JAMB - Economics (2011)
1
An effective way of controlling inflation in a mixed economy is to
2
One`of the limitations PPC assumption is that there is
Answer(B)
no recognition of preferred goods for countries
3
A major disadvantage of the arithmetic means is that it is
4
Demand patterns are determined by the market on the basis of
5
A consumer surplus measures the
Answer(C)
difference between marginal utility and marginal cost
6
If the demand for one commodity excludes another, it is said to be
7
If demand increases without a change in supply, equilibrium price and quantity will
8
In the process of production, total output is at maximum when
9
When a consumer is at equilibrium, the MRSxy is equal to the
10
Minimum price legislation by government will
Answer(D)
increase demand and create scarcity
11
Ranking is the method use in measuring
12
If a firm is faced with an elastic supply curve, its revenue will
Answer(C)
increase by more than the percentage increase in price
13
A firm will experience diseconomies of scale when
Answer(A)
there are difficulties in coordinating production
14
The law of variable proportions is applicable only
15
One of the characteristics of oligopoly is the availability of
16
Bank consolidation policy in Nigeria is a measure to increase
Answer(A)
the capital base of banks
17
An increase in the circulation of money without a corresponding increase in output will lead to
18
In national income accounts, an item counted as part of government spending is
19
If aggregate demand is lower than total output in an economy national income will
20
During the era of barter, money was generally in the form of
21
A country achieves economic development when there is
Answer(C)
a sustained increase in per capital income
22
An indicator of growth in an economy over a period of time is the
23
A country embarks on deficit financing in order to
24
The import-substitution strategy of industrialization is to encourage
25
Upstream oil activities involve the
26
Agricultural production in Nigeria is constrained by
Answer(C)
poor implementation of policies
27
The main function of NNPC is to
Answer(A)
oversee the development of the oil sector
28
Investing heavily in the agricultural sector will lead to
Answer(A)
sufficient food production
29
Industrial development in Nigeria can be encouraged through
30
The record of a country's transactions in international trade is her
31
The transfer to public shareholding corporations to private enterprises is
32
A condition in which official and autonomous exchange rate coexist is
Answer(D)
multiple exchange rate system
33
In modern economies, the Malthusian theory of population is ineffective because of
34
A change from one industry to another by a worker is an example of
35
Trade takes place because of
36
The money paid per hour for work done is
37
The World Trade Organization is responsible for
Answer(D)
minimizing obstacles to international trade and investment
38
The graph of the schedule above will depict
39
From that table above, the price elasticity of supply is
40
From the Diagram above, the optimal point of production is
41
The average total cost when 20 units are produced is
42
When 20 units of output is produced, TC will be
43
The deflationary gap is defined by
45
The median of an odd-numbered set of scores is the
