Jamb 1991 Economics Past Questions And Answers
1
Budget deficit is the amount by which?
- A. total expenditure exceeds revenue
- B. recurrent expenditure exceeds revenue
- C. capital expenditure exceeds revenue
- D. recurrent expenditure exceeds capital expenditure
2
In the national income and product accounts, double counting is avoided if?
- A. only final goods counted
- B. only intermediate goods are counted
- C. only intermediate and final goods are counted
- D. the value of all goods and services are added together
3
The average tax rate is defined as
- A. total tax rate less the marginal tax rate
- B. the tax rate which applies to additional value income
- C. the ratio of total taxes paid to total income
- D. marginal tax rate for being progressive
4
The age distribution of a country's population is of economic importance because it affects the?
- A. pattern of expenditure
- B. size of the army
- C. optimum size of firms
- D. location of industries
5
At any given level of output, the total cost of a firm equals the?
- A. marginal cost plus the average cost
- B. fixed costs less its varriable cost
- C. average cost multiplied by variable costs
- D. economic costs multiplied by variable costs
6
Personal distribution of income implies?
- A. the way in which income is distributed among specific households or spending units
- B. the distribution of income according to basic resources
- C. dividing income according to industries
- D. dividing income between personal taxes, consumption expenditures and savings
7
Economic goods are termed scarce goods when they are?
- A. not available in sufficient quantities to satisfy all wants for them
- B. not produced in sufficient quantities to satisfy the effefctive demand for them
- C. of high quality
- D. of primary importance in satisfying the needs of a society
8
Under flexible exchange rates, a deficit could be corrected by?
- A. freezing the gold point
- B. appreciation of other currencies
- C. removing export subsidies
- D. removing tariffs
9
Fiduciary issue is that part of?
- A. the issue of notes backed entirely by gold
- B. a country's currency which is not negotiable
- C. the issue of notes not backed by gold
- D. a country's currency officially issued
10
Consider the table which shows output (o), total cost (TC)of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N 12, what is the maximum profit the firm can make ?
- A. N2000.00
- B. 1200.00
- C. 1000.00
- D. 400.00