JAMB Economics 1991 Past Questions

in market economy, the question of what, how and for whom to produce are solved the

Economic goods are termed scarce goods when they are?

A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

Macroeconomics is a study of economics science from the point of view of?

If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?

At any given level of output, the total cost of a firm equals the?

At any given level of output, a firm's total variable cost equals ?

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?

If a society is operating on the production possibility curve, this implies that the resources are?

A market is in disequilibrium if?

The cross-elasticity of demand between complementary goods is?

Resources are efficiently allocated when production takes place at that output where price equals?

Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?

In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

The ordinary partner in a partnership?

A possible factor which limits the extent of growth of a firm is the?

One of the most outstanding disadvantages of co-operative societies as business organization is that?

A disadvantage of a joint-stock company is?

A characteristic of a debenture is that?

Industries tend to be located closer to market centers than to the sources of major raw materials if the?

One disadvantage of trade by barter is that?

One of the functions of Development Banks is to

To perform its function as a store of wealth and standard for deferred payment, money must be

Fiduciary issue is that part of?

An effect of inflation is that it?

Banks aid economic expansion and development by?

The term 'Stock of Capital 'means?

A tax that takes an increasing fraction of income as income goes down is called?

Budget deficit is the amount by which?

The average tax rate is defined as

Personal distribution of income implies?

One of the advantages of international trade is that it?

there is an improvement in the terms of trade of a country if?

Under flexible exchange rates, a deficit could be corrected by?

The higher the the dependency ratio the?

The age distribution of a country's population is of economic importance because it affects the?

It is important to measure the National Income of a country because?

The Gross Domestic Product is defined as the total value of?

In the national income and product accounts, double counting is avoided if?

If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?

A major obstacle to economic development is?

Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because

The firm portrayed is selling in

Demand is relatively inelastic

Consider the table which shows output (o), total cost (TC)of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N 12, what is the maximum profit the firm can make ?

The excess profit made by the firm in the short-run is represented by

The long-run equilibrium price and quantity for the firm are respectively

The value of total output in the economy using the value added approach is

In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when

Which of the following statements must hold if price discrimination is to be possible?