JAMB - Economics (1990)
1
If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?
2
In economic life, choice among alternatives depends on the?
Απάντηση(C)
scale of preference of the decision maker
3
One of the major advantages of specialization is that?
Απάντηση(D)
the worker wastes less time between operations
4
Which of following rewards is associated with entrepreneurship as a factor of production?
5
A firm achieves least-cost in production by substituting factors until?
Απάντηση(B)
the ratio of their marginal -physical-products equals the ratio of their prices
6
Economics of scale operate only when?
Απάντηση(B)
average cost is falling with output
7
At the point of profit maximization by a firm, marginal cost is?
8
A situation in which all inputs are doubled and output also doubles is known as?
Απάντηση(D)
constant returns to scale
9
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his?
Απάντηση(B)
marginal utility must fall
10
Technical progress that leads to a reduction in costs results in?
Απάντηση(D)
a decrease in equilibrium price and increase in equilibrium quantity
11
If an increase in income induces a reduction in the demand for beans, beans can be referred to as?
12
The demand for a product is said to be price inelastic if?
Απάντηση(A)
the price elasticity of demand is less than one
13
An imperfect market in which there is only one buyer of a commodity is?
14
The tailoring services is competitive partly because it consists of a large number of?
15
Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?
Απάντηση(C)
Price is above marginal revenue
16
Which of the following is the major function of the wholesaler?
17
In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ?
Απάντηση(B)
reward for business enterpreneurship
18
Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain?
Απάντηση(B)
To collect useful information on his product
19
A major difference between a state-owned enterprise and a private enterprise is that the former?
Απάντηση(B)
is not always expected to maximize profits while the latter is
20
Divorce of ownership from control is a characteristic of?
Απάντηση(B)
a limited liability company
21
Capital provided by individuals to the firm by purchasing stocks is called?
22
Which of the following factors is the most important in siting a petrol-chemical plants?
Απάντηση(A)
Nearness to the source of raw materials
23
Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria?
Απάντηση(B)
There will be an unbalanced spread in the distribution of industries
24
If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is?
25
Which of the following is likely to be inflationary?
26
The basic purpose of imposing legal reserve requirements on commercial bank is to?
Απάντηση(B)
provide a device through which credit creation by banks can be controlled
27
Find the total credit that the banking system can create if primary deposit is just N100.00 while the cash ratio is 20%
28
Which of the following is a liability of a commercial bank?
29
A tax on a commodity whose supply is perfectly inelastic is?
Απάντηση(B)
completely borne by the supplier
30
Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause?
31
Balance of trade is the difference between?
Απάντηση(D)
exports and imports of goods
32
Which of the following is likely to reduce a surplus in the balance of payments of a country?
33
Which of the following is a tariff?
34
Import duties will increase total expenditure on imports if the demand for imports is?
35
Which of the following is likely to hinder labour mobility in Nigeria?
36
If birth rate is constant and death rate declines, population?
37
If the government invest the sum of N1,000,000.00 and the marginal propensity to consume is 0.75, what is the change in income?
38
The system of measurement of national income as the sum of all final demands is called?
39
Disposable income is an income which?
Απάντηση(A)
is available for consumption and savings
40
in equilibrium, injections are equal to?
41
Social overhead capital refers to?
Απάντηση(C)
the building of infrastructures
42
The most common index used for measuring development is?
43
Agriculture is central to Nigeria''s economic development because?
Απάντηση(B)
agriculture is the largest employer of labour
44
The flow labelled Y refers to
45
The lower half of the diagram indicates
