JAMB - Economics (2010)
1
Economics is the study of human behaviour as it relates to the
Answer(A)
efficient allocation of resources
2
The downturn in the prices of shares on stock markets is a highlight of
Answer(C)
the regulatory nature of the market
3
The standard deviation of a set of data is
4
The mean is the best measure of central tendency because it
Answer(A)
is not affected by extreme values in a data
5
The most popular sizes of dresses and shoes are determined by the
6
If the demand for a good is more elastic than its supply, the tax burden is borne
7
If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
8
Consumer surplus tends to be higher when demand is
9
One of the assumptions of ordinal utility theory is that
10
The law of diminishing marginal utility explains why
Answer(A)
the slope of a normal demand curve is negative
11
If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
12
A set of factors that can shift the supply curve are changes in
Answer(B)
technology, weather and population
13
If the coefficient of price elasticity of supply is greater than one, the supply is said to be
14
If commodity X is a by-product of commodity Y , this implies that both commodities are
15
In perfect competition,price is determined by the
16
In order to reduce hardship faced by consumers due to high prices government can introduce
17
Average product is less than marginal product when
Answer(C)
there is decreasing returns to scale
18
A firm enjoying economies of scale is said to be
Answer(A)
reducing average cost as production increases
19
The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing
20
An industry's supply curve is more likely to be elastic when firms are
Answer(A)
enjoying free entry and exit
21
One of the characteristics of monopolistic competition is that
Answer(B)
no single seller dominates the market
22
The demand curve for factors of production
23
An agreement among firms on price and segmentation is termed
24
In national income accounting, tax is determined by the
25
A decrease in aggregate spending in an economy will ultimately lead to
26
If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is
27
The function of money which makes division of labour possible is its
28
By buying treasury bills, the Central Bank of Nigeria intends to
Answer(C)
reduce money supply in the economy
29
One of the functions of commercial banks is
Answer(C)
granting loans to customers
30
In Nigeria, the huge public debt is as a result of
31
A strategy for curbing unemployment is to
Answer(D)
ensure even distribution of job opportunities
32
National development plans in Nigeria fail mainly because of
Answer(C)
poor implementation strategies
33
The ultimate aim of agricultural policies in Nigeria is to achieve?
34
Government can boost agricultural output in Nigeria primarily by
Answer(C)
granting subsidies on farm inputs
35
The ultimate aim of agricultural policies in Nigeria is to achieve
36
Localization of industries refers to the
Answer(C)
concentration of firms of an industry
37
In developing countries, governments influence the location of industries in order to
38
A disadvantage of Nigeria's dependence on imported petroleum products is the
Answer(C)
instability in the supply of the product
39
The maximum number of shareholders for a limited liability company is
40
One of the characteristics of free trade zone is
Answer(D)
harmonized trade among member countries
41
The primary motive for an individual engaging in production is to
42
If Nigeria imports vehicles from Japan the transaction will appear as a
Answer(B)
credit on Japan's balance of payments
43
One of the objectives of ADB is to
Answer(C)
promote economic and social development of member countries
44
The choice of the method of production in an economy is determined by the
Answer(A)
level of technical know-how
45
The amount of labour hired depends on the
Answer(C)
marginal productivity of labour
