JAMB Economics 1999 past questions

In a firm three employees earn N5,500 each, four earn N3,300 each, two earn N5,000 each and one earns N7,000. The mean income of the employees is

Economics can be defined as

Abubakar has the choice of buying either a house or a Mercedes Benz car for N1.5m plus NO.5m running cost. If he decides to buy the Mercedes Benz car, his opportunity cost is

I. What and how much will be produced? II. How will it be produced? III. For whom will it be produced? IV. How much will be exported and consumed? From the above, identify the combination of basic resource allocation questions in economic .analysis.

The shape of a production possibility frontier is determined by the

Normative economics deals with

The determinants of elasticity include

Period 1 Period 2 Family income N1,OOO, N1,500 Expenditure on clothing N100, N 200 In the table above, the income elasticity of clothing is

Profits From the table above calculate the national income.

In a planned economy, what shall be produced is determined primarily by

Points E6 and Es are respectively equilibra points for

Identify the three important factors that can make 80 to become either S1 or S2.

The downward sloping part of the long-run average cost curve of a firm may be attributable to

The main function of price in the economic system if is to

S/No. Sector No. of People I Agnculture, foreslry and fishing 10, 050 Mining and quarrying 1, 500 III. Transport and communication 2, 000 000 IV. Manufacturing 1, 750, 000 V. Basic construction 750,000 VI. Distributive 3,000,000 Vll. Administration 1,250,000 Calculate the total number of people engaged in, tertiary production from the data above.

One of the characteristics of an imperfect market is the

In perfect competition, every firm is a price

Given that the total fixed cost is HI 000, lotal variable cost N2 500 and the output, 100 unit Find the average lotal cost of producing one unit.

The land tenure system in Nigeria impedes agricultural Production because .

The primary objective of establishing the Export Processing Zone is to

The first petroleum exploring company to discover crude petroleum in Nigeria was

Concentrating industries in one place is advantageous because there are gains in terms of

Import substitution industrialization refers to

An entrepreneur will continue to employ labour up to a point where

Optimum population is defined as the level of population at which

When a worker earns more than the wage just sufficient to keep him in his job the excess income is called

National income at factor cost means national income at

The value of the multiplier depends on

One of the major problems of product distribution in most developing countries is

Non-bank financial intermediaries do not

Inflation which is caused mainly by increases in the prices of factors of production is described as

The relationship between the value of money and the price level is

People hold money for

Bills of exchange originate from a

One of the functions of money is that it helps.

Fiscal policy involves changes in

Economic development may be defined as economic growth

The price of a good will not be affected by the imposition of a sales tax on it if the

Devaluation helps in checking adverse balance of payments if the

If a country has a balance of payments surplus on current accounts, this means that

Gains from trade depends on

Favourable terms of trade is importaflt to a country because it facilitates

The Economic Commission for Africa was set up by the

The most acceptable economic measure for trade protection is to