems

Economic Systems

Wo Idahun

Ibeere 11 Ìròyìn

Prohibiting the sale of lace materials in Nigeria would probably lead to?

Increase supply of lace material in Nigeria

Production of better quality lace abroad

Lower price of lace material in Nigeria

Higher price of lace material in Nigeria Ìdáhùn tó tọ́

Increase income to all dealers of lace materials in Nigeria

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

The Theory Of Supply

Theory Of Price Determination

Wo Idahun

Ibeere 12 Ìròyìn

One of the probable effects of an increased minimum wage in Nigeria is?

to create volunteer unemployment

to decrease the wage rate

to increase the level of unemployment

to create involuntary unemployment Ìdáhùn tó tọ́

to increase the demand for labour

Awọn alaye Idahun

Wo Idahun

Ibeere 13 Ìròyìn

In this diagram, So So is the original supply curve while S₁ S₁ represent?

A movement along a give supply curve

an increase in supply

decrease in supply Ìdáhùn tó tọ́

A perfect elastic supply curve

An abnormal supply curve

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

The Theory Of Supply

Wo Idahun

Ibeere 14 Ìròyìn

Progressive income tax can be expressed as

tax that falls as income rises

tax that rises as income falls

tax that is independent of income

tax that rises as income rises Ìdáhùn tó tọ́

tax that is neutral to income

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 15 Ìròyìn

Invisible trade refers to trade in?

services

goods and services

tangible goods

short-term and long-term capital

goods that cannot be seen Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

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

International Trade

International Trade And Balance Of Payments

Wo Idahun

Ibeere 16 Ìròyìn

Elasticity of demand is given by

the prcentage change in quantity demanded divided by the corresponding percentage change in price Ìdáhùn tó tọ́

the percentage change in price divided by the corresponding percentage change in quantity demanded

the percentage change in quantity demanded divided by the corresponding price

the percentage change in price divided by the corresponding quantity demanded

none of the above

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Demand

Wo Idahun

Ibeere 17 Ìròyìn

Which of the following does NOT belong in respect of the quantity of money?

Durability

Division into the smallest units of value

Portable

Identifiable by all

Measure of value Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Money And Inflation

Banking

Wo Idahun

Ibeere 18 Ìròyìn

Which of the following statement does NOT describe a situation of perfect competition.?

The firm faces an infinitely elastic demand curve

The firm makes no pure profit in the short run Ìdáhùn tó tọ́

The price does not change with changes in the output level of the firm

There is freedom of entry into, and exit out of the industry

The firm can sell all it produces at the market price

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 19 Ìròyìn

If the income of a consumer rises and his demand for good X falls, good X can be described as

a normal good

an adnoral good

a good with inelastic demand

a good with unitary elastic demand

none of the above Ìdáhùn tó tọ́

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Consumer Behaviour

The Theory Of Demand

Wo Idahun

Ibeere 20 Ìròyìn

Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

Immigration Ìdáhùn tó tọ́

Brith control measures, e.g. use of contraceptives

Late marriage

Creating more educational opportunities for women

Sex education

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 21 Ìròyìn

	Sector 1 Agriculture	Sector 2 Manufacturing and Crafts	Sector 3 Petroleum and Mining	Sector 4 Services
Share in total National Output	25%	10%	50%	15%
Share in total Employment	60%	10%	5%	25%
Growth rate of Sectoral Output	2%	5%	10%	3%

From the above, the Growth Rate of Total National Output or GDP is

6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%

20.0%, i.e. (2 + 5 + 10 +3)%

2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%

5.0%, i.e,(2 +5 + 10 + 3)/ 4% Ìdáhùn tó tọ́

not obtainable

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (JAMB)

National Income

Wo Idahun

Ibeere 22 Ìròyìn

An equilibrium price?

keeps excess demand within limits

keeps excess supply within limits

generates the greatest possible demand and supply

generates the greatest possible profits

equates the quantity supplied to be equal to the quantity demanded. Ìdáhùn tó tọ́

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

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

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Factors Of Production And Their Theories

Theory Of Price Determination

Theory Of Production

The Theory Of Price Determination

Demand

Wo Idahun

Ibeere 23 Ìròyìn

Surplus in balance of payment leads to?

inflation or increasing prices generally

increases in foreign reserves Ìdáhùn tó tọ́

decreases in foreign reserves

Government budget surplus

none of the above

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Money And Inflation

Wo Idahun

Ibeere 24 Ìròyìn

The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

industrialization

export-promotion

import-substitution Ìdáhùn tó tọ́

export--substitution

import-expansion

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Industry And Industrialization

Wo Idahun

Ibeere 25 Ìròyìn

When a nation’s exports are greater than its imports

The net foreign trade is zero

an unfavourable balance of payment exist

A favourable balance of payment exists

An un favourable balance of trade exist

A favourable balance of trade exists Ìdáhùn tó tọ́

Awọn alaye Idahun

Wo Idahun

Ibeere 26 Ìròyìn

Government budget can be described as the sum of?

Indirect tax, direct tax, and loans expected within a financial year

Planned recurrent expenditure and planned investment expenditure

Planned capital expenditure for a development plan within a plan period

Planned expenditure and expect revenue within a financial year Ìdáhùn tó tọ́

Planned expenses of all ministries within a financial year

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Public Finance

Wo Idahun

Ibeere 27 Ìròyìn

Which of the following statements does NOT describe a situation of perfect competition?

The firm faces an infinitely elastic demand curve

The firm makes no pure profit in the short run Ìdáhùn tó tọ́

The price does not change with changes in the output level of the firm

There is freedom of entry into and exit out of , the industry

The firm can sell all it produces at the market price

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 28 Ìròyìn

Opportunity cost is best defined as?

the penalty for not seizing golden opportunities

sacrificed alternative (output, income etc.) Ìdáhùn tó tọ́

the cost of creating job opportunities

payment made to an industrial worker

the difference between fixed and variable costs

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

Wo Idahun

Ibeere 29 Ìròyìn

Which of the following statement is NOT true about agriculture in West Africa?

Agriculture employs over 60% of West Africa’s occupied population

Agriculture production is the basis for excise taxes in West Africa Ìdáhùn tó tọ́

Many West Africa countries depend on agricultural exports for foreign exchange earnings

Agriculture supplies West African industries with raw materials

Agriculture provides incomes to West African farmers who engaged in it

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Agriculture

Money And Inflation

Wo Idahun

Ibeere 30 Ìròyìn

If a commodity has many substitutes, it is most likely that?

the demand curve is fairly inelastic

the demand curve is fairly elastic Ìdáhùn tó tọ́

the demand curve is paraell to the quantity axis

the demand curve is positively sloped

the price of the commodity is too high

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Demand

Economics As A Science

Wo Idahun

Ibeere 31 Ìròyìn

The most basic concern of economists is to?

create human wants

satisfy all human want

redistribute income so that it is used correctly

create perfect competition

study ways of allocating scarce resources in order to satisfy human wants Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 32 Ìròyìn

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

budget deficit Ìdáhùn tó tọ́

balance budget

budget surplus ‘

budget statement

unfavourable budget.

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Public Finance

Wo Idahun

Ibeere 33 Ìròyìn

	Amount of labour days	Cocoa (tons)	Cloth (metres)
Country I	200	600	900
Country II	200	300	800

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

country I has absolute disadvantage in the production of both cocoa and cloth

country I has absolute advantage in the prodcttion of both cocoa and cloth Ìdáhùn tó tọ́

country ll has absolute advantage in the production of both cocoa and cloth

country ll has a comparative advantage in the production of cocoa

country ll should leave the production of both cocoa and cloth to country l.

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa Market Structures (WAEC)

International Trade

Market Structures

Wo Idahun

Ibeere 34 Ìròyìn

Government in West Africa countries engage in running a number of enterprises because ?

Large amount of capital are needed and key industries should not be left in private hands

Private capital would not established an adequate infrastructure

It brings about a more even distribution of the country’s wealth

The social costs of some enterprises make the government the most suitable body to set them up

All of the above Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Business Organizations

Economic Systems

Wo Idahun

Ibeere 35 Ìròyìn

Which of the following is NOT true about specialization or division of labour?

Specialization and exchange go hand in hand

Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized

Division of labour needs not take account of the extent of the market Ìdáhùn tó tọ́

Division of labour results in increased productivity

Division of labour involves the danger of unemployment

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Business Organizations

Economics As A Science

Wo Idahun

Ibeere 36 Ìròyìn

unlimited liability means?

The government can tax a company without limit

The debts of a company must be paid out of it assets

A company ceases to exist at the death of one of its owners

A firm must pay its debts from business as well as private funds Ìdáhùn tó tọ́

None of the above

Awọn alaye Idahun

Wo Idahun

Ibeere 37 Ìròyìn

Which of the following is NOT a visible iterm in international trade payments?`

Payments for imported cars

Receipts from coca exports

Payments to foreign shipping companies Ìdáhùn tó tọ́

Payments for steel imports

Payments for petroleum imports

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

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

International Trade

International Trade And Balance Of Payments

Wo Idahun

Ibeere 38 Ìròyìn

Which of the following is NOT a major function of a Central Bank?

Serving as Goverment''s bank

Serving as bankers bank

Acceptance of deposit from the public Ìdáhùn tó tọ́

Responsibility for monetary policy

Serving as lender of last resort

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Public Finance

Banking

Wo Idahun

Ibeere 39 Ìròyìn

Inflation is likely to benefit?

persons with bank savings

persons employed in financial houses

debtors Ìdáhùn tó tọ́

persons who lived on fixed pension funds

creditors

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Money And Inflation

Wo Idahun

Ibeere 40 Ìròyìn

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

Human wants are numerous but the resources needed to satisfy them are limited

Given numerous wants and limited resources only individuals and businesss firms make choice Ìdáhùn tó tọ́

The process of making a choices involves opportunity cost

An economist is not interested morality or otherwise of any choice so made

Usually choice is made from a list of wants compliled in the context of a scale of preference

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Factors Of Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa Definition And Scope Of Economics (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

The Theory Of Supply

Factors Of Production

Definition And Scope Of Economics

Economics As A Science

Money And Inflation

Wo Idahun

Ibeere 41 Ìròyìn

Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

The value of industrial exports is declining

The value of industrial imports is constant

The share of agricultural exports is increasing

The share of agricultural export is decreasing Ìdáhùn tó tọ́

The value of mineral export is declining

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (JAMB)

International Trade

International Economic Organizations

Wo Idahun

Ibeere 42 Ìròyìn

Indirect taxes are taxes?

which are levied on the incomes and profits of individuals and firms

whose incidence always falls on the consumer

which are based on the progressive principle

on casinos, airports and capitals gains

which are levied on people and economic units through the goods and services they purchase Ìdáhùn tó tọ́

Awọn alaye Idahun

Wo Idahun

Ibeere 43 Ìròyìn

Summary of product condition in countries i and ii

Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800

From the above table, we can correctly say in respect of international trade that

Country I has absolute disadvantage in the production of both cocoa cloth

Country I has absolute advantage in the production of both cocoa and cloth Ìdáhùn tó tọ́

Country II has absolute advantage in the production of both cocoa and cloth

Country II has comparative advantage in the production of cocoa

Country II should leave the production of both cocoa and cloth to country I

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (JAMB)

International Trade

International Economic Organizations

Wo Idahun

Ibeere 44 Ìròyìn

If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

P₉ = P₈ + D - B = I - E