JAMB - Economics (2007)
1
An economic system in which the producer and the consumer are the same is referred to as a
2
The choice of what to produce in a command economy is determined by
3
Answer(C)
determine the spread of a set of data
4
When the demand for a good increases owing to an increase in income, it means that
Answer(D)
there is an increase in demand
5
A firm operating at full capacity will have a
Answer(A)
perfectly inelastic supply curve
6
The major determinant of cross elasticity of demand is the
Answer(D)
closeness of the substitutes
7
A commodity is described as inferior when the
Answer(A)
income effect is negative
8
The coefficient of the price elasticity of supply is always
9
The world market for crude oil refers to the
Answer(B)
total demand for and supply of crude oil
10
The division of labour requires that the task to be performed
11
A characteristic of the linear production function is that
Answer(B)
output and all inputs change by the same percentage
12
If the total fixed cost is the same regardless of output, the average fixed cost will be
13
A persistent rise in the prices of inputs will lead to
14
The monetization policy is an offshoot of
15
A continuous increase in national income accompanied by the structural transformation of all indices is called
16
In a developing economy, productivity is measured by the
17
The gains from international trade are shared on the basis of the
Answer(B)
cost of production of each of the traded goods
18
One of the ways of correcting a deficit balance of payments is to
Answer(B)
devalue a country's currency
19
The main objective of WTO is to
Answer(D)
provide a mechanism for tariff reductions
20
The minimum number of shareholders for a joint stock company is
21
The survival of a partnership depends on
Answer(A)
the managerial ability of the partners
22
A major objective of the Federal Government's initiative on cassava production in Nigeria is to
Answer(A)
diversify the export base of the economy
23
A country would develop its agricultural sector first so as to
Answer(D)
create a market for the industrial sector
24
Foreign investment can be attracted to Nigeria through
Answer(A)
a review of the tax policy
25
Environmental degradation is more associated with
Answer(A)
localization of industries
26
Industrialization is a prerequisite for balanced economic growth because it
Answer(B)
stimulates the development of all sectors
27
Upstream oil activities involve the
28
The Malthusian theory of population has been rendered ineffective by
29
The movement of people from rural to urban areas affects the
Answer(C)
geographical distribution of population
30
An upward review of the retirement age will affect the
31
The labour force of a country best describes
Answer(D)
people within the working age
32
The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its
33
The maximum number of workers that should be hired is
34
What is the marginal productivity when the number of workers is increased from 2 to 3?
35
The table shows the wage distribution of workers.Calculate the mean wage
37
The price per unit of a commodity to a buyer is the same as the
Answer(B)
Average revenue of the seller
38
When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be
39
A firm incurs short-run costs when
Answer(D)
Some inputs cannot be varied
40
An increase in the marginal cost of production causes
Answer(D)
An upward movement along the supply curve
41
The term ceteris paribus implies that
Answer(D)
All factors are fully utilized
42
If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?
43
The logical sequence of basic concepts in economics is
Answer(A)
Wants, scarcity, choice and opportunity cost
44
An advantage of electronic banking is that it
Answer(D)
Enables a customer to operate his account from different locations
45
The non-bank financial institutions that are entrusted with workers contributions towards retirements are
