JAMB UTME - Economics - 1987 | Green Bridge CBT

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?

65 units

40 units

30 units

20 units

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 15 Ìròyìn

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

marginal product

additional product

marginal revenue product

average product

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

The Theory Of Production

Wo Idahun

Ibeere 16 Ìròyìn

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

Oligopoly

Monopoly

Duopoly

Oligopsony

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 17 Ìròyìn

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

the pricr of the product is lowest

marginal Cost is constant

Average Variable Cost is not covered

Average Cost is minimum

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 18 Ìròyìn

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

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good

A cost that constantly decreases

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 19 Ìròyìn

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Awọn alaye Idahun

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.

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

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

Wo Idahun

Ibeere 20 Ìròyìn

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

price only

quantity only

quality only

price and quantity

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Wo Idahun

Ibeere 21 Ìròyìn

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

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

Ibeere 22 Ìròyìn

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

the have-nots deserve more than a fair share

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

Wo Idahun

Ibeere 23 Ìròyìn

Labour productivity is defined as?

output per man/hour

average output

the maximum number of hours worked

total level of output

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structures (WAEC)

Market Structures

Wo Idahun

Ibeere 24 Ìròyìn

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits

mobilize more funds for development

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

Ibeere 25 Ìròyìn

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

used only for wages and salaries

part of the government's capital expenditure

part of the government's recurrent expenditure

the government's budget for its school

Awọn alaye Idahun

Wo Idahun

Ibeere 26 Ìròyìn

A limited liability company is usually owned by?

an individual

a government

shareholders

two or more partners

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Business Organizations

Wo Idahun

Ibeere 27 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?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Wo Idahun

Ibeere 28 Ìròyìn

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

elastic

inelastic

perfectly elastic

unitary elastic

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 29 Ìròyìn

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

terms of trade

domestic currency price of a unit of the foreign currency

foreign currency price of gold

domestic currency price of gold

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

International Trade

Wo Idahun

Ibeere 30 Ìròyìn

Price can be defined as?

a rate of exchange

a mediumof exchange

the cost of product

the standard of accounting

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Theory Of Price Determination

Wo Idahun

Ibeere 31 Ìròyìn

In the keynesian model?

the demand for money is inversely related to the rate of interest

investment is directly related to the rate of interest

investment is not related to the rate of interest to the rate of interest

the demand for money is directly related to the rate of interest

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 32 Ìròyìn

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

Development of congested urban areas

Existence of regional unempolyment

High cost of labour

Immobility of labour

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

Wo Idahun

Ibeere 33 Ìròyìn

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand

demand is highly inelastic

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

The Theory Of Supply

Demand

Wo Idahun

Ibeere 34 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?

10.20

3.57

1.25

0.80

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 The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

Wo Idahun

Ibeere 35 Ìròyìn

To which of the following sectors do services belong?

Primary

Secondary

Tertiary

Construction

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 36 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

75 units

35 units

7 units

not determinable from the schedules except when graphed

Awọn alaye Idahun

Wo Idahun

Ibeere 37 Ìròyìn

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

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population

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 38 Ìròyìn

The difference between personal income and personal disposal income is?

personal income tax

investment income

personal savings

consumption expenditure

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 39 Ìròyìn

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

industrial capital

social capital

fixed capital

circulating capital

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

The Theory Of Production

Wo Idahun

Ibeere 40 Ìròyìn

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income

payment transferred from one account to another

Awọn alaye Idahun

Wo Idahun

Ibeere 41 Ìròyìn

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

David Richardo

J.M. Keynes

Adam Smith

Karl Marx

Awọn alaye Idahun

Wo Idahun

Ibeere 42 Ìròyìn

Efficiency of labour is enhanced by?

Average Total Cost less the sum of Varriable Cost

half the sum of all costs

Total Fixed Cost divided by the the level of output

Total Fixed Cost plus Marginal Cost

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Factors Of Production And Their Theories

Theory Of Costs

Wo Idahun

Ibeere 43 Ìròyìn

If a good is an inferior good, then?

it is also necessarily a Giffen good

the quality of the goods demanded varies inversely with its price

its income elasticity of demand is negative

the poor buy the good only out of habit

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Theory Of Consumer Behaviour

Distributive Trade

The Theory Of Demand

Demand

Wo Idahun

Ibeere 44 Ìròyìn

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

Wo Idahun

Ibeere 45 Ìròyìn

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

III

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Wo Idahun

Ibeere 46 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?

microeconomics

macroeconomics

production

indifference curve

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 47 Ìròyìn

Frictional unemployment?