JAMB - Economics (2018)

1
The privatization of public enterprises will lead to the efficient management of resources in the economy. This statement can best be described as_____________
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(D)
inductive reasoning
2
The type of business finance that entitles the holder to a fixed rate of dividend is______________--
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(C)
preferred stock
3
In the long run, all production factors are____________
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(A)
variable
4
Commercial bank reserves at the Central Bank____________
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(B)
controlling credit and money supply
5
If the standard deviation of a given data is 8.2, find its variance_______________
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(C)
67.2
6
The ultimate objectives of economics is to_________?
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(C)
Make the best use of scarce resources
7
The savings deposit in a commercial bank is called____________?
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(C)
capital
8
A major determinant of the demand for a luxury good is____________?
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(D)
the income of consumers
9
When a variable is associated with time period, it is_____________
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(A)
circular
10
The factor of production that has the highest degree of mobility is__________?
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(C)
labour
11
The minimum number of share holders for joint stock companies is_______________
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(C)
7
12
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then____________
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(C)
the equilibrium price and quantity will increase
13
The basic economic problems of society include___________
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(B)
what to produce, how and for whom
14
In an open economy, the GNP is measured as_____________?
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(A)
C + 1 + G(X-M)
15
In a developing economy, productivity is measured by the____________
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(C)
output growth rate
16
The need to construct a scale of preference is necessitated by____________
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(A)
scarcity and the need for choice
17
The privatization exercise in Nigeria is a move towards a____________
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(D)
market economy
18
The mean is the best measure of central tendency because it__________
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(C)
is a midpoint value in an array of data
19

No of Men 1 2 3 4 5 6 7 8

Total Product(unit) 200 440 540 600 640 660 660 640

If the price per unit is N2, what is the average revenue when 6 men are employed?
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(A)
N110
20
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
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(B)
a movement from unemployment to full employment
21
When elasticity is zero, the demand curve is_____________
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(C)
perfectly inelastic
22
Which of the following is not a direct tax?
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(B)
purchase tax
23
A limited liability company is owned by________________
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(D)
share holders
24
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________
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(C)
1.25
25
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
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(A)
a decrease in profit by 43%
26
The money paid per hour for work done is_________
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(D)
wage rate
27
From the graph above the consumer will attain equilibrium at point_______________
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(B)
K
28
By utility we mean____________
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(B)
power of satisfying a want
29
Concentrating industries in one place is advantageous because there are gains in terms of_____________
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(B)
economies of scale
30
The effects on the demand for product A caused by a change in the price of product B is Called____________
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(A)
Joint demand
31
An upward movement along the same supply curve result in_____________
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(C)
an increase in quantity supplied
32
The coefficient of the price elasticity of supply is always_____________
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(C)
Positive
33
In the history of economics the concept of division of labour is usually associated With______________-
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(B)
Adam Smith
34
Given that Y = C + I, where C = 50 + 0.75Y and I = N45m, what is the equilibrium level of income?
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(B)
N380m
35
From the diagram shown, the optional point of production is_____________?
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(C)
S
36
An ad valorem tax is imposed on_____?
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(C)
The Value of a Commodity
37
The labour force of a country is determined by the___________
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(B)
age structure of the population
38
The transfer of public share holding in corporations to private enterprise is___________?
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(C)
Privatization
39
An economy in which both the public and private sectors contribute to economic growth is a__________?
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(C)
mixed economy
40
A capital market differs from the money market in that in the former ________?
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(B)
Loan sought is long term
41
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
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(C)
Devaluation
42

X 8 10 12 16 18 20 24

F 2 1 4 3 3 1 6

From the table, Calculate the median___________
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(D)
16
43
The expression of cost in terms of alternative forgone is referred to as ____?
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(C)
Opportunity cost
44
The full meaning of NAPEP is?
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(A)
National Poverty Eradication Programme
45
Taxes and government expenditures are instruments of____________

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(D)
Fiscal policy
46
As a factor of production, the reward for land is?

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(C)
Rent
47
The diagram below represents a production function. At which of the points does diminishing returns set in__________
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(D)
V
48
The two major types of international trade are Bilateral trade and?

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(B)
Multilateral trade
49
A country's budget allocation to various sectors of the economy is shown in the pie chart .

If the budget of the country was $7,200.00, how much is allocated to education?

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(A)
$2,400.00
50
In a capitalist economy, factors of production are owned and controlled by the _____?

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(B)
Business Men
51
Efficiency of labour in a country is determined by the following except the____________
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(C)
Total population
52
The study of Economics becomes necessary because of the______________
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(B)
Scarcity of resources
53
The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________
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(C)
commodity terms of trade
54

X 8 10 12 16 18 20 24

F 2 1 4 3 3 1 6

From the table, Calculate the mean?
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(B)
17.0
55
The number of people who are qualified to work and who offer themselves for employment is called____________?
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(B)
Working population
56
A country's budget allocation to various sectors of the economy is shown in the pie chart .
What is the ratio of expenditure of health to Agriculture?
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(B)
3:4
57
Which of the following is an invisible item?
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(D)
Banking services
58
The population density of a town made up of 50 square kilometer land area and 100 million people is________
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(B)
2 million people per square kilometer 
59
The establishment of industries in rural areas will help to reduce____________-
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(B)
Rural-Urban migration
60
The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?
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(C)
Fiscal Policy
61
A group formed to enable members adopt a common policy in labour negotiation is known as?
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(A)
Employer’s association
62
One of the major forms of migration that tends to create problem in all developing countries is that of___________
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(A)
Rural-urban migration
63
When a union is composed of workers with the same skill , it is called____________
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(C)
A craft union
64

X 2 3 4 5

F 2 5 2 1

From the table, the mean of the distribution is___________
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(C)
3.2
65
The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?
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(B)
Central bank
66
From table, how many people scores above 6?
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(B)
24
67
The following are types of capital except:___________
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(B)
Saving capital
68
Import duty and tariffs is an instrument used for international trade restriction and so is __________?
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(A)
Preferential duties
69
Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?
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(A)
1:2
70
The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________
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(C)
Export promotion
71
Human wants are insatiable because wants are____________
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(D)
Unlimited while means are scarce.
72
Mortgage banks give loans to investors on a long term basics to_____________
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(D)
build houses
73
The form of capital that is required for the day-to-day running of production activities is called?
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(C)
Circulating capital
74
Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?
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(C)
Public limited liability company
75
Utility is the satisfaction derived from____________
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(C)
Consumption
76
The main concern of economists is to________-
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(D)
Allocate scarce resources to satisfy human wants
77
The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?
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(D)
Countries producing same or identical goods
78
If the pass mark was 40, how many students passed the examination?
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(C)
160
79
The Economic Commission for Africa was set up by the_________
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(A)
UNO
80
The reward for capital is___________
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(A)
Interest
81
The full meaning of NNPC is?
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(B)
Nigerian National Petroleum Corporation
82
Occupational distribution of information is mainly influenced by___________
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(A)
economic factor
83
The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________
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(C)
political instability
84
The economic term used to refer to human wants, desires or needs is known as?
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(A)
Ends
85
Consider the following statements:

1. Climate and availability of water largely determines the pattern of the population distribution.

2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

Which of the statement(s) given above is/are correct
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(C)
Both 1 and 2

No of Men	1	2	3	4	5	6	7	8
Total Product(unit)	200	440	540	600	640	660	660	640