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JAMB - Economics (2013)

1
If P = \(\frac{1}{4}\)(Qs + 10). What is the quantity supplied at N14?
Answer
(C)
46
2
The profit of a monopolist can be eliminated where price equals
Answer
(B)
MC
3
An economy in which both the public and private sectors contribute to economic growth is as
Answer
(D)
mixed economy
4
If the standard deviation of a given data is 53, what is the variance?
Answer
(B)
2809
5
Which of the following set of statistical tools is used for further economic analysis?
Answer
(B)
the mean and mode
6
An advantage of the range as a measure of dispersion is that it
Answer
(A)
can be used to calculate open-ended distribution
7
Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28
Answer
(D)
22
8
An increase in demand without a corresponding change in supply will lead to
Answer
(D)
an increase in equilibrium price and a decrease in equilibrium quantity
9
An increase in the price of a commodity will result in
Answer
(A)
a decrease in the quantity demanded
10
If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is
Answer
(D)
2.0
11
One of the assumptions of the cardinal approach is
Answer
(C)
that total utility depends on the quantity of the commodities consumed
12
Utility is the satisfaction derived from the
Answer
(B)
use of goods and services
13
One of the major factors that brings about changes in supply is
Answer
(C)
the cost of storage
14
If the supply of a product is elastic, a small reduction in price will
Answer
(B)
reduce the quantity supplied
15
If the price of a commodity is fixed below equilibrium, this will lead to
Answer
(A)
excess demand
16
One of the criticisms of the price mechanism is that
Answer
(A)
producers are sovereign
17
In Nigeria, the government can reduce the cost of accommodation by fixing the rent
Answer
(D)
below the equilibrium price
18
If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys
Answer
(A)
economies of scale
19
An isoquant lying above to the right of another represents
Answer
(A)
a higher output level
20
A measure of national income used as comparison of standard of living among nations is
Answer
(D)
per capita income
21
The speculative demand for money is inversely related to the
Answer
(A)
interest rate
22
If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be
Answer
(A)
transactionary
23
Which of the following is used by the Central Bank of Nigeria to control inflation?
Answer
(D)
Discount rate
24
If CBN reduces money supply, the interest rate will
Answer
(B)
rise
25
A tax on land will ultimately fall
Answer
(C)
entirely on owners
26
An example of an expansionary fiscal policy action is
Answer
(A)
decrease in the corporate profit tax rates
27
One of the goals of development plans in Nigeria is to
Answer
(C)
achieve higher standard of living for the citizens
28
Life insurance companies contribute to economic development by holding a part of their assets in
Answer
(C)
cash and near money
29
In order to add value to Nigeria agricultural produce, there is need to
Answer
(C)
adopt modern storage methods
30
The main reason for low agricultural produce in west Africa is need to
Answer
(D)
the use of crude implements in farming process
31
The most important determinant for the location of a brick industry is the availability of
Answer
(A)
market
32
In Nigeria, efficiency in public corporations can be achieved through
Answer
(C)
privatization
33
Government participation in the oil industry was necessitated by the
Answer
(B)
formation of OPEC
34
The deregulation of the petroleum sector in Nigeria will bring about
Answer
(A)
efficiency in pricing and distribution of the products
35
A distinguishing characteristic of consumer co-operative society is that the
Answer
(B)
members are the owners
36
A major disadvantage of partnership business is
Answer
(B)
distrust among members
37
The quality of labour force in Nigeria can be improved by
Answer
(D)
establishing more skills acquisition centres
38
The effect of emigration on a country's population is
Answer
(A)
decrease in the population
39
A measure for preventing the external value of the naira from falling is for the government to
Answer
(B)
sell its own currency
40
A fiscal policy instrument that can influence the demand pattern in an economy is
Answer
(C)
income tax
41
One of the main achievements of the Economic Commission for Africa is
Answer
(A)
eliminating trade restrictions among states
42
The rate of interest change on loans depends largely on
Answer
(A)
the prevailing exchange rate
43
A valid explanation for real wage growth is
Answer
(A)
an increase in the rate of productivity
44
If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was
Answer
(B)
frictionally unemployed
45

From the graph above, the price elasticity of demand is

Answer
(C)
perfectly inelastic