JAMB Economics 1995 past questions

The ultimate objective of economics is to

With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when he

L House - holds Business Units M N In the circular flow of income above, the direction of flow of payments for consumption purchases is shown by the arrow

Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore

One of the features of a free market economy is that

What to produce in any society is determined by the

The active intervention of the central authorities in the management of a country's economy rests upon the

The problems of conducting census include

An ageing population is a population

What is meant by labour supply?

The advantage which firms obtain directly from expanding their operations are referred to as

The factor of production that has the highest degree of mobility is

Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as

No of workers Total Output (Units) In the table above, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

Given that TC = TFC + TVC and TR = AR X Q profit is equal to

The opportunity cost of the use of productive resources which a producer owns and so does not pay for, constitutes

The effect of changes in the condition of demand on a demand schedule with the price constant is a

In a free market economy, available resources are more efficiently allocated by complete reliance on

In order to maximize his profit, a businessman who faces a very clastic demand for his products is advised to

What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?

If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality 4y-300>500

Both in the short run and in the long run, a firm maximizes its profits when

AC MC Price T S R P1 P2 P3 P4 M D Q1 Q2 Q3 Qty MR

Stocking small quantities of a variety of goods is a function of the

In a joint stock company, preference shareholder are those who receive

The major reason for the survival of small shops despite competition from large business enterprises is because of

One of the major advantages of public enterprises it that

When public enterprises become commercialized it means that

Which of th e following statements are TRUE of agriculture in Nigeria? I it provides food for the growing population II a large proportion of the popula tion is engaged in III agricultural products are used as [PAGE 45] raw materials by the local industries IV it serves as a sources of heavy equipment to local industries

In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of

The government can influence the price of agriculture products by

The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and

Infant industries denote industries which

When compare with a labour-intensive industry, a capital-intensive industry employers more

The major source of Nigeria's foreign exchange is the export of

The most important goal of OPEC is to

The Central Bank's expansionary monetary policy is justified at a period

The sharp increases in the prices of most goods and services during the last quarter of 1994in Nigeria were mainly due to

The best method to curb inflation in Nigeria is to

One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to

Which of the following is cheapest for the govern ment in improving the welfare of its citizens?

Which of the following is mostly used to determine the cost of living?

The total tax revenue is represented by

The tax imposed is borne

Ajanka, a medical student entitled to an annual allowance of N6 000, decides to leave the university to take up a job where he earns N7 000 per annum. By this singular act, the national income level will.

An increasing population might be of economic benefit to a country if

The demands made on each other by the agricultural and industrial sectors as the economy grows are reflected in

Foreign exchange rate in a free market economy is determined by

The primary objective of all international economic organizations is to