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JAMB - Economics (1978)

1
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
Answer
(C)
Less than the equilibrium supply
2
A budget deficit means
Answer
(C)
That a government is spending more than in takes in taxation
3
When elasticity is zero, the demand curve is
Answer
(B)
Perfectly inelastic
4
The following is NOT a reason for the existence of small firms
Answer
(B)
Expansion brings diminishing returns
5
Inferior goods are referred to in Economics as goods
Answer
(C)
Whose consumption falls when cunsumers' income rises
6
Malthus became famous through his theory which may be stated simply
Answer
(B)
population may outgrow the means of subsistence
7
A commercial bank is unique in that it is the only institution that
Answer
(B)
accept deposits
8
Which is an example of an invisible item in the trade Account of Ghana?
Answer
(D)
Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
9
Which is NOT a direct effort to increase Agricultural production in Nigeria?
Answer
(B)
Nigerian Youth Service Corps
10
If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing
Answer
(E)
Increasing returns to scale
11
Price control cannot work in Nigeria because
Answer
(C)
while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
12
The foreign exchange market is a market where
Answer
(B)
currencies are sold and bought
13
Which of the following financial assets consist the lowest rate of interest in Nigeria?
Answer
(D)
development loan stocks
14
The effect of the demand for product A caused by a change in the price of a product B is called?
Answer
(A)
cross-elasticity of demand
15
Which of the following can be regarded as a liability of a commercial bank?
Answer
(B)
deposits
16
A Tax which takes a higher percentage from higher incomes is called?
Answer
(B)
a progressive tax
17
Which of the following statements is true?
Answer
(D)
the influence of demand on price will be smallest on the short run
18
The largest liability appearing in the book of a commercial bank is
Answer
(B)
deposits
19
The Lagos clearing house is
Answer
(E)
a cheque sorting centre
20
The biggest source of government revenue in Nigeria is
Answer
(E)
petroleum profit tax
21
An increase in liquid reserve requirements by the central bank of Nigeria will result in
Answer
(C)
an increase in commercial banks excess reserves
22
A distinguishing characteristics of a consumers' cooperative is the fact that
Answer
(A)
the customers are the owners
23
Disposable income is the same thing as
Answer
(B)
personal inome minus taxes
24
Marginal cost is
Answer
(D)
The cost of production of the last or extra unit of goods produced by a firm
25
Which of the following is not a form of business organization
Answer
(B)
Cartel
26
As consumption of beer increases, its marginal utility to a drinker will
Answer
(D)
Decrease
27
Which of the following sector of the economy is estimated to be the largest employer of labour in the country
Answer
(B)
Agriculture
28
The expression ‘terms of trade’ is used to describe
Answer
(D)
The rate at which export exchange for imports
29
If the demand of a product with perfectly elastic supply increases, there will be
Answer
(B)
An increase in quantity offered but price will remain the same
30
Which of these would not be included in the fundamental principle of a free enterprise economy
Answer
(D)
Government control of mobility of factor of production
31
Economics is called a social science because it is
Answer
(E)
The study of human wants by the means of scientific method of observation
32
Opportunity cost is a term which describe
Answer
(B)
Cost of one product in terms of foregone production of others
33
If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X
Answer
(A)
X and Y are complementary commodities
34
Which of the following item in the balance of payment of account is an invisible transaction?
Answer
(D)
Tourism
35
Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?
Answer
(C)
Economic rent
36
Less developed countries obtain foreign exchange reserve mainly from the export of
Answer
(D)
Primary product
37
By ‘trade by barter’, we mean
Answer
(D)
Exchange of goods for goods
38
In order to build up its capital stock, the typical less developed country should ideally
Answer
(A)
Increase total saving
39
The advantage of sole proprietorship is as follow
Answer
(C)
Control and supervision is under one man
40
Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities
Answer
(C)
Public need which is determined by the government
41
Which of the following activities of government precludes the existence of a market economy?
Answer
(C)
The central planning of production
42
Which of the following is NOT strictly included In the study of economics?
Answer
(C)
Whether a particular want satisfies a good or bad purpose
43
Which of these would NOT increase population of a country
Answer
(A)
Increase in death rate
44
The optimum population of a country is reached when
Answer
(B)
The productive effort per man is at its highest with a given volume of resources
45
In economics, production is complete when
Answer
(E)
Goods and services finally reach the consumer