1987 JAMB UTME Economics Past Questions

1987

A production possibility curve shows?

1987

Labour productivity is defined as?

1987

The additional revenue obtained by using one more unit of a factor is called its?

1987

Market is defined as?

1987

Which of the following best describes the concept of opportunity cost?

1987

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

1987

The shut-down point for a firm in the short run is the output at which?

1987

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

1987

In the history of Economic Thought the concept of Division of labour is usually associated with?

1987

The residual of production which accrues to the owner of land after all other expenses have been met is called?

1987

Efficiency of labour is enhanced by?

1987

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

1987

In the operation of market forces, the market is in equilibrium at the point where?

1987

Price can be defined as?

1987

In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this c…

1987

In the long run a firm will leave an industry if price?

1987

Which of the following is compatible with a firm in a purely competitive market?

1987

An increase in supply will lower price unless?

1987

If a good is an inferior good, then?

1987

For normal goods the income elasticity of demand is?

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