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JAMB - Economics (1999)

1
In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?
Answer
(C)
N4,670
2
Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?
Answer
(C)
the house
3
The shape of a production possibility frontier is determined by the?
Answer
(A)
increasing relative costs
4
Normative economics deals with?
Answer
(D)
value judgements
5
The determinants of elasticity include?
Answer
(A)
price, time and availability of alternatives
6
A capitalist economy is one characterized by the?
Answer
(A)
private ownership of factors of production
7
In a planned economy, what shall be produced is determined primarily by?
Answer
(B)
government decisions
8
A utility maximizing household will allocate its expenditure so that?
Answer
(C)
the utility of the last naira spent on each commodity is equal
9
The downward sloping part of the long-run average cost curve of a firm may be attributable to?
Answer
(D)
increasing returns to scale
10
The main function of price in the economic system is to?
Answer
(A)
allocate scarce resources among competing uses
11
One of the characteristics of an imperfect market is the?
Answer
(D)
heterogenetity of products
12
A characteristic of the average fixed cost is that, it?
Answer
(D)
falls continuously but is never equal to zero
13
In a perfect competition, every firm is a price?
Answer
(B)
taker
14
Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
Find the average total cost of producing one units?
Answer
(C)
N 35
15
Which of the following falls continuously as output expands?
Answer
(D)
Average cost
16
A major obstacle to rapid agricultural development in Nigeria is the?
Answer
(B)
inability of farmers to adopt modern technology
17
The land tenure system in Nigeria impedes agricultural production because?
Answer
(C)
it limits opportunity for mass production of agricultral goods
18
The major problem of cooperative societies in Nigeria is that?
Answer
(D)
their management style is poor
19
The primary objective of establishing the Export Process Zone is to?
Answer
(B)
encourage the production and processing of export commodities
20
The first petroleum exploring company to discover crude petroleum in Nigeria was?
Answer
(D)
Shell-BP
21
Concentrating industries in one place is advantageous because there are gains in terms of?
Answer
(A)
external economies
22
Import substitution industrialization refers to?
Answer
(C)
a situation in which local industries are set up to produce goods formerly imported
23
An entrepreneur will continue to employ labour up to a point where?
Answer
(C)
wages are equal to marginal product of labour
24
Optimum population is defined as the level of population at which?
Answer
(A)
per capital output is maximized
25
When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?
Answer
(B)
an economic rent
26
National income at factor cost means national income at?
Answer
(A)
current prices
27
The value of the multiplier depends on?
Answer
(D)
government policy and MPC
28
One of the major problems of product distribution in most developing countries is?
Answer
(D)
inadequate means of transportation
29
Non-bank financial intermediaries do not?
Answer
(C)
accept demand deposits
30
Inflation which is caused mainly increases in the prices of factors of production is described as?
Answer
(A)
cost-push inflation
31
The relationship between the value of money and the price level is?
Answer
(D)
inverse
32
People hold money for?
Answer
(D)
speculative purposes
33
Bills of exchange originates from a?
Answer
(B)
commercial bank
34
If high unemployment goes hand in hand with rising prices, the situation created is?
Answer
(B)
stagflation
35
One of the functions money is that, it helps?
Answer
(C)
store information about the valuation of an item
36
Fiscal policy involves changes in?
Answer
(B)
revenue and expenditure of government
37
Economic development may be defined as economic growth?
Answer
(A)
in a given country
38
The price of a good will not be affected by the imposition of a sales tax on it if the?
Answer
(D)
demand is perfectly elastic
39
A free trade area emerges when?
Answer
(C)
a group of countries decide to remove restrictions on imports from one another
40
De valuation helps in checking adverse balance of payments if the?
Answer
(A)
demand for imports is elastic
41
Gains from trade depends on?
Answer
(A)
comparative advantage
42
Favorable terms of trade is important to a country because it facilities?
Answer
(C)
economic prosperity for country
43
The most acceptable economic measure for trade protection is to?
Answer
(B)
protect infant industries
44
From the table calculate the national income
Answer
(B)
19,000m
45
In the table, the income elasticity of clothing is
Answer
(B)
2.0