JAMB - Economics (1984)

1
The main economic objective behind the production of goods and services in any economy is to?
Trả lời
(B)
satisfy human wants
2
Demand for a commodity by a consumer is the quantity of that commodity that the consumer
Trả lời
(A)
demands at a given price at a point in time
3
Division of labour is limited by?
Trả lời
(A)
the size of market
4
The production within the domestic territory of a country is called the
Trả lời
(B)
gross domestic product
5
In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?
Trả lời
(A)
Length and cost of training
6
The advantages that accrue to a firm as the size of the firm increases are known as
Trả lời
(C)
internal economies
7
Which Of the following is NOT an obstacle to economic development?
Trả lời
(E)
Dedicated leadership
8
An aging population refers to the preponderance of?
Trả lời
(E)
old people in the population
9
Which of the following is NOT a determinant of the size economically active population?
Trả lời
(B)
Occupation of workers
10
The population level that yields the maximum output when combined with available resources is known as
Trả lời
(E)
optimum population
11
If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?
Trả lời
(A)
percentage change in the quantity of X divded by the percentage change in the price of Y
12
For two substitution goods, the cross elastic of demand is?
Trả lời
(D)
positive
13
The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?
Trả lời
(A)
Excess supply
14
For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
Trả lời
(B)
greater than marginal cost
15
A demand curve slopes downwards because of ?
Trả lời
(C)
the substitution effect and the rise in real income of the consumer
16
An imperfectly competitive market is one where?
Trả lời
(E)
commodities are differentiated
17
In taxation, the benefit principle requires that?
Trả lời
(C)
only those who derive benefit from services provided from public revenue should be taxed
18
A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?
Trả lời
(C)
total revenue will decline due to its elastic demand curve
19
pricing and output decisions of sellers are highly interdependent in markets known as?
Trả lời
(A)
oligopoly
20
One disadvantage of sole proprietorship is its?
Trả lời
(D)
low credit rating
21
The channel for food distribution in Nigeria consist of?
Trả lời
(B)
producers, wholesalers and retailers
22
Which of the following is NOT true of debentures and debenture holders?
Trả lời
(E)
Preference shareholders recieve their share of profits before debenture holders receive their entitlements
23
The economic goal of public utilities is to?
Trả lời
(D)
provide essential services
24
The basic principles of co-operative societies are those of?
Trả lời
(B)
worker ownership and worker control
25
The most important factor determining the location of the cement industry in Nigeria today is ?
Trả lời
(E)
raw materials
26
The most important characteristic of money is?
Trả lời
(C)
acceptability
27
The Central Bank instrument of control does NOT include
Trả lời
(B)
moral sanctions
28
Cost push inflation takes place due to?
Trả lời
(C)
a rise in the cost of production
29
Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as?
Trả lời
(B)
precautionary motive
30
Generally, property taxes?
Trả lời
(C)
are borne by all (renter, owner occupiers and landlords)
31
One of the major effects of an increase in government expenditure on a nation’s economy is that it?
Trả lời
(D)
raises the level of aggregate demand
32
Public expenditure on services, such as education and health, is known as expenditure on
Trả lời
(C)
social services
33
Question 39 and 40 are based on the table below:

The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)

The opportunity cost ratio for cocoa and lace for Austria and Nigeria is
Trả lời
(D)
1.5,2
34
The international production set for Nigeria and Austria is:

\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)

from the table, it can be deduced that?
Trả lời
(E)
Austria should produce lace and Nigeria should produce cocoa
35
The following except ONE, are the differences between international trade and internal trade?
Trả lời
(D)
Cultural differences
36
Which of the following items does NOT belong to a country's current account in the balance of payments accounts?
Trả lời
(D)
Foreign currencies
37
Which of the following is NOT a feature of economic underdevelopment of a country?
Trả lời
(A)
A large number of High income earners relative to the population
38
Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?
Trả lời
(C)
Diversification of the economy
39
Which of the following does NOT represent the behavior of a monopolist?
Trả lời
(B)
Manipulating both the price and quantity of his goods at the same time
40
In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate
Trả lời
(B)
a rise in supply
41
The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?
Trả lời
(B)
N340.00
42
The diagram illustrates
Trả lời
(A)
the circular flow of income
43
Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?
Trả lời
(C)
Diversification of the economy
44
An improvement in Nigeria's terms of trade should
Trả lời
(A)
Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
45
If a person demands money for buying and selling securities. It is referred as demanding money for
Trả lời
(B)
Speculative purposes