JAMB Economics 1987 past questions

Scarcity in economics means that

Economics is often described as a sciences because

The additional revenue obtained by using one more unit of a factor is called its

Labour productivity is defined as

Efficiency of labour is enhanced by

Average Fixed Cost is

The residual of production which accrues to the ownership of land after all other expenses have been met is called

In the history of Economic Thought, the concept of Division of Labour is usually associated with

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called

The shut-down point fora firm in the short run is the output at which

In the long run a firm will leave an industry if price

In the process of shipping, Mr X whose salary per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has now risen to N230. He therefore decides not to buy this commodity at all Mr X is thus affected by the

In the operation of market forces, the market is in equilibrium at the point where

Given an original price of N3.50 per kilogram of rice and a change in price of N1.40; and given the quantity purchased at the old price as 10kg and a change in quantity as 5 kg after the price change the elasticity is equal to

For normal goods the income eleasticity of demand is

What is market demand for the commodity when price is N5

If a good is an inferior good, then

An increase in supply will lower price unless

Which of the following is compatible with a firm in a purely competitive market?

What form of market is found in an imperfect competi- tion where there are few buyers and many sellers?

To which of the following sectors do services belong?

The liability of the sole trade is

Which of the following is NOT a type of business ownership

Which of the following is a disadvantage of regional concentration of industries?

Money market differs from capital market in that it

The main reason for charging interest is to

In the keynesian model,

If inflation is anticipated to continue,

In order to raise more revenue for a certain period, government should impose higher taxes on goods whose demand is

The money which government spends yearly for the maintenance of its schools is

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

The rate of exchange between a domestic and a foreign currency is defined as the

Transfer payments are

Capital consumption allowance refers to

The difference between personal income and personal disposable income is

Frictional unemployment

For the improvement of the welfare of a people, a high production level is not enough because

Economic development is defined as