JAMB UTME - Economics - 1987 | Green Bridge CBT

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 19 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 Ìdáhùn tó tọ́

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 20 Ìròyìn

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

does not cover at at least Average Total Cost

is not equal to Marginal Cost Ìdáhùn tó tọ́

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

Wo Idahun

Ibeere 21 Ìròyìn

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

balanced

surplus Ìdáhùn tó tọ́

deficit

inflationary

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Public Finance

Wo Idahun

Ibeere 22 Ìròyìn

A limited liability company is usually owned by?

an individual

a government

shareholders Ìdáhùn tó tọ́

two or more partners

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Business Organizations

Wo Idahun

Ibeere 23 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 Ìdáhùn tó tọ́

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 24 Ìròyìn

Frictional unemployment?

is total unemployment minus structural unemployment

occurs when the unemployed are persons with specific training

occurs when the number of job seekers exceeds the number of vacancies

occurs when people are changing jobs Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (JAMB)

National Income

Wo Idahun

Ibeere 25 Ìròyìn

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

Development of congested urban areas Ìdáhùn tó tọ́

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 26 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 Ìdáhùn tó tọ́

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 27 Ìròyìn

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Ìdáhùn tó tọ́

Total fixed cost plus marginal cost

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

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 Ìdáhùn tó tọ́

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

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

Debenture holding Ìdáhùn tó tọ́

private company

Parnership

Joint Stock venture

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Business Organizations

Wo Idahun

Ibeere 30 Ìròyìn

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Ìdáhùn tó tọ́

a certain percentage tax based on the volume of the commodity

a tax on the income of the consumer

payment of a tax on the profits made

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 31 Ìròyìn

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

demand is inelastic

demand is infinitely inelastic Ìdáhùn tó tọ́

Marginal Cost is falling

Price is greater than Marginal Cost

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 32 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 Ìdáhùn tó tọ́

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 33 Ìròyìn

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

Oligopoly

Monopoly

Duopoly

Oligopsony Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

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 Ìdáhùn tó tọ́

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

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Ìdáhùn tó tọ́

the growth of full employment output will be accelerated

people will want to hold more money

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Money And Inflation

Wo Idahun

Ibeere 36 Ìròyìn

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Ìdáhùn tó tọ́

Construction

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 37 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. What is market demand for the commodity when price is N5?

65 units

40 units

30 units Ìdáhùn tó tọ́

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 38 Ìròyìn

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

Ìdáhùn tó tọ́

expenditure on capital equipment

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Theory Of Costs

Wo Idahun

Ibeere 39 Ìròyìn

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

demand and supply curve intersect in more than one point provided the market is cleared

the excess in market can be conveniently stored

excess demand is negative

demand and supply curves intersect Ìdáhùn tó tọ́

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 40 Ìròyìn

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Ìdáhùn tó tọ́

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 41 Ìròyìn

Price can be defined as?

a rate of exchange Ìdáhùn tó tọ́

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 42 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 Ìdáhùn tó tọ́

the government's budget for its school

Awọn alaye Idahun

Wo Idahun

Ibeere 43 Ìròyìn

The difference between personal income and personal disposal income is?

personal income tax Ìdáhùn tó tọ́

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 44 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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Wo Idahun

Ibeere 45 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 Ìdáhùn tó tọ́

the consumption pattern is negative

there exists perfect correlation between consumption and savings