JAMB Economics 2003 Past Questions

When two variables are positively related, the graph of the relationship?

For an inferior good, a decreased in real income will lead to?

In economic analysis, a statement is said to be normative if it?

Utility is the satisfaction derived from?

The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is

If there is an increase in demand without a corresponding increase in supply, there will be a

In a planned economy, the emphasis is on

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)

At 60 units of output, the AVC is

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)

Using the table above. The ATC at 30 units of output is

If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be

A normal supply curve is usually positively sloped because the relationship between

Short-run period in production is a period too short for a firm to be able to change its

Price elasticity of supply is a ratio of the change in

The long-run average cost curve is called a planning curve because it shows what happens to costs when

Imperfect market is characterized by

The term 'Near money' is best described as

The distinguishing characteristic between the money market and the capital market lies in whether the

For a firm, value added can be defined as the difference between the

Insurance companies, pension and provident funds and unit trusts are all examples of

Inflation that is usually associated with periods of trade boom is

The monetary control instrument most effectively used by the Central Bank of Nigeria is the

Securities are described as listed when they are

An advantage of the sole proprietorship over the partnership from of business organisation is that

The distinction between capital and recurrect expenditure lies in the

Under a floating exchange rate regime, the determinant of the exchange rate is

The major objective of a revenue allocation formula in a country is to

A greater burden of the taxes on essential goods is borne by the

Privatization and commercialization of public enterprise in Nigeria is necessitated by

The effectiveness of devaluation as a solution to a balance of payments problem depends on the

Statutory organisations usually established by Acts of Parliament are called

The effect of an increase in the personal income tax is to

IBRD as an international monetary institution is concerned with the

To compare the standard of living among nations, the most widely used economic indicator is the

The major role of multi-national companies in the petroleum industry in Nigeria is

Two basic features common to an industry are

When a union is composed of workers with the same skill,it is termed

The demand for labour is an example of

Occupational mobility as applied to factors of production means the ease by which

An adverse environmental impact of the petroleum industry on the economy is

country is said to be overpopulated when

An important factor hindering the rapid development of the industrial sector in Nigeria is

Fixing the prices of agricultural products can be a problem because of the

The labour force of a country can be determined by examining the

Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at

If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility

The best method of production in an under populated country is

The commercial banks differ from non-bank financial institutions because they

If Nigeria's composite price index in 1999 was 140.03% in 2000, the rate of inflation in 2000 was

The theory of comparative advantage states that a commodity should be produced in that nation where the