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
उत्तर
(B)
N25. 0 milion
2
Personal income tax as a source of government revenue is increased when the
उत्तर
(A)
tax rate is raised
3
In computing national income, transfers are excluded because
उत्तर
(D)
they are not payments for productive activities
4
The major role of NDIC is to
उत्तर
(A)
insure bank deposits
5
When the federal government guarantees a loan for a state government, such a loan constitutes
उत्तर
(A)
a public debt
6
One way of controlling deflation is by
उत्तर
(C)
deficit financing
7
If the Central Bank of Nigeria reduces the bank rate, this will cause
उत्तर
(A)
money supply to increase
8
The main source of government revenue in Nigeria is
उत्तर
(A)
import duties
9
The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for
उत्तर
(C)
evolving an acceptable revenue-sharing formula
10
The burden of a government tax on a commodity whose demand is inelastic will
उत्तर
(B)
fall more heavily on consumers
11
An important determinant of price elasticity of demand is
उत्तर
(C)
the ease of substitution
12
The range of the data 14,13,15,18,20,35 and 13 is
उत्तर
(B)
22
13
If the marginal utility of good X exceeds that of good Y, this implies that
उत्तर
(B)
consuming more of X will increase total utility
14
A commodity will be demanded only if
उत्तर
(D)
it has utility
15
Derived demand is normally used with reference to
उत्तर
(D)
the factors of production
16
A straight line indifference curve indicates that the two products are
उत्तर
(C)
perfect substitutes
17
Given that demand and price remain unchanged an outward shift of the supply curve will lead to
उत्तर
(B)
excess supply
18
A distribution is said to be positively skewed if it
उत्तर
(B)
has a long tail to the right
19
A decision on input combination solves the economic problem of
उत्तर
(A)
how to produce
20
Choice involves opportunity cost because
उत्तर
(B)
available resources are inadequate
21
A characteristic common to partnership and sole proprietorship is
उत्तर
(D)
unlimited laibility
22
Nigeria's exports usually comprise
उत्तर
(D)
primary goods
23
Economic growth can be accelerated through
उत्तर
(D)
increased current investment
24
An association formed by a group of individuals solely for the marketing of their product is a
उत्तर
(C)
producer cooperative society
25
The exchange rate determined by market forces is known as
उत्तर
(B)
floating exchange rate
26
Import substitution policy is used to
उत्तर
(C)
correct the balance of payments problem
27
The organization whose aim is to solve the trade problems of less developed nations is
उत्तर
(A)
UNCTAD
28
Mobility of labour is higher when there
उत्तर
(C)
are alternative jobs in the same location
29
A major advantage of industrialization is that it
उत्तर
(C)
leads to growth and development
30
The oil-producing area in Nigeria are agitating for special compensation owing mainly to
उत्तर
(D)
environmental pollution
31
If children and the aged dominate the population of a country, this results in
उत्तर
(A)
a reduction in the importation of capital goods
32
A major factor militating against rapid industrialization in Nigeria is
उत्तर
(D)
epileptic power supply
33
Minimum wage legislation will result in
उत्तर
(B)
greater supply labour
34
The term 'oil shock' is used to describe a situation in which
उत्तर
(B)
oil prices have fallen drastically
35
The major problem of conducing a census in Nigeria is
उत्तर
(D)
lack of political will
36
The marginal productivity theory applies in a
उत्तर
(B)
perfectly competitive market
37
A rising short-run average cost is a result of
उत्तर
(C)
diminishing returns
38
The only factor of production that plays an active role in the production process is
उत्तर
(C)
entrepreneur
39
The market structure in which there is interdependence of price-output policies is
उत्तर
(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
उत्तर
(C)
average cost is minimum
41
A perfectly competitive firm is advised to close down when the
उत्तर
(D)
price is below the average variable cost
42
Product differentiation in monopolistic competition implies that
उत्तर
(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?
उत्तर
(C)
110
44
The diagram above shows the effect of
उत्तर
(A)
excess demand over supply at q₃
45
A movement from K to M will
उत्तर
(C)
increase the consumer's utility