JAMB Economics 1985 past questions

One main quality of a good is that it

Bisi needs book costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the

An economic problem exists whenever

The meaning of scale of preference is

Optimum population is desirable because it enables an economy to attain maximum

The age distribution of a population is NOT influenced by

One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked, it will be checked by natural forces like misery, disaster and food shortage. This theory was propounded by

Units of Quantity Total Marginal Consumed Utility Utility - - The table above illustrates the law of

In market economies, resources are allocated through the

Study the figure below S Price H P1 P2 G P3 F S Quantity Q1 Q2 Q3 At point H, the price elasticity of supply is

At every point on an indifference curve, the

Under perfect competition, the long-run equilibrium requires

Price T P1 N M Q1 [PAGE 11] In the figure above, the broken line labelled M is the Marginal Revenue Curve of a

If a monopoly is attempting to maximize profit, which of the following should it attempt to do?

The amount of labour a producer hires relatives to other factor inputs depends on the

Which of the following is NOT a feature of under- development?

The inefficient distribution of scarce commodities in Nigeria is mostly due tot he

Warehousing facilities in the distribution and marketing of products are provided by

Limited liability means

The purchasing power of the Naira will fall when

When a business has unlimited liability

Which of the following factors is most responsible for the concentration fo population around the oil fields in Eastern Nigeria?

The petro-chemical industries are located in the Rivers State of Nigeria due to

Because money serves as a standard of deferred payments

Which of the following is a necessary prerequisite for trade by barter.

Which of the following is NOT among the canons of taxation as set out by Adam Smith?

Tax which is levied on goods manufactured, sold or used within the country is

By terms of trade, we mean the

The argument of tariff protection in less developed economies is that such a measure would

Devaluation of the Naira as a condition for the International Monetary Fund loan is considered inadvisable because

Foreign exchange control in Nigeria is administered by the

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of

How many National Development Plans did Nigeria have between 1960 and 1984?

If an economy grows at an annual rate of 6%, of which 4% is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

The process by which a country attempts to reduce the import of manufactured goods by encouraging firms to produce these goods at home is described as

Under normal circumstances a producer will bear the entire burden of taxation on his output if the

Which of the following is NOT a part of the fixed cost of a limited liability company?

The act of combining factor inputs in order to obtain specific output is known as

The above diagram illustrates

Disguised unemployment

In the diagram (I) refers to the calculation of national income through the

In the same diagram, (III) refers to the calculation of national income through the

Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?

Which of the following does NOT represent the behaviour of a monopolist?