JAMB - Economics (2008)
1
The deregulation of telecommunication services in Nigeria is a characteristic of
2
The production possibility curve can be used to explain the underlying concepts of
Answer(B)
opportunity cost and choice
3
If the increase in the price of yams is used to estimate the inflation rate, this is an example of
4
If the standard deviation of a given data is 8.2, find its variance
5
If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is
6
A major determinant of the demand for a luxury goods is
7
If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand
8
If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
9
As long as marginal utility is positive, total utility must be
10
Diminishing marginal utility implies that
Answer(C)
marginal utility deceases as consumption increase
11
The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer
12
An upward movement along the same supply curve results in
Answer(D)
an increase in quantity supplied
13
To protect farmers during a bumper harvest,. the government usually
14
The use of modern weaving machines in the production of local fabric will result in
Answer(B)
a decrease in the demand for labour
15
In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?
16
The characteristic of entry and exit ensures that firms
17
Which of the following producer is closest to being a monopolist?
18
The output approach to measuring national income is based on the computation of
19
An example of injection into the circular flow of income is
20
The theoretical relationship between money supply and prices is weakened by changes in the
21
The high rate of inflation in Nigeria can be attributed to
Answer(A)
increasing cost of production
22
If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves?
23
Contractionary monetary policy is used to
24
The use of government revenue and expenditure to achieve set objectives is known as
25
An example of an indirect tax is
26
A good indicator of economic development is an increase in
27
Economic growth takes place when there is an increase in
28
One of the effects of instability in farmer's income in Nigeria is
Answer(A)
lack of infrastructural facilities
29
A major impediment to the development of agriculture in Nigeria is
Answer(B)
inadequate supply of farm inputs
30
A major consideration in locating a cement factory is the availability of
31
The exports-promotion strategy is aimed at producing
32
The activities in the oil and gas industry are classified into
33
The economic policy of privatization came up as a result of the poor performance of
34
Joint-stock companies can raise funds from
35
The active population of a country determines the size of its
36
The population of a country will decrease if
Answer(A)
the death rate exceeds the birth rate
37
The OPEC marketing policy of fixing minimum price allows members to
38
A major trading problem facing ECOWAS is
Answer(A)
the absence of common currency
39
A high rent on land will affect the cost of producing maize
40
If the active population is 50 million and unemployed is 5 million what is the unemployment rate?
41
A classroom teacher is promoted to the rank of a principal. This is an example of
42
In the diagram above, there is an excess
43
From the graph above , point M shows that MC
Answer(C)
cuts AC at its maximum point
44
From the shaded area of the diagram above, an appropriate population policy will be to
Answer(A)
encourage early marriages
45
Use the data below to answer this questions
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.
Calculate the mean?
