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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?
Answer
(A)
50 oranges
2
In economic life, choice among alternatives depends on the?
Answer
(C)
scale of preference of the decision maker
3
One of the major advantages of specialization is that?
Answer
(D)
the worker wastes less time between operations
4
Which of following rewards is associated with entrepreneurship as a factor of production?
Answer
(B)
Profit
5
A firm achieves least-cost in production by substituting factors until?
Answer
(B)
the ratio of their marginal -physical-products equals the ratio of their prices
6
Economics of scale operate only when?
Answer
(B)
average cost is falling with output
7
At the point of profit maximization by a firm, marginal cost is?
Answer
(D)
rising
8
A situation in which all inputs are doubled and output also doubles is known as?
Answer
(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?
Answer
(B)
marginal utility must fall
10
Technical progress that leads to a reduction in costs results in?
Answer
(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?
Answer
(B)
an inferior good
12
The demand for a product is said to be price inelastic if?
Answer
(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?
Answer
(A)
monopsony
14
The tailoring services is competitive partly because it consists of a large number of?
Answer
(C)
small scale enterprises
15
Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?
Answer
(C)
Price is above marginal revenue
16
Which of the following is the major function of the wholesaler?
Answer
(A)
Bulk breaking
17
In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ?
Answer
(B)
reward for business enterpreneurship
18
Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain?
Answer
(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?
Answer
(B)
is not always expected to maximize profits while the latter is
20
Divorce of ownership from control is a characteristic of?
Answer
(B)
a limited liability company
21
Capital provided by individuals to the firm by purchasing stocks is called?
Answer
(D)
equlity capital
22
Which of the following factors is the most important in siting a petrol-chemical plants?
Answer
(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?
Answer
(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?
Answer
(D)
125
25
Which of the following is likely to be inflationary?
Answer
(D)
Wages increase
26
The basic purpose of imposing legal reserve requirements on commercial bank is to?
Answer
(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%
Answer
(C)
500.00
28
Which of the following is a liability of a commercial bank?
Answer
(A)
Deposits in bank
29
A tax on a commodity whose supply is perfectly inelastic is?
Answer
(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?
Answer
(B)
its imports to rise
31
Balance of trade is the difference between?
Answer
(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?
Answer
(D)
Currency appreciation
33
Which of the following is a tariff?
Answer
(D)
Tax on imported goods
34
Import duties will increase total expenditure on imports if the demand for imports is?
Answer
(B)
inelastic
35
Which of the following is likely to hinder labour mobility in Nigeria?
Answer
(B)
Cultural similarities
36
If birth rate is constant and death rate declines, population?
Answer
(B)
expands
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?
Answer
(B)
N4,000 000.00
38
The system of measurement of national income as the sum of all final demands is called?
Answer
(B)
expenditure approach
39
Disposable income is an income which?
Answer
(A)
is available for consumption and savings
40
in equilibrium, injections are equal to?
Answer
(A)
withdrawals
41
Social overhead capital refers to?
Answer
(C)
the building of infrastructures
42
The most common index used for measuring development is?
Answer
(B)
per capita income
43
Agriculture is central to Nigeria''s economic development because?
Answer
(B)
agriculture is the largest employer of labour
44
The flow labelled Y refers to
Answer
(C)
factor input
45
The lower half of the diagram indicates
Answer
(D)
government transactions