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The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions
Athere are restrictions in trade
Bthere are no cost of transportations
Cther is perfect competition
Dthere are no tariff or import and export quota
Ethere are only two countries and only two commodities entering into international trade
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Question 1242
jamb1979
which of these alternative is wrong? central banks are
Abankers to the government
Bbankers to commercial banks
Cmerchant banks
Dcontrollers and regulators of money supply
Eissuers of bank note
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Question 1243
jamb1979
The central bank controls the activities of other banks by all but one of the following
AThe use of bank rate
BThe purchase or sale of government bonds on the open market
Cspecial deposite
Dthe use of directives
Etaxation
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Question 1244
jamb1979
When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as
Aelastic supply
Bjoint demand
Cexcess supply
Dderived demand
Enone of the above
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Question 1245
jamb1979
when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following
Aa fall in income
Ba rise in the price of a complement
Ca fall in the price of substitute
Da change in taste against this commodity
Enone of the above
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Question 1246
jamb1979
One of the reason why the condition of supply of a commodity may change is
Aa change in real income
Bchanges in the technique of production
Ca change of fashion or taste
Dchange in population
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Question 1247
jamb1979
If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called
Acomposite demand
Belastic demand
Cderived demand
Dcompetitive demand
Einelastic demand
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Question 1248
jamb1979
Production covers all but one of the following activities:
Achanging the position of a good in time as, for example, holding stock of goods until they are required
Bthe provision of some kind of service e.g retailing
Cchanging the form of a good from the raw material to the finished product
Dchanging the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
Ethe use of good and services to satisfy individual wants
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Question 1249
jamb1979
Which of the following is not true of the theory of optimum population?
AIt is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
BThe quantity of labour which combined with the other factors gives the minimum output is known as optimum population
CThe quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
DThe test for over-population is whether it exceed the optimum
EIt is possible for a thinly populated country to be over populated if it has a poor supply of other factor
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Question 1250
jamb1979
which of the following is not true about occupational distribution of the labour force of West Africa?
AA large percentage of the labour force is engaged in agriculture
BAgriculture is the most important occupation in West Africa
CThe manufacturing sector employs a large percentage of the population
DAgriculture does not constitute an important source of paid employment
EThe public sector forms an important source of paid employment
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Question 1251
jamb1978
A country has a surplus in its balance of visible trade if
Athe value of imports exceeds the value of exports of goods
Bthe value of exports exceeds the value of import of goods
Cthe value of goods exported is equal to the value of goods imported
Dit is able to spend a lot on capital programmes
Ecommercial banks assets increase
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Question 1252
jamb1978
The numerical measure of elasticity is
A\(\frac{\text{%change in Q}}{\text{%change in P}}\)
B\(\frac{\text{change in Q}}{\text{change in P}}\)
C\(\frac{\text{%change in P}}{\text{%change in Q}}\)
D\(\frac{\text{change in P plus change in Q}}{\text{change in P}}\)
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Question 1253
jamb1978
In the diagram equilibrium price is:
AP2
BPo
CP1
Dindeterminate
Ebetween Po and P1 Diagram P.2
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Question 1254
jamb1978
Bondholders are treated more favorably than shareholders because
AThey are not liable for the companies losses
BThey greater voice in the electing board of the directors
CThey control the management
DThey have a prior claim on the companies assets
Enone of the above
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Question 1255
jamb1978
A rational consumer will adjust his spending pattern so that
AHe buys only the one item that gives him most total satisfaction
BThe marginal utility he gets from the last unit of item is the same
CThe marginal utility he gets from the last naira spent on each item is the same
DThe total utility he gets from each item is the same
EThe total amount of money he spends on each item is the same
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Question 1256
jamb1978
In economics, production is complete when
AGoods are produced in the factory
BGoods are sold to the wholesalers
CGoods and services are produced by the government
DPrices are fixed for goods and services
EGoods and services finally reach the consumer
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Question 1257
jamb1978
The optimum population of a country is reached when
AAll factor of production have been fully employed
BThe productive effort per man is at its highest with a given volume of resources
CThe total population of a country increases
DThe natural resources of a country increases
EThe working population of a country increases
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Question 1258
jamb1978
Which of these would NOT increase population of a country
AIncrease in death rate
BDecrease in birth rate
CEmigration
DMigration
EBetter medical facilities
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Question 1259
jamb1978
Which of the following is NOT strictly included In the study of economics?
AThe study of wants
BThe study of choice
CWhether a particular want satisfies a good or bad purpose
DThe study of scarcity
EThe study of substitution
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Question 1260
jamb1978
Which of the following activities of government precludes the existence of a market economy?
AThe imposition of taxes
BThe control of the location of industry
CThe central planning of production
DThe fixing of maximum price for all necessities
EThe establishment of law requiring the registration of business firms
