JAMB - Economics (2009)
1
Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?
2
A typical feature of a market economy is that
উত্তর(C)
consumer sovereignty exists
3
A cumulative frequency graph is
4
The privatization exercise in Nigeria is a move towards a
5
A movement along the same demand curve is caused by the
6
The demand curve for a luxury good is
7
A major assumption in cardinal utility theory is that
8
A supply curve is positively sloped because
উত্তর(D)
price is an incentive to producers
9
The short-run supply curve for medical doctors is more likely to be
10
If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is
11
A decrease in supply without a corresponding change in demand will lead to
উত্তর(A)
an increase in equilibrium price and a decrease in equilibrium quantity
12
In a regulated market, price is determined by
13
Production takes place when
উত্তর(C)
input is transformed into output
14
Which of the following can be deduced from the law of variable proportions when total output is rising?
15
As the level of output increases, the average fixed cost of a firm will
16
The shape of the long-run average cost curve is best explained by the
17
The supply curve of a perfectly competitive firm is identical to its
18
If a monopolist is incurring short-run losses, this means that his
উত্তর(B)
selling price is below the short-run marginal cost
19
In developing countries, it is easier to obtain accurate national income estimates through the
20
In the long run, one of the characteristics of monopolistic competitive firms is that they
21
Double counting is a problem in computing national income when using the
22
In the circular flow of income, an increase in savings causes
উত্তর(B)
a decrease in the income stream
23
The ability of commercial banks to create money depends on the
24
The reform in the banking sector in Nigeria is principally motivated by the need to
উত্তর(C)
minimize the rate of bank failures
25
A manufacturer who wants to build a new plant will source funds from the
26
Cost-push inflation occurs when
27
The Basic Needs Approach to development is
28
If government expenditure exceeds revenue, this result in
29
The major reason why countries strive to achieve optimum growth is to
30
According to the theory of comparative advantage specialization will result in
উত্তর(C)
efficient allocation of resources
31
Dumping in international trade means selling a goods at a
উত্তর(A)
higher price at home than abroad
32
Guided deregulation as currently practised in Nigeria implies that
উত্তর(C)
market forces and government determine interest and exchange rates
33
An important function of the World Bank is to
উত্তর(D)
provide long-time loans to members
34
The major problem confronting a sole proprietor is
উত্তর(C)
limited source of capital
35
A public liability company is run on a daily basis by
36
The marketing of agricultural products in Nigeria can be improved by
উত্তর(B)
re-establishing the marketing boards
37
To enhance the competitiveness of domestic agricultural products, there is need to
উত্তর(C)
improve the quality of domestic agricultural products
38
In Nigeria, the location of a steel industry at Ajaokuta is due to
উত্তর(C)
the proximity to large deposits of iron ore
39
Industries for consumer goods are concentrated in urban centers as a result of
40
The current industrial development strategy in Nigeria is aimed at encouraging
উত্তর(C)
small-and medium-scale industries
41
Activities in the oil and gas industry are classified into
42
High dependency ratio is influenced by
43
Occupational distribution of population determines the
উত্তর(D)
size and categories of the labour force
44
The mobility of labour is mainly determined by
45
When workers have a union, the supply of labour is said to be
