JAMB Economics 1981 Past Questions

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

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

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

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

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

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

The function of money as a standard of deferred payments

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

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

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

Invisible trade refers to trade in?

Indirect taxes are taxes?

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

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

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?

Economics may be defined as?

Elasticity of demand is given by

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

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

Surplus in balance of payment leads to?

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

Government budget can be described as the sum of?

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

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

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

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

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

The most basic concern of economists is to?

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

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

An equilibrium price?

When a nation’s exports are greater than its imports

unlimited liability means?

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

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

Inflation is likely to benefit?

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

Opportunity cost is best defined as?

Progressive income tax can be expressed as

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

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

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

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

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

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

Market for Garri: At a price of N5, the excess supply is`

If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

A movement along a given demand curve for a good is caused by a change in

External economies are

Scarcity in economics generally refers to