JAMB Economics 1998 past questions

The dependency ratio between 1960 and 1990 is

In 1990, the difference between the dependent population and the active population ration is

The short-run period in produce is defined as a period when

Specialization often improves economic performance because it

Which of the following statements best describes the relationship between average product and marginal product?

Total output Fixed cost Variable cost (Units) (#) (#) The average total cost when output is 200 units in the table above is

When a firm is reaping economies of large-scale production, it experiences a fall in its

P P S P P S P Q Q In the diagram above, the price P2 in price control situation, is referred to as

D P D Q Q Q The shaded triangle in the diagram above is known as

S0 D0 S1 D1 S0 D0 Q Q Q Q Quantity O In the diagram above, D0D0 is the original demand curve, S0S0 is the original supply curve, D1D1 is the new demand curve S1S1 is the is the new supply curve. What is the new equilibrium quantity?

If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is

Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in its prices is

The producer in a perfectly competitive market is face with a demand curve whose elasticity is

MC AC P MR Quantity F L K N O In the diagram above, profit is maximized at the output level

Unlike the retailer, the wholesale provides

Liquidation of a limited liability company implies that the

One form of business organization which is not motivated solely by the profit objective is the

The sector that employs the largest proportion of the active labour force in Nigeria

An entirely domestic effort directed at improving agricultural production in Nigeria is the

In many developing countries, infrastructural problem is acute due tot he shortage of

Export-promotion policy is primarily concerned with the

Crude petroleum is a good example of a

One of the techniques of monetary control used by the Central Bank of Nigeria is

Which of the following is true about the value of money?

If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3 000 is in a position to lend out

An issue of bank-notes not backed by gold but by government securities is known as

An increase in government expenditure will lead to

When an indirect tax is levied on the producer of a good, the burden on the consumer will depend largely on the

If a government wants to reduce the level of inflation, it will

In a country's national income increased from N1000 billion to N1100 billion over a period of 2 years, what was the average annual rate of growth of national income over the period?

Which of the following is a transfer payment?

The major objective of economic growth is to

The Family Support Programme in Nigeria essentially focuses on

Economically, underdeveloped countries are charac terized by

One of the major consequences of urban-biased development programmes in Nigeria is that they [PAGE 53]

Development plans have not been successful in some developing countries largely because of

The balance of visible trade is the difference between the value of