JAMB Economics 1991 past questions

In market economy, the question of what, how and for whom to produce are solved by the

Which of the following situations can give rise to economic problems?

Economic goods are termed scarce goods when they are

Scale of preference refers to

Macroeconomics is a study of economic science from the point of view of

In combining inputs x and y the entrepreneur obtains the maximum output from a given money outlay when

If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under condition of

At any given level of output, the total cost of a firm equals the

At any given level of output, a firm's total variable cost equals

Consider the following diagram where XYZ repre sent the average cost curve of a firm. X Z Y O XY shows that as output increases the average cost declines. However, this decline cannot continue indefinitely because of

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to.

If a society is operating on the production possibility curve, this implies that the resources are

The excess profit made by the firm in the short-run is represented by

The long-run equilibrium price and quantity for the firm are respectively

The cross-elasticity of demand between complemen tary goods is

Resources are efficiently allocated when production takes place at that output where price equals

Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the

Consider the table above showing output (Q), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N12, what is the maximum profit the firm can make?

In a perfectly competitive market, the firm is in long- run equilibrium at the output where

Demand is relatively inelastic

Which of the following statements must hold if price discrimination is to be possible?

The ordinary partner in a partnership

One of the most outstanding disadvantage of co- operative societies as business organization is that

Industries tend to be located closer to market centres than to the sources of major raw materials if the

One disadvantage of trade by barter is that

One of the functions of Development Banks is to

To perform its function as a store of wealth and standard for deferred payment, money must be

An effect of inflation is that is

Banks aid economic expansion and development by

The term ‘Stock of Capital' means

Budget deficit is the amount by which

The average tax rate is defined as

Personal distribution of income implies

One of the advantages of international trade is that is

Under flexible exchange rates, a deficit could be corrected by

The higher the dependency ratio the

The age distribution of a country's population is of economic importance because it affect the

It is important to measure the National Income of a country because

The Gross Domestic Product is defined as the total value of

Stage of Value of Sale Value Product Input of Output Maize farmer - N10.00 Flour miller N10.00 N12.00 Baker N12.00 N15.00 Shop keeper N15.00 N20.00 The value of total output in the economy using the value added approach is

If W stands for wages/salaries, P for profit, R for interest and Z for rent on land and real estate, then national income is

The most common index used for measuring development is

In the national income and product accounts, double counting is avoided if

Agriculture is central to Nigeria's economic develop ment because