1983

JAMB Economics 1983 past questions

47 questions from the 1983 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock -> All Economics years
Economics JAMB 1983 Q1
Which of the following items is NOT included in measuring national income by the income approach?
A
Wages and salaries of public servants
B
Student grants and scholarships.
C
Profits of companies.
D
Income earned by self employed persons such as lawyers.
E
Rents on property.
Economics JAMB 1983 Q1
The main economic objective behind the production of goods and services in any economy is to
A
Maximize profits
B
Satisfy human wants
C
Become self-reliant D.Create job opportunities E.Make people wealthy.
Economics JAMB 1983 Q2
Demand for a commodity by a consumer is the quantity of that commodity that the consumer
A
Demands at a given price at a point in time
B
Demands at a given price
C
Actually digests
D
Produces, given its price
E
Can store away during bad weather
Economics JAMB 1983 Q3
Which of the following items is NOT an argument for locating industries in rural areas?
A
Rural areas supply agricultural raw material.
B
The pace of development will be quickened in rural areas.
C
Employment will be provided for rural inhabitants.
D
Capital is easily available in rural areas.
E
Suitable humid climate is sometimes found in rural areas.
Economics JAMB 1983 Q3
Division of labour is limited by
A
The size of the market
B
The productivity of capital
C
Cost of production
D
The factors of production
E
Government policy
Economics JAMB 1983 Q4
Price P0 Q0 O The curves D0D0 and S0S0 are the demand and supply curves respectively. What happens government subsidizes producers in order to boost output?
A
The supply curve will shift S0S0 to S2S2
B
The supply curve will shift from S0S0 to S1S1
C
The supply curve will shift from S2S2 to S1S1
D
The supply curve will shift from S1S1 to S0S0
E
The demand curve will shift from D0D0 to D1D1
Economics JAMB 1983 Q4
The production within the domestic territory of a country is called the
A
Net national product
B
Gross domestic product
C
Net income
D
Disposable income
E
Gross national product
Economics JAMB 1983 Q5
The natural growth rate of a population is the
A
Sum of the birth rate and the death rate
B
Sum of the birth rate and the net migration rate
C
Birth rate minus the death rate Economics 1983
D
Birth rate divided by the net migration
E
Death rate minus the net migration.
Economics JAMB 1983 Q5
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?
A
Length and cost of training
B
Demand and supply
C
Attractiveness of the job
D
Influence fo trade unions.
E
Government intervention.
Economics JAMB 1983 Q6
Which of the following sets fully represents factor of production?
A
Sunlight, machinery, man, land
B
Land, labour, capital, enterprise technology
C
Capital, technology, ideas, market, land.
D
Land, water, weather.
E
Money, market, middlemen.
Economics JAMB 1983 Q7
Production possibilities (alternatives) P Q R S T Units of shelter 5 4 2 0 Units of food 0 5 9 12 15 Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is
A
One unit of shelter
B
Three units of shelter
C
One third of a unit of shelter
D
Six units of shelter
E
Two units of shelter.
Economics JAMB 1983 Q8
The concept of economic efficiency primarily refers to
A
Obtaining the maximum output from available resources at the lowest possible cost
B
Conservation of our petroleum resources
C
Equity in the distribution of the nation's wealth
D
Producing without waste
E
The limited wants unlimited resources dilemma
Economics JAMB 1983 Q9
If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will add less to the output than previous units of labour.
A
The productivity of labour
B
The law of diminishing marginal utility
C
The law of diminishing returns
D
The concept of factor intensity
E
Labour intensive production.
Economics JAMB 1983 Q10
In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC)is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC?
A
Curve I
B
Curve II
C
Curve III
D
Curve IV [PAGE 3]
E
Curve I and III
Economics JAMB 1983 Q11
A Nigerian household's demand curve for semovita is downward sloping because
A
The demand for semovita is high
B
The local markets are flooded with semovita
C
It is produced in Nigeria
D
Every household can afford to buy semovita
E
Higher prices attract lower quantities while lower prices attract larger quantities
Economics JAMB 1983 Q13
Marginal cost curve intersects average cost curve
A
From above at its lowest point
B
From below before the lowest point
C
From below at its lowest point
D
From below after the lowest point
E
At zero point
Economics JAMB 1983 Q14
Palm oil industry is located in Bendel State because the state
A
Imports raw material for palm oil industry
B
Is a palm tree growing area
C
Soil is unsuitable for other crops
D
Government does not engage land for other crops
E
Land is suitable for oil
Economics JAMB 1983 Q15
The meaning of ‘wage-price spiral' is
A
Demand pull and cost push inflation pulling each other in different directions
B
Demand pull and cost push inflation intensifying each other
C
Both of them bringing about a reduction in the price level
D
That demand pull and cost push inflation increase employment
E
That wages and prices are rising at a proportional rate
Economics JAMB 1983 Q16
In an inflationary period which of the following statement is NOT true?
A
Wages rise simultaneously with prices
B
The purchasing power of money diminishes
C
More money runs after a limited quantity goods
D
Money supply increases
E
Aggregate real demand exceeds aggregate real supply
Economics JAMB 1983 Q17
Retailers in an economy perform the function of
A
Production
B
Exchange
C
Distribution
D
Hoarding
E
Investment
Economics JAMB 1983 Q18
In a sole proprietorship the decisions are made by the
A
Government
B
Board of directors
C
Management
D
Shareholders' conference
E
Owner
Economics JAMB 1983 Q19
Which of the following enterprises does NOT pursue the sole objective of profit maximization
A
Roads Nigeria Ltd.
B
Union Bank of Nigeria Ltd.
C
Nigerian Electric Power Authority
D
Volkswagen (VW) Nigeria Ltd.
E
Kingsway Nigeria Ltd.
Economics JAMB 1983 Q20
Public expenditure creates expansionary effects in the economy when it is
A
In excess of government revenue
B
Channelled into capital projected
C
Diverted into imports
D
Financed through oil revenue
E
Completely financed through part of the year total collection taxes.
Economics JAMB 1983 Q21
The maintenance of general economic stability in the country necessarily relies heavily on
A
Federal fiscal policy
B
Coordinated federal, state and local fiscal policies
C
Tax and revenue policies of state governments
D
Federal grants to state and local governments
E
Federal grants to local governments
Economics JAMB 1983 Q22
The supply of loanable funds is significantly influenced by
A
Commercial banks
B
Mortgage banks [PAGE 4]
C
Financial intermediaries
D
The Central Bank
E
Insurance companies
Economics JAMB 1983 Q23
Which of the following are direct taxes
A
Sales taxes
B
Excise duties
C
Income and company taxes
D
Tariff duties
E
Commodity taxes
Economics JAMB 1983 Q24
Division of labour has many advantages. Notwithstanding, it is greatly limited by
A
Monotony of work
B
Decline of craftmanship
C
Risk of unemployment
D
Extent of market demand
E
Boredom
Economics JAMB 1983 Q25
P P1 S O Q In the above diagram P1S is a supply curve for a manufactured good. It shows that
A
When price is Po1 quantity supplied is infinitely elastic
B
The higher the price the greater the quantity supplied
C
The higher the price the lower the quantity supplied
D
When price is zero quantity supplied becomes infinite
E
When price is infinite quantity supplied becomes zero
Economics JAMB 1983 Q26
In the event of a limited liability company going into liquidation each
A
Shareholder may lose the maximum of the amount he has invested
B
Shareholder loses nothing
C
Shareholder loses everything including his house
D
Shareholder's liability becomes unlimited
E
Shareholder will lose the amount he has invested plus a proportion of his bank account
Economics JAMB 1983 Q28
Comparative cost doctrine of international trade means specialization in production
A
According to absolute cost advantage
B
According to absolute cost disadvantages
C
According to Comparative cost disadvantages
D
According to comparative cost advantages
E
On the basis of the availability of labour
Economics JAMB 1983 Q29
The meaning of ‘Dumping' is selling goods in a foreign market
A
At a price below that received the home market
B
At a price higher than that received in the home market
C
At a price equal to the cost price in the home market
D
In order to encourage indigenous producers
E
At a price equal to the selling price in the home market
Economics JAMB 1983 Q30
Disequilibrium in the balance of payments means
A
Imports of the country exceeding its exports
B
Overall deficit or surplus in the current account and capital account of the balance of payments
C
Capital flowing out of the country ex ceeds the capital flowing into the country
D
Deficit in the trade balance
E
Export earnings exceed cost of imports.
Economics JAMB 1983 Q32
International trade is necessary because
A
No country can live in economic isolation
B
Different countries are differently endowed in natural and man-made resources
C
Some countries have comparative costs advantage in the production of particular commodities over other countries
D
The world demand for and supply of various categories of commodities is expanding very fast
E
Countries want to build up their foreign exchange reserves.
Economics JAMB 1983 Q33
Mono-product economies are those that
A
Have a rich cultural heritage
B
Product only raw materials
C
Live from the export of their raw products
D
Produce one main commodity
E
Specialize in agriculture industries
Economics JAMB 1983 Q34
The quickest way of achieving an economic union on regional basis is to remove all
A
Currency barriers
B
Language barriers [PAGE 5]
E
Legal barriers.
Economics JAMB 1983 Q35
If an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improve ments in labour and capital combined, the balance of 3% is usually due to
A
Land and related factors
B
Abundance of natural resources
C
Level of human capital
D
Technical progress or other factors
E
The discipline of political leaders
Economics JAMB 1983 Q37
When a government owns enterprises a numbers of advantages arise. Which of the following is NOT one of such advantages?
A
More capital is provided
B
Pricing policy may be in the interest of consumers
C
Government workers may be indifferent towards the public.
D
Infrastructures are rapidly developed.
E
Income may be more evenly distributed
Economics JAMB 1983 Q38
Which of the following is NOT an advantage of localization of industries?
A
Reaping of external economies
B
Development of a pool of skilled labour for the industry
C
Development of subsidiary industries
D
Development of organized markets
E
Growth of conurbations.
Economics JAMB 1983 Q39
The monetary system that requires double coincidence of wants is known as
A
The gold standard
B
Barter C.The commodity syste D.The gold exchange standard
E
The cheque system
Economics JAMB 1983 Q40
The effect of emigration on a country's population, all other things remaining equal, is to
A
Increase its size
B
Cause overpopulation
C
Increase its growth rate
D
Reduce the proportion of children
E
Reduce its size
Economics JAMB 1983 Q41
Money performs a number of functions. ONE of these functions makes it possible for any person to provide for old age. Because of that particular function, money is regarded as a
A
Medium of exchange
B
Measure of value
C
Unit of account
D
Store of value
E
Standard for deferred payments.
Economics JAMB 1983 Q42
Agriculture plays a dominant role in West Africa economies because
A
The Green Revolution in Nigeria is agricultural
B
It supplies all the foodstuff consumed in West Africa
C
There are large plantations of cocoa, groundnut and palm oil in West Africa
D
It is the main source of revenue in Nigeria
E
It employs more than 50% of the total labour force in West Africa
Economics JAMB 1983 Q43
Which of the following defines Economics most comprehensively?
A
Buying and selling
B
Organization of industries.
C
Study of human behaviour in the allocation of scarce resources.
D
National development planning and budgeting
E
Banking and insurance
Economics JAMB 1983 Q44
Age structure in Nigeria is such that the working age-group is in the years
A
1-15
B
15-65
C
30-40
D
40-65E. 65 and above
Economics JAMB 1983 Q46
Full employment is a situation in which
A
Every adult is employed
B
All adult who can work are employed
C
All persons who have attained the age of 15 years and above are employed
D
Only the disabled are not employed
E
All those who are able and eligible to work can find employment
Economics JAMB 1983 Q47
When demand is elastic, it means that consumer
A
React more proportionately to price change
B
Are not sensitive to price change
C
Will stop buying when price increases
D
React less proportionately to price change
E
React equally to price change
Economics JAMB 1983 Q50
Nigeria is currently implementing the
A
Third development plan
B
Second development plan
C
Fourth development plan
D
Fifth development plan
E
First development plan. [PAGE 6]