JAMB Economics 1988 Past Questions

Scarcity in economics means that?

Economic is often described as a science because?

When a variable is associated with time period, it is?

Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is

Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?

The average product of labour in a given period is obtained by dividing the?

Development outside a given firm which reduce the firm costs are called?

Which of the following BEST describes the production function?

The law of Diminishing Returns begins to operate when?

The assumption of profit maximization implies profit?

Total fixed cost measures the cost of?

The output at which total revenue equals total cost is known as?

A commodity is said to have a derived demand when the commodity

If goods were free, a rational consumer would consume?

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

One factor which influences the slope of a non-linear demand curve for a commodity is the?

One of the characteristics of an imperfect market is?

Total revenue is always equal to?

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?

In the short run, the monopolistic competitors?

Price leadership is?

The additional revenue obtained by using one more unit of a factor is called?

In a public company, enterpreneurial functions are performed by the?

The most important limitation on the partner as a form of business enterprise is the?

Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?

Localization of industries refers to the?

Restriction on credit creation by commercial banks can be effected through?

Which of the following factors enhances the ability of commercial banks to create money?

In any economy, what is used as money is determined by?

The rate at which money changes hands is known as the?

Merchants banks perform all the following functions EXCEPT?

Which of the following is a direct tax?

Which of the following would most likely be considered an example of benefit taxation?

When a nation is experiencing balance of payment surplus, it is in a better position to?

Which of the following is a good example of invisible item on balance of payments account?

Deficit financing is mostly facilitated by the existence of?

The Malthusian theory of population predicts that growth in food production will?

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?

In estimating the national income of a country, the three approaches usually adopted are the?

If technology becomes less capital-intensive, it means?

The most threatening problem for the less developed countries is?

An increase in an economy's productive capacity implies?

Collectivism refers to the system of management of state enterprises in a?

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

If in this demand-supply diagram, the quantity supplied is OQ, then

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

Which of the following occurs in the circular flow of economic activities with no leakages