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JAMB - Economics (2014)

1
The choice of how to produce in a command economy is determined by
Answer
(A)
government
2
In capitalist economies, questions about what to produce are ultimately answered by
Answer
(C)
output decisions of firms
3
The best measure of dispersion to determine the tallest tree in a forest is
Answer
(B)
variance
4
A change in demand for a normal goods implies that, there is a
Answer
(B)
shift in the demand curve
5
If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is
Answer
(D)
inelastic
6
A rightward shift of the budget line is caused by a
Answer
(D)
rise in the consumer income
7
Given the supply function P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?
Answer
(D)
30
8
When price is set below equilibrium, this will lead to
Answer
(C)
a decrease in the quantity supplied
9
Price mechanism determines the prices of commodities through
Answer
(B)
market forces
10
If the production of a large firm is higher than that of a small firm, it is experiencing.
Answer
(C)
internal economies of scale
11
Division of labour requires that, the tasks in a production line be performed
Answer
(B)
in stages
12
Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.
Answer
(B)
N40
13
Rent and administrative expenses are examples of
Answer
(C)
fixed costs
14
A perfect competitor will continue to expand output up to the point where
Answer
(C)
MC < MR
15
One of the characteristics of a monopolist is that, he can influence
Answer
(C)
both price and quantity
16
A monopolist can boost up his revenue by
Answer
(B)
reducing total output to match price
17
Which of the following can be used to measure the Gross National product in an open economy?
Answer
(D)
C+I+G+(X-M)
18
If MPC = 2/3 and investment is N100 million, the level of national income is
Answer
(D)
N300 million
19
The precautionary demand for money is determined by
Answer
(A)
the rate of interest
20
An inflation that co-exists with high rate of unemployment is
Answer
(B)
stagflation
21
One of the challenges facing the banking industry in Nigeria is
Answer
(C)
providing loans for investment
22
Short-term loans for investment are usually obtained through the
Answer
(C)
money market
23
Given a base year and the price index of 175% the following year, which of the following year will arise?
Answer
(A)
The cost of living decreases of that year
24
Wage freeze is a policy measure aimed at
Answer
(B)
curbing inflation
25
A major obstacle to the development of Nigeria economy is
Answer
(D)
poor developmental policies
26
A major feature of an underdeveloped economy is
Answer
(C)
low level of standard of living
27
An important role of agriculture in Nigeria's economic development is the
Answer
(D)
provision of employment
28
An advantage of large-scale farming over peasant farming is in the area of
Answer
(A)
providing research and massive employment of labour
29
A major disadvantage of localization of industry is
Answer
(D)
under-utilization of installed industrial capacity
30
One major factor that determines the location of an industry is
Answer
(B)
its proximity to the market
31
The major contribution of OPEC to the Nigerian economy is the
Answer
(C)
stabilization of oil prices
32
The loading of crude oil at the terminal is an activity in the
Answer
(C)
upstream sector of the oil industry
33
The short-run average variable cost of a firm will rise owing to
Answer
(C)
an increase in the cost of labour
34
Firms embark on vertical integration in other to
Answer
(D)
enjoy economies of large-scale production
35
The voting power in co-operative societies is vested on
Answer
(C)
shareholders
36
An accurate census figure is an important tool for planners in
Answer
(D)
allocating resources
37
An accurate population census is important in other to
Answer
(C)
estimate a country's per capita income
38
A major determinant of floating exchange rate is
Answer
(D)
the forest of demand and supply
39
If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is
Answer
(C)
quotas
40
The main objective of WTO is to
Answer
(D)
assist developing countries to execute developmental projects
41
The major determinant of the total volume of output in an economy is the
Answer
(A)
level of total expenditure
42
The labour force of a country is determined by the
Answer
(D)
number of people available for work
43

What is the percentage contribution of services to the national income?

Answer
(A)
15%
44

If the national income is 60m, the contribution of the manufacturing sector is

Answer
(A)
18m
45
A combination of factors responsible for a shift from DoDo to D1D1 are
Answer
(D)
consumers taste and change in price