JAMB Economics 1997 past questions

Units of consumption marginal utility of commodity X (units) From the table above, the total utility for the indi vidual who consumea 3 units fo commodity X is

One of economic problems of Nigeria today arises from

In certain circumstances, a centrally planned economy adopts the rationing system because of

Given that at the beginning of 1973, Nigeria with a population of 75 million had a birth rate of 3% per annum. This implies that in that year.

When a country's population is experiencing increas ing returns, that country is said to be

In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is [PAGE 47] 30%,this implies that the

One of the objectives of Nigeria's current population policy is to

Labour productivity is the ratio of

The type of cost which has to be covered for a firm to continue production in the short-run is the

Point P suggests that the economy is

The movement of curve I to II suggest

Graph costs IV III II I Quantity of output per period In the diagram above, the curve which represents the firm's short-run average variable cost is curve

Given a market demand curve Q = 120 - 2p and a supply curve Q = 4 p, the equilibrium price and quantity respectively are

If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then

The elasticity of demand for a firm's product 2. If the firm reduces its prices its price by 20 per cent, its sales revenue will increase by

If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity de manded of the product, then the income elasticity of demand for the product is

From the diagram above, the quantity of output is determined by the point

The best channel of distribution of baked bread is through

The shares that must be redeemed first at liquidation of a company are

The suggestion that peasants in Africa have back ward-bending supply curves of output implies that their response to an increase in the price of their crops will be to

The most important requirement for increasing agricultural output in Nigeria is

What is the effect of inelastic demand for agricultural products on the income of a farmer?

Plywood industries are often located near the source of

One of the dangers of the localization of industries

The main problem of the Organization of Petroleum Exporting Countries is how to

The most important attribute of money is

Which of the following is inflationary?

In commercial banking, an account from which the customer cannot withdraw money instantly is

Banks can create more money by

Stocks and shares as well as bonds are examples of [PAGE 49] instruments used in the

The use of legally permissible means to reduce tax liabilities is known as tax

The greatest proportion of government revenue in Nigeria comes from

One of the factors which is likely to check the growth of public debts is

If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decrease by N15 billion, GDP will decrease by

Given: Investment = N100 million Consumption = N200m + 0.75 Y Y = C + I Where, Y = Income, C = Consumption and I = Investment What is the income level to the nearest million?

The total money values of all goods and services produced in a country during a certain period is measured by using the

Privatization of government-owned companies means the

The major determinant of the total volume of output in an economy is the

The most important factor in ensuring economic development is the

Which of the following classes of goods accounts for the largest proportion of Nigeria's imports?

Counter trading is an international arrangement whereby

In recent years, Nigeria's balance of payments has continued to register a deficit due to I. Increased government overseas' spending II. Increasing prices of exports III. Rising import prices IV. More payments to overseas' investors

The organization which provide credits to help countries achieve short-term balance in their balance of payments is the

An important feature of a cartel is that