JAMB - Economics (2005)
1
The regulatory authority of the capital market in Nigeria is the
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Securities and Exchange Commission
2
In the long run, the equilibrium point of a monoplistic firm is a point where the
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demand curve is tangential to the average variable cost curve
3
Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income?
4
Above full employment level, an expansionary monetary policy will lead to a
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rise in the inflation rate
5
A major assumption in a perfectly competitive market is that
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individuals cannot influence prices
6
A discount house is a market where
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various bills are exchanged
7
Idle cash balances are held for
8
In a particular year, the sum of the value added in each sector of the economy was N4550 million
The amount represents the GNP measured by the
9
Population density is described as the
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average number of people per square kilometre
10
The short-run inelasticity of supply of agricultural produce causes
11
The major contribution of the petroleum industry to the Nigerian economy is the
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generation of revenue for government
12
During a conflict between management and workers, the union's bargaing power is based on
13
Localization of industries in Nigeria is mainly influenced by
14
If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county
15
Agricultural backward-linkage effect means the establishment of
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subsidiary industries to feed the main industry
16
The distinction between onshore and offshore operations in oil exploration lies in the
17
Long-run production is called
18
For a firm to break even in the long run, the marginal cost curve must cut the
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average cost curve at its lowest point
19
An increase in the quantity supplied of commodity suggests
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a movement along the supply curve
20
An example of a long-run cost of a firm is
21
In a car assembly plant, division of labour is demonstrated by
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assigning each worker to a specific activity
22
Under perfect competition, the short-run supply curve of a firm is determined by its
23
The hoarding of goods is usually experienced when
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demand is greater than supply
24
The technical relationship between input combination and maximum attainable output is called
25
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
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the price-quantity ratios are equal
26
A buyer who haggles in the market is applying the principle of
27
An inverse relationship between price and quantity demanded implies that
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the two variables change in opposite directions
28
When the marginal utility of a commodity is zero the total utility is
29
Economic freedom is a basic feature of economy
30
If elasticity of demand is greater than I and less than infinity, demand is said to be
31
In economics, production takes place only when
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value has been added to a commodity
32
The monetization policy of the Nigerian government is aimed at
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reducing government's burden on the provision of fringe benefits to public servants
33
The price index computed between two time periods is given as 128%,This implies that the
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living standards have fallen by 128%
34
The problem of planning in Nigeria is mainly in the
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implementation of the plans
35
The raising of funds by selling stocks to the public is called
36
The loans from the World Bank to developing countries are mainly to support
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their infrastructure investment
37
Economic growth is different from economic development because economic growth
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describes expansion and not change
38
A long-term capital outflow is recorded in the balance of payment as a
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debit on the capital account
39
Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are
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partnerships and sole proprietorships
40
Economic growth is different from economic development because economic growth
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describes expansion and not change
41
The factor responsible for the current inflationary pressures in Nigeria is the
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exchange rate depreciation
42
If government increases in its expenditure on public works, the desired effect is
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a reduction in the use of capital equipment
43
An institution that regulates trade relations among members is the
44
What is the median quantity?
45
Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?
