JAMB - Economics (2012)
1
A major disadvantage of a socialist economy is that
2
The privatization of public enterprises will lead to efficient management of resources in the economy.
This statement can best be described as
3
The sign of the slope of a graph in economic analysis is important because it
Answer(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
5
A rise in income will, ceteris paribus, bring about
Answer(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
7
Comparison of interpersonal utility is impossible because
Answer(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
Answer(B)
reduces the quantity consumed
9
The supply of cocoa is influenced by
10
If quantity supplied is constant irrespective of price changes, the supply elasticity is
11
The cost elasticity of supply is a useful instrument for measuring
12
The invisible hand promotes the interests of
13
Fixing price above equilibrium will cause
Answer(B)
an increase in quantity supplied
14
An important function of the price system is to
Answer(C)
allocate resources to most productive uses
15
If all factors are variable in the long run,firms will experience
Answer(B)
increasing returns to scale
16
The equilibrium point of a firm is attained at the point where the isoquant is
17
The long-run average cost curve touches to the short-run average cost curves at the
Answer(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
Answer(D)
decreasing returns to scale
19
Patents and copyrights enable monopolists to
Answer(B)
determine the scale of their products
20
A discriminatory monopoly is characterized by
Answer(A)
a common elasticity in different markets
21
Net National Product is derived by deducting
22
The investment expenditure of an economy changes by N2 million and MPC is 0.75
The multiplier is
23
The investment expenditure of an economy changes by N2 million and MPC is 0.75
What is the change in income?
24
If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index
25
The money that commands a higher market value than its face value is called
26
The minimum amount which banks are required to deposit with the central bank is determined by the
27
The major function of money market is to
Answer(B)
provide funds short-term financing
28
An ad valorem tax is imposed on
29
A huge national debt is an indication that the gold reserves of a nation has
30
Rapid economic development in Nigeria is realizable by
31
The primary reason for desiring economic growth is to
32
An emerging agricultural export crop in Nigeria is
33
A strategy for improving agriculture in Nigeria will involve
Answer(B)
ensuring self-sufficiency in food production
34
A sugar industry is best located near the source of
35
An important contribution of small-scale industries to the Nigerian economy is in the area of
36
A change in the pump price of petrol in Nigeria has a direct effect on the
Answer(B)
prices of essential goods
37
Long-term funds for investment projects are sourced from the
38
A policy aimed at enhancing globalization of the Nigerian economy is
39
The Malthusian theory was concerned about the relationship between
Answer(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
41
A deficit balance of payments is measured by subtracting the debits from the credits in the
Answer(B)
current and capital accounts
42
One of the functions of ECOWAS is to
Answer(A)
provide funds for infrastructural development
43
The reward on machinery and equipment in the process of production is known as
44
The percentage contribution of Agricultural sector is
45
If the GDP is N60 billion, what is the difference between the contributions of oil and manufacturing sectors?
