JAMB Economics 1984 Past Questions

The main economic objective behind the production of goods and services in any economy is to?

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

Division of labour is limited by?

The production within the domestic territory of a country is called the

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?

The advantages that accrue to a firm as the size of the firm increases are known as

Which Of the following is NOT an obstacle to economic development?

An aging population refers to the preponderance of?

Which of the following is NOT a determinant of the size economically active population?

The population level that yields the maximum output when combined with available resources is known as

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

For two substitution goods, the cross elastic of demand is?

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?

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

A demand curve slopes downwards because of ?

An imperfectly competitive market is one where?

In taxation, the benefit principle requires that?

A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?

pricing and output decisions of sellers are highly interdependent in markets known as?

One disadvantage of sole proprietorship is its?

The channel for food distribution in Nigeria consist of?

Which of the following is NOT true of debentures and debenture holders?

The economic goal of public utilities is to?

The basic principles of co-operative societies are those of?

The most important factor determining the location of the cement industry in Nigeria today is ?

The most important characteristic of money is?

The Central Bank instrument of control does NOT include

Cost push inflation takes place due to?

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?

Generally, property taxes?

One of the major effects of an increase in government expenditure on a nation’s economy is that it?

Public expenditure on services, such as education and health, is known as expenditure on

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

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?

The following except ONE, are the differences between international trade and internal trade?

Which of the following items does NOT belong to a country's current account in the balance of payments accounts?

Which of the following is NOT a feature of economic underdevelopment of a country?

Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?

Which of the following does NOT represent the behavior of a monopolist?

In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

The diagram illustrates

Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?

An improvement in Nigeria's terms of trade should

If a person demands money for buying and selling securities. It is referred as demanding money for

One of the advantages of large - scale production is that

A rightward shift in the production possibility frontier may be due to

Let P _x represent the price of exports and P_m the price of imports. Then the terms of trade (TOT) are said to be favourable if

In the diagram I refers to the calculation of national income through the

In the diagram III refers to the calculation of national income through the