1984

JAMB Economics 1984 past questions

32 questions from the 1984 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock -> All Economics years
Economics JAMB 1984 Q8
The advantages that accrue to a firm as the size of the firm increases are known as
A
External diseconomies B.Internal returnes to scale
C
Internal economies D.Internal diseconomies
E
Constant returns to scale.
Economics JAMB 1984 Q9
One of the advantages of large-scale production is that
A
There is a rise in the cost of administration
B
Consumers sacrifice their individual tastes
C
The firm can use labour-saving machinery
D
The demand for a firm's products become localized
E
Decision making takes a long time because different levels of management are involved.
Economics JAMB 1984 Q10
Which of the following is NOT an obstacle to economic development?
A
Low level of investmentB. Lack of modern technology
C
High rate of population growth
D
Low productivity
E
Dedicated leadership
Economics JAMB 1984 Q11
An ageing population refers to the preponderance on
A
Middle-aged people in the population
B
Young people in the population
C
Women in ht population
D
Old men in the population
E
Old people in the population
Economics JAMB 1984 Q12
Let TC = total cost TVC = total variable costs TFC = total fixed costs ATC = average total costs AVC = average variable costs AFC = average fixed costs Q = output Which of the following is NOT true?
A
TC = TFC + TVC
B
ATC = AVC + AFC
C
AFC = TFC Q
D
TVC = AVC Q
E
AVC = TVC Q
Economics JAMB 1984 Q13
Which of the following is NOT a determinant of the size of the economically active population?
A
Age structure
B
Occupation of workers
C
Proportion of men to women
D
Average length of the working day
E
Efficiency of the labour force [PAGE 7]
Economics JAMB 1984 Q14
The population level that yields the maximum output when combined with available resources is known as
A
Dependent population
B
Maximum population
C
Active population
D
Production population
E
Optimum population.
Economics JAMB 1984 Q16
If X and Y are two goods, then the cross elasticity of demand for X with respect to Y is defined as the
A
Percentage change in the quantity of X divided by the percentage change in the price of Y
B
Percentage change in the quantity of X divided by change in the price of Y
C
Change in the quantity of X divided by change in the price of Y
D
Percentage change in the quantity of X divided by the price of Y
E
Percentage change in the quantity of Y.
Economics JAMB 1984 Q17
For two substitute goods, the cross elasticity of demand is
A
Greater than one but less than two
B
Zero
C
Negative
D
Positive
E
Infinity
Economics JAMB 1984 Q18
The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an associated problem of maximum price control?
A
Excess supply
B
Favouritism
C
Bribery and corruption
D
Black marketing
E
Hoarding
Economics JAMB 1984 Q19
For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
A
Equal to marginal cost
B
Greater than marginal cost
C
Greater than average total cost
D
Equal to marginal revenue
E
Equal to total revenue
Economics JAMB 1984 Q22
In taxation, the benefit principle requires that
A
Everybody must draw benefits from taxation
B
All those who earn more income must pay more taxes
C
Only those who derive benefits from services provided from public revenue should be taxed
D
Taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
E
Everybody pays an equal amount
Economics JAMB 1984 Q24
Pricing and output decisions of sellers are highly interdependent in markets known as
A
Oligopoly
B
Perfect competition
C
Monopoly
D
Monopolistic competition
E
Imperfect competition.
Economics JAMB 1984 Q25
One disadvantage of sole proprietorship is its
A
Limited liability
B
High profits
C
High sense of ownership
D
Low credit rating
E
Low failure rate.
Economics JAMB 1984 Q26
The Channel for food distribution in Nigeria consists of
A
Farmers and their families
B
Producers, wholesalers and retailers
C
Producers and consumers
D
Producers and processor
E
Farmers. Processors and consumers.
Economics JAMB 1984 Q27
Which of the following is NOT true of debentures and debenture holders?
A
Debentures are instruments for raising long-term capital by limited liability companies
B
Debentures are fixed interest-bearing securi ties with specifies maturity date.
C
Debenture holders are creditors to the company and therefore do not share in the risk of the company
D
Debenture holders are entitled to interest [PAGE 8] payments whether or not profits are made.
E
Preference shareholders receive their share of profits before debenture holders receive their entitlements.
Economics JAMB 1984 Q28
The economic goal of public utilities is to
A
Maximize profits
B
Expand assets C Minimize cost D.Provide essential services
E
Pay higher dividends to shareholders
Economics JAMB 1984 Q29
The basic principles of co-operative societies are those of
A
Active participation of capitalists in the affairs of co-operative societies
B
Workers ownership and worker control
C
Sole proprietorship
D
Partnership
E
Denying of credit facilities to members
Economics JAMB 1984 Q30
The most important factor determining the location of the cement industry in Nigeria today is
A
Capital and government policy
B
The nature of the product, infrastructure and government policy
C
Nearness to the market and source of power
D
Price of the product and source of labour
E
Raw materials
Economics JAMB 1984 Q31
The most important characteristic of money is
A
Portability
B
Intrinsic value
C
Acceptability
D
Usefulness
E
Beauty
Economics JAMB 1984 Q34
Lord Keynes identified three motives for holding money, that is, keeping one's resources in liquid from instead of in some form of investment. The motive which relates to making provision for the ‘rainy day' is known as
A
Transaction purposes
B
Precautionary motive
C
Transactions motive
D
Investment motive
E
Rainy day motive.
Economics JAMB 1984 Q35
If a person demands money for buying and selling sec urities it is referred to as demanding money for
A
Transaction purposes
B
Speculative purposes
C
Transactionary purposes
D
Meeting the educational expenses of children
Economics JAMB 1984 Q36
Generally property taxes
A
Are borne entirely by landlords
B
Cannot be shifted in the long run
C
Are borne by all (renters, owner-occupiers and landlords)
D
Are borne only by renters
E
Are borne by a few industrialists.
Economics JAMB 1984 Q37
One of the major effects of an increase in government expenditure on a nation's economy is that it
A
Creates investment opportunities for foreign investors
B
Leads to indigenization of the private sector
C
Raises the level of total tax revenue
D
Raises the level of aggregate demand
E
Controls the spread of monopoly
Economics JAMB 1984 Q38
Public expenditure on services, such as education and health, is known as expenditure on
A
General services
B
Community services
C
Social services
D
Economic services
E
Administrative services Questions 39 and 40 are based o the table below: The international production set for Nigeria and Austria is: Product Nigeria Austria Cocoa 20 tonnes 12 tonnes Lace 10 metres 8 metres
Economics JAMB 1984 Q39
The opportunity cost ratio for cocoa and lace for Austria and Nigeria is
A
2, 2
B
2, 1, 5
C
1, 5, 4
D
1, 5, 2
E
0.5, 1,5
Economics JAMB 1984 Q40
From the table it can be deduced that
A
Nigeria should produce cocoa and lace
B
Austria should produce cocoa and lace
C
Nigeria can benefit from producing lace only
D
Nigeria should not produce any of the products
E
Austria should produce lace and Nigeria should produce cocoa.
Economics JAMB 1984 Q41
The following, except ONE, are the differences between international trade and internal trade.
A
Differences in currencies
B
Governments control
C
Mobility of factors of production
D
Cultural differences.
E
Exchanges of goods and services
Economics JAMB 1984 Q42
Let Px represent the price of exports and Pm the price of imports. Then the items of trade (TOT) are said to be favourable if
A
Px < 1
B
Px < 1
C
PX > 1 Pm Pm [PAGE 9]
D
Px = 1 Pm Pm
E
0 < Px < 1 Px
Economics JAMB 1984 Q43
Which of the following items does NOT belong to a country's current account in the balance of payments account?
A
Merchandise exports
B
Merchandise imports
C
Travel
D
Foreign currencies E.Insurance services
Economics JAMB 1984 Q44
An improvement in Nigeria's terms of trade should
A
Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
B
Make ‘made in Nigeria' goods cheaper to buy
C
Increase Nigeria's domestic output of commodities
D
Lead to an increase in her exchange rates
E
Lead to an increase in Nigeria's exports of petroleum
Economics JAMB 1984 Q45
Which of the following is NOT a feature of economic underdevelopment o a country?
A
Large number of high income earners relative to the population
B
High annual income for the few
C
High incidence of poverty
D
Low daily calorie intake per person
E
High infant mortality rate Production of Goods and servises (IV) Consumption Expenditures (III) Personal Sector Business and Government Sector (I) Wages, Interest, Rent (II) Production Services Economics 1985