JAMB - Economics (2006)

• 1

  If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by

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  (B)

  N25. 0 milion
• 2

  Personal income tax as a source of government revenue is increased when the

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  (A)

  tax rate is raised
• 3

  In computing national income, transfers are excluded because

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  (D)

  they are not payments for productive activities
• 4

  The major role of NDIC is to

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  (A)

  insure bank deposits
• 5

  When the federal government guarantees a loan for a state government, such a loan constitutes

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  (A)

  a public debt
• 6

  One way of controlling deflation is by

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  (C)

  deficit financing
• 7

  If the Central Bank of Nigeria reduces the bank rate, this will cause

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  (A)

  money supply to increase
• 8

  The main source of government revenue in Nigeria is

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  (A)

  import duties
• 9

  The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for

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  (C)

  evolving an acceptable revenue-sharing formula
• 10

  The burden of a government tax on a commodity whose demand is inelastic will

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  (B)

  fall more heavily on consumers
• 11

  An important determinant of price elasticity of demand is

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  (C)

  the ease of substitution
• 12

  The range of the data 14,13,15,18,20,35 and 13 is

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  (B)

  22
• 13

  If the marginal utility of good X exceeds that of good Y, this implies that

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  (B)

  consuming more of X will increase total utility
• 14

  A commodity will be demanded only if

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  (D)

  it has utility
• 15

  Derived demand is normally used with reference to

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  (D)

  the factors of production
• 16

  A straight line indifference curve indicates that the two products are

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  (C)

  perfect substitutes
• 17

  Given that demand and price remain unchanged an outward shift of the supply curve will lead to

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  (B)

  excess supply
• 18

  A distribution is said to be positively skewed if it

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  (B)

  has a long tail to the right
• 19

  A decision on input combination solves the economic problem of

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  (A)

  how to produce
• 20

  Choice involves opportunity cost because

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  (B)

  available resources are inadequate
• 21

  A characteristic common to partnership and sole proprietorship is

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  (D)

  unlimited laibility
• 22

  Nigeria's exports usually comprise

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  (D)

  primary goods
• 23

  Economic growth can be accelerated through

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  (D)

  increased current investment
• 24

  An association formed by a group of individuals solely for the marketing of their product is a

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  (C)

  producer cooperative society
• 25

  The exchange rate determined by market forces is known as

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  (B)

  floating exchange rate
• 26

  Import substitution policy is used to

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  (C)

  correct the balance of payments problem
• 27

  The organization whose aim is to solve the trade problems of less developed nations is

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  (A)

  UNCTAD
• 28

  Mobility of labour is higher when there

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  (C)

  are alternative jobs in the same location
• 29

  A major advantage of industrialization is that it

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  (C)

  leads to growth and development
• 30

  The oil-producing area in Nigeria are agitating for special compensation owing mainly to

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  (D)

  environmental pollution
• 31

  If children and the aged dominate the population of a country, this results in

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  (A)

  a reduction in the importation of capital goods
• 32

  A major factor militating against rapid industrialization in Nigeria is

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  (D)

  epileptic power supply
• 33

  Minimum wage legislation will result in

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  (B)

  greater supply labour
• 34

  The term 'oil shock' is used to describe a situation in which

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  (B)

  oil prices have fallen drastically
• 35

  The major problem of conducing a census in Nigeria is

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  (D)

  lack of political will
• 36

  The marginal productivity theory applies in a

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  (B)

  perfectly competitive market
• 37

  A rising short-run average cost is a result of

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  (C)

  diminishing returns
• 38

  The only factor of production that plays an active role in the production process is

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  (C)

  entrepreneur
• 39

  The market structure in which there is interdependence of price-output policies is

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  (B)

  an oligopoly
• 40

  If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the

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  (C)

  average cost is minimum
• 41

  A perfectly competitive firm is advised to close down when the

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  (D)

  price is below the average variable cost
• 42

  Product differentiation in monopolistic competition implies that

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  (D)

  the same product is available in different forms
• 43

  

  If the price per unit is N2, what is the average revenue when 6 men are employed?

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  (C)

  110
• 44

  

  The diagram above shows the effect of

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  (A)

  excess demand over supply at q₃
• 45

  

  A movement from K to M will

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  (C)

  increase the consumer's utility