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JAMB - Economics (1982)

1
Economics is a science which deals basically with
Answer
(B)
allocation of scarce resources
2
Economist speak about 'opportunity cost' when a person
Answer
(B)
has to forego one thing in order to have another
3
To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and
Answer
(D)
the annual death rate
4
We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because
Answer
(E)
it is the productive group of the economy
5
In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?
Answer
(C)
combined in the production process
6
The supply of and demand for goods and services are influenced by the?
Answer
(E)
price mechanism
7
The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?
Answer
(E)
the demand for beer exceeds the supply
8
Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?
Answer
(C)
ordinary shares
9
A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?
Answer
(E)
economies of scale
10
Who controls a limited liability company ?
Answer
(D)
The board of directors
11
The National Electric Power Authority (NEPA) is a?
Answer
(D)
Public corporation
12
Which one of the following functions of banks in Nigeria is reserved to the Central Bank?
Answer
(C)
Issuing bank-notes
13
The difference between visible exports and invisible exports of a country, in money terms, is known as the?
Answer
(B)
Balance of payments
14
The main economic goal of ECOWAS is the attainment of ?
Answer
(A)
regional free trade
15
Taxes which are levied on a person’s expenditures are known as?
Answer
(A)
Purchase tax
16
some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?
Answer
(B)
infrastructural facilities
17
The equilibrium market price is determined at a point where?
Answer
(D)
quantity consumers desires equal quantity sellers offer
18
The sloping downward of the demand curve implies that?
Answer
(D)
a decrease in price leads to an increase in quantity demanded
19
if AC = Average Cost of production ,

TC = Total Cost of production

VC = Variable Cost of production

FC = Fixed Cost of production

Q = Quantity of goods produced

Then,
Answer
(B)
AC = \(\frac{(TC)}{Q}\): TC = VC + FC
20
Population growth can be calculated as ?
Answer
(D)
Birth rate – death rate – emigration rate + immigration rate
21
Retailers are greater in numbers than wholesalers because?
Answer
(B)
retail business requires less expertise
22
The purpose of import duties does NOT include the?
Answer
(C)
promotion of international trade
23
The chief sources of Federal Government revenue in Nigeria are?
Answer
(A)
import duties, petroleum, import tax, profit tax, royalties and government dividends
24
Function of commercial banks do NOT include?
Answer
(E)
printing of currency
25
Monetary policy does NOT involve
Answer
(A)
increasing the import duties
26
In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the
Answer
(A)
dependency ratio is high
27
Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?
Answer
(B)
Reserve requirements
28
One of the ways by which Government derives revenue from industrial enterprises in West Africa is?
Answer
(B)
excise duties
29
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
Answer
(C)
Nearness of raw materials
30
A good measure of the standard of living usually used for international comparison is
Answer
(E)
per capital income (PCI)
31
A commodity can be sold for two or more different prices if it is?
Answer
(D)
produced or sold by monopoly
32
The PAYE (Pay As You Earn) in Nigeria is an example of?
Answer
(B)
progressive tax
33
If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?
Answer
(C)
an inferior good
34
which is not responsible for the decline in food production in West Africa?
Answer
(D)
Many of the countries do not balance of payments problems
35
The most dominant economic activity which employs the largest number of people in West Africa is?
Answer
(D)
agriculture
36
Public enterprises are supported on the grounds that they are undertaken for
Answer
(C)
improving the welfare of the people
37
\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)

in the above table, the marginal cost of the 3rd unit of output is
Answer
(C)
10
38
Full equilibrium under perfect competition requires that?
Answer
(C)
MR =MC =AR=AC
39
Oligopoly means
Answer
(C)
few sellers in the markets
40
Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is
Answer
(D)
elastic in one market and inelastic in the other
41
Demand for money for speculative purposes means?
Answer
(C)
buying financial assets because of possible gains
42
If the Central Bank intends to increase the money supply through open market operations then it will
Answer
(B)
buy securities in the open market
43
When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as
Answer
(B)
quotas
44
Balance of payments of a country explains the overall position of?
Answer
(C)
both the current and capital acounts
45
All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria
Answer
(C)
Provision of funds for building access roads