Economics
JAMB 1993
Q1
Wages and Salaries Profits a and Rents Payments to foreigners on assets held in Nigeria Income from foreign assets held by Nigerians resident abroad Depreciation Using the table above, calculate the net income [PAGE 39]
Economics
JAMB 1993
Q7
Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?
A
The infrastructural facilities in cities
B
Declining fertility of rural farm lands
C
Rural electrification programme
D
Higher living standards in urban areas
Economics
JAMB 1993
Q8
An accurate census is important to a country because it helps
A
In solving unemployment problem
B
To ensure equitable population redistribu tion relative to natural resources
C
In deciding on the creation of more local governments
D
In providing a sound basis for formulating development policy
Economics
JAMB 1993
Q9
If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be
B
5.68 tonnes C.0.60 tonnes
Economics
JAMB 1993
Q10
In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost at its.
D
Downward slopping section [PAGE 37]
Economics
JAMB 1993
Q12
If labour productivity in the cement industry is as increasing output of cement is expanded, then the amount of labour perfect competition is that in the former
Economics
JAMB 1993
Q13
If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the
A
Marginal revenue of te enterprise
B
Marginal revenue product of labour in the enterprise
C
Average revenue of the enterprise
D
Marginal cost of production
Economics
JAMB 1993
Q18
At equilibrium one of the distinctive features of monopoly compared with perfect competition is that in the former
A
Price is always equal to marginal cost
B
Supply is always equal to demand
C
Price is always higher than marginal cost
D
There are always many buyers and many sellers MPC T Consumption R O P Income In the diagram above, the marginal propensity to consume (MPC) is equal to
Economics
JAMB 1993
Q20
Given an output of 3 units, the average revenue is
Economics
JAMB 1993
Q21
Determine the marginal revenue if the total revenue is N80.00
Economics
JAMB 1993
Q22
Which of the following functions does the wholesaler perform to save the retailer the burden of carrying large stock? I. Breaking the bulk II. Packing the goods in smaller containers III. Providing vital information IV. Granting credit facilities
Economics
JAMB 1993
Q23
Production is said to be completed when
A
Goods and services reach the consumers
B
Prices of goods or services are determined
C
Goods are sold to the wholesaler
Economics
JAMB 1993
Q27
Wheat grows best in
C
Equatorial climateD. Hot desert
Economics
JAMB 1993
Q28
On the basis of the contribution to employment, the most important economic sector in West Africa is
Economics
JAMB 1993
Q29
The most popularly adopted industrialization strategy in West Africa is
D
Infant industries protection
Economics
JAMB 1993
Q30
One of the most important factors that should be considered in the location of an industry is
A
Nearness to the financial centre
B
Assured patronage by government function aries
C
Availability of inputs and market
D
Availability of adequate security
Economics
JAMB 1993
Q31
Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is
D
Capacity under-utilization
Economics
JAMB 1993
Q32
The money market is a financial market that special izes in the provision of
A
Short-term loans and advances
D
Venture capital for development projects
Economics
JAMB 1993
Q33
Which of the following programme in the monetary sector is aimed at enhancing the banking habit of the rural area?
A
The deregulation of the banking system
B
The increase in the number of merchant banks
C
The community banking scheme
D
The deregulation of interest rate
Economics
JAMB 1993
Q34
The sum of N80.000 is deposited in a bank and the cash ratio of the banking system is 10%. Calculate the total sum of money the bank can create from the deposit
Economics
JAMB 1993
Q35
Economic development is distinguishable from economic growth because the farmer
A
Is not concerned with growth parameters
B
Affects only the poor people
C
Also includes and efficient distribution of economic growth
D
Is an increase in the production of goods and services
Economics
JAMB 1993
Q36
Which of the following can be considered as being outside the objectives of public finance?
A
The allocation of resources to various sectors of the economy
B
The objectives of even distribution of income and wealth
C
The achievement of economic stability
D
The deregulation of the economy
Economics
JAMB 1993
Q37
The joint ventures operating in the Nigeria oil industry are between
A
The NNPC and independent markers
B
The NNPC and multinational marketers
C
The NNPC and producers/marketers
D
Multinational corporations and independent marketers
Economics
JAMB 1993
Q38
Which of the following are the major disadvantages of direct system of taxation? I Disincentive to hard work II. Difficulties in assessment and collection III. Imperfections in tax assessment
C
II and IIID. I, II and III No Items Amount (Nm)
Economics
JAMB 1993
Q41
The best index for international comparison of standards of living is the
Economics
JAMB 1993
Q43
Below equilibrium, the gap between aggregate demand and the full employment lev4el of income is called the
Economics
JAMB 1993
Q44
Which of the following are the advantages of Nigeria's membership of ECOWAS? I. A greater opportunity for trade according to comparative cost advantage II. A larger market for industries producing under conditions of decreasing cost III. Competition for home based monopol firms