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JAMB - Economics (2012)

  • 1
    A major disadvantage of a socialist economy is that
    Atsakymas
    (A)
    corruption is rampant
  • 2
    The privatization of public enterprises will lead to efficient management of resources in the economy.
    This statement can best be described as
    Atsakymas
    (B)
    inductive reasoning
  • 3
    The sign of the slope of a graph in economic analysis is important because it
    Atsakymas
    (C)
    reveals the magnitude of the change between variables
  • 4
    If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
    Atsakymas
    (D)
    quantity damanded
  • 5
    A rise in income will, ceteris paribus, bring about
    Atsakymas
    (C)
    a rightward shift of the demand curve
  • 6
    If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be
    Atsakymas
    (C)
    elastic
  • 7
    Comparison of interpersonal utility is impossible because
    Atsakymas
    (C)
    utility is subjectively determined
  • 8
    When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he
    Atsakymas
    (B)
    reduces the quantity consumed
  • 9
    The supply of cocoa is influenced by
    Atsakymas
    (C)
    the demand for beverages
  • 10
    If quantity supplied is constant irrespective of price changes, the supply elasticity is
    Atsakymas
    (D)
    perfectly inelastic
  • 11
    The cost elasticity of supply is a useful instrument for measuring
    Atsakymas
    (B)
    productivity
  • 12
    The invisible hand promotes the interests of
    Atsakymas
    (A)
    consumers
  • 13
    Fixing price above equilibrium will cause
    Atsakymas
    (B)
    an increase in quantity supplied
  • 14
    An important function of the price system is to
    Atsakymas
    (C)
    allocate resources to most productive uses
  • 15
    If all factors are variable in the long run,firms will experience
    Atsakymas
    (B)
    increasing returns to scale
  • 16
    The equilibrium point of a firm is attained at the point where the isoquant is
    Atsakymas
    (C)
    tangent to the isocost
  • 17
    The long-run average cost curve touches to the short-run average cost curves at the
    Atsakymas
    (D)
    rising points of all short-run average cost curves
  • 18
    If a firm doubles all inputs in the long run and the total output is less than doubled, this results in
    Atsakymas
    (D)
    decreasing returns to scale
  • 19
    Patents and copyrights enable monopolists to
    Atsakymas
    (B)
    determine the scale of their products
  • 20
    A discriminatory monopoly is characterized by
    Atsakymas
    (A)
    a common elasticity in different markets
  • 21
    Net National Product is derived by deducting
    Atsakymas
    (D)
    depreciation from GNP
  • 22
    The investment expenditure of an economy changes by N2 million and MPC is 0.75
    The multiplier is
    Atsakymas
    (B)
    4
  • 23
    The investment expenditure of an economy changes by N2 million and MPC is 0.75
    What is the change in income?
    Atsakymas
    (A)
    N0.5m
  • 24
    If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index
    Atsakymas
    (B)
    200
  • 25
    The money that commands a higher market value than its face value is called
    Atsakymas
    (D)
    fiat money
  • 26
    The minimum amount which banks are required to deposit with the central bank is determined by the
    Atsakymas
    (B)
    cash reserve ratio
  • 27
    The major function of money market is to
    Atsakymas
    (B)
    provide funds short-term financing
  • 28
    An ad valorem tax is imposed on
    Atsakymas
    (D)
    the value of a commodity
  • 29
    A huge national debt is an indication that the gold reserves of a nation has
    Atsakymas
    (D)
    stagnated
  • 30
    Rapid economic development in Nigeria is realizable by
    Atsakymas
    (D)
    diversifying the economy
  • 31
    The primary reason for desiring economic growth is to
    Atsakymas
    (D)
    raise standard of living
  • 32
    An emerging agricultural export crop in Nigeria is
    Atsakymas
    (C)
    cocoa
  • 33
    A strategy for improving agriculture in Nigeria will involve
    Atsakymas
    (B)
    ensuring self-sufficiency in food production
  • 34
    A sugar industry is best located near the source of
    Atsakymas
    (B)
    raw materials
  • 35
    An important contribution of small-scale industries to the Nigerian economy is in the area of
    Atsakymas
    (D)
    labour employment
  • 36
    A change in the pump price of petrol in Nigeria has a direct effect on the
    Atsakymas
    (B)
    prices of essential goods
  • 37
    Long-term funds for investment projects are sourced from the
    Atsakymas
    (D)
    capital market
  • 38
    A policy aimed at enhancing globalization of the Nigerian economy is
    Atsakymas
    (D)
    privatization
  • 39
    The Malthusian theory was concerned about the relationship between
    Atsakymas
    (C)
    population growth rate and natural resources
  • 40
    In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population
    Atsakymas
    (C)
    30
  • 41
    A deficit balance of payments is measured by subtracting the debits from the credits in the
    Atsakymas
    (B)
    current and capital accounts
  • 42
    One of the functions of ECOWAS is to
    Atsakymas
    (A)
    provide funds for infrastructural development
  • 43
    The reward on machinery and equipment in the process of production is known as
    Atsakymas
    (B)
    interest
  • 44

    The percentage contribution of Agricultural sector is

    Atsakymas
    (D)
    25.0
  • 45

    If the GDP is N60 billion, what is the difference between the contributions of oil and manufacturing sectors?

    Atsakymas
    (B)
    N13.3 billion