JAMB - Economics (1981)

• 1

  'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

  回答

  (B)

  Given numerous wants and limited resources only individuals and businesss firms make choice
• 2

  Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

  回答

  (A)

  Immigration
• 3

  Two goods, X and Y, are said to be complementary when?

  回答

  (A)

  A fall in the price of X raises the demand for Y
• 4

  Which of the following is NOT true about specialization or division of labour?

  回答

  (C)

  Division of labour needs not take account of the extent of the market
• 5

  Money becomes a very poor store of value in a period of

  回答

  (D)

  Inflation
• 6

  Government in West Africa countries engage in running a number of enterprises because ?

  回答

  (E)

  All of the above
• 7

  The function of money as a standard of deferred payments

  回答

  (B)

  Makes it possible for payment to be postponed from the present to a future date
• 8

  Which of the following is NOT a major function of a Central Bank?

  回答

  (C)

  Acceptance of deposit from the public
• 9

  Summary of product condition in countries i and ii
  
  Amount of labour days, cocoa(tons) Cloth(tons)
  Country i 200 600 900
  country ii 200 300 800
  
  From the above table, we can correctly say in respect of international trade that

  回答

  (B)

  Country I has absolute advantage in the production of both cocoa and cloth
• 10

  The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

  回答

  (C)

  Newly set-up industries
• 11

  Invisible trade refers to trade in?

  回答

  (E)

  goods that cannot be seen
• 12

  Indirect taxes are taxes?

  回答

  (E)

  which are levied on people and economic units through the goods and services they purchase
• 13

  The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

  回答

  (A)

  budget deficit
• 14

  Which of the following statement is NOT true about agriculture in West Africa?

  回答

  (B)

  Agriculture production is the basis for excise taxes in West Africa
• 15

  The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

  回答

  (C)

  import-substitution
• 16

  Economics may be defined as?

  回答

  (D)

  the study of human behaviour in the allocation of scarce resources
• 17

  Elasticity of demand is given by

  回答

  (A)

  the prcentage change in quantity demanded divided by the corresponding percentage change in price
• 18

  If a commodity has many substitutes, it is most likely that?

  回答

  (B)

  the demand curve is fairly elastic
• 19

  Which of the following statement does NOT describe a situation of perfect competition.?

  回答

  (B)

  The firm makes no pure profit in the short run
• 20

  Surplus in balance of payment leads to?

  回答

  (B)

  increases in foreign reserves
• 21

  Which of the following does NOT belong in respect of the quantity of money?

  回答

  (E)

  Measure of value
• 22

  Government budget can be described as the sum of?

  回答

  (D)

  Planned expenditure and expect revenue within a financial year
• 23

  An economy in which both the public and the private sectors contribute substantially to the growth of output is?

  回答

  (C)

  a mixed economy
• 24

  Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?

  回答

  (D)

  Processing of petroleum oil
• 25

  Prohibiting the sale of lace materials in Nigeria would probably lead to?

  回答

  (D)

  Higher price of lace material in Nigeria
• 26

  Which of the following is NOT a visible item on international trade payment?

  回答

  (C)

  Payments to foreign shipping companies
• 27

  Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

  回答

  (D)

  The share of agricultural export is decreasing
• 28

  The most basic concern of economists is to?

  回答

  (E)

  study ways of allocating scarce resources in order to satisfy human wants
• 29

  Which of these statement is NOT true of economics as a discipline?

  回答

  (D)

  it assumes limited human wants
• 30

  An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

  回答

  (A)

  substitute goods
• 31

  An equilibrium price?

  回答

  (E)

  equates the quantity supplied to be equal to the quantity demanded.
• 32

  When a nation’s exports are greater than its imports

  回答

  (E)

  A favourable balance of trade exists
• 33

  unlimited liability means?

  回答

  (D)

  A firm must pay its debts from business as well as private funds
• 34

  One of the probable effects of an increased minimum wage in Nigeria is?

  回答

  (D)

  to create involuntary unemployment
• 35

  If the income of a consumer rises and his demand for good X falls, good X can be described as

  回答

  (E)

  none of the above
• 36

  Inflation is likely to benefit?

  回答

  (C)

  debtors
• 37

  Which of the following is NOT a characteristic of perfect competition?

  回答

  (C)

  Supply and demand are equal
• 38

  Opportunity cost is best defined as?

  回答

  (B)

  sacrificed alternative (output, income etc.)
• 39

  Progressive income tax can be expressed as

  回答

  (D)

  tax that rises as income rises
• 40

  

  From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

  回答

  (E)

  18k, 15,000
• 41

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  回答

  (C)

  decrease in supply
• 42

  

  From the above, the Growth Rate of Total National Output or GDP is

  回答

  (D)

  5.0%, i.e,(2 +5 + 10 + 3)/ 4%
• 43

  

  Summary of production conditions in countries l and ll.
  From the table, we can correctly say in respect of international trade that

  回答

  (B)

  country I has absolute advantage in the prodcttion of both cocoa and cloth
• 44

  

  Which of the following statements does NOT describe a situation of perfect competition?

  回答

  (B)

  The firm makes no pure profit in the short run
• 45

  

  Which of the following is NOT a visible iterm in international trade payments?`

  回答

  (C)

  Payments to foreign shipping companies