JAMB Economics 1978 Past Questions

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A budget deficit means

When elasticity is zero, the demand curve is

The following is NOT a reason for the existence of small firms

Inferior goods are referred to in Economics as goods

Malthus became famous through his theory which may be stated simply

A commercial bank is unique in that it is only the institution that

Which is an example of an invisible item in the trade Account of Ghana?

Which is NOT a direct effort to increase Agricultural production in Nigeria?

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

Price control cannot work in Nigeria because

The foreign exchange market is a market where

Which of the following financial assets consist the lowest rate of interest in Nigeria?

The effect of the demand for product A caused by a change in the price of a product B is called?

Which of the following can be regarded as a liability of a commercial bank?

A Tax which takes a higher percentage from higher incomes is called?

Which of the following statements is true?

The largest liability appearing in the book of a commercial bank is

The Lagos clearing house is

The biggest source of government revenue in Nigeria is

An increase in liquid reserve requirements by the central bank of Nigeria will result in

A distinguishing characteristics of a consumers' cooperative is the fact that

Disposable income is the same thing as

Marginal cost is

Which of the following is not a form of business organization

As consumption of beer increases, its marginal utility to a drinker will

Which of the following sector of the economy is estimated to be the largest employer of labour in the country

The expression ‘terms of trade’ is used to describe

If the demand of a product with perfectly elastic supply increases, there will be

Which of these would not be included in the fundamental principle of a free enterprise economy

Economics is called a social science because it is

Opportunity cost is a term which describe

If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X

Which of the following item in the balance of payment of account is an invisible transaction?

Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?

Less developed countries obtain foreign exchange reserve mainly from the export of

By ‘trade by barter’, we mean

In order to build up its capital stock, the typical less developed country should ideally

The advantage of sole proprietorship is as follow

Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities

Which of the following activities of government precludes the existence of a market economy?

Which of the following is NOT strictly included In the study of economics?

Which of these would NOT increase population of a country

The optimum population of a country is reached when

In economics, production is complete when

A rational consumer will adjust his spending pattern so that

Bondholders are treated more favorably than shareholders because

In the diagram equilibrium price is:

The numerical measure of elasticity is

A country has a surplus in its balance of visible trade if