Sign In

JAMB - Economics (2016)

1
Development plans fail in Nigeria mainly because of
Answer
(A)
Corruption and political instability
2
One of the major uses of national income statistics in Nigeria is to
Answer
(D)
Estimate per capita income
3
The major characteristics of an undeveloped nation is
Answer
(A)
Over-dependence on foreign products
4
Which of the following is NOT among the financial institutions in Nigeria?
Answer
(D)
Federal Ministry of Finance
5
Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.
Determine the range?
Answer
(D)
9.95
6
One of the problems facing the Nigerian oil and gas industry is____________________?
Answer
(C)
Shortage of indigenous manpower
7
The demand curve faced by a monopolist is_____?
Answer
(C)
downward sloping
8
The interest charged on loans is determined by the __________?
Answer
(C)
Risk associated with the loan
9
A country that is over-populated will face the problem of
Answer
(B)
Low per capita income
10
If additional unit of a variable factor input causes a fall in the marginal product, this implies that
Answer
(C)
Diminishing returns has set in
11

From the graph above P2 in price control situation is referred

Answer
(A)
Minimum price
12
The additional cost incurred by producing an additional unit of output is known as
Answer
(D)
Marginal cost
13
One of the factors that determine the supply of agricultural produce in Nigeria is
Answer
(B)
Technological development
14
From the graph above, fixing maximum price of garri below equilibrium prices at P1 will
Answer
(C)
Increase the consumption of garri
15
In the theory of the consumer behavior, a consumer is said to maximize utility when
Answer
(A)
Marginal utility of a commodity is equal to the price paid for it
16
If Mr Wale took a loan for the purpose of investment, the demand for money is________________?
Answer
(C)
Speculative motive
17
The overall demand for crude oil for various uses is an example of __________?
Answer
(C)
composite demand
18
One of the factors limiting the effectiveness of division of labour in the production process is the
Answer
(B)
Level of technology
19
One of the important features of perfect competition is_____?
Answer
(A)
Adequate knowledge of existing prices
20
What effect would a change in price of a commodity have on its supply?
Answer
(D)
A change in the quantity supplied
21
All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
Answer
(A)
An indifference curve
22
Which of the following is a major determinant of price elasticity of demand?
Answer
(D)
Income of the consumers
23
If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?
Answer
(A)
Nigeria produces cocoa more cheaply than Ghana
24
One of the ways of improving the marketing of agricultural produce is by
Answer
(D)
Establishing agricultural marketing boards
25
The study of economics is necessary mainly because of
Answer
(C)
Scarcity of resources
26
If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?
Answer
(B)
0.50
27
Which of the following is NOT a source of government revenue?
Answer
(B)
Personal income, disposable income and transfer earnings
28
Public limited liability companies are owned by__________?
Answer
(B)
Private and individual organizations
29
The type of inflation that emanates from excess demand overs supply is___________?
Answer
(C)
Demand-pull inflation
30
The price elasticity of supply of perishable goods is_________?
Answer
(C)
Inelastic
31
In Nigeria, most agricultural policies are aimed at______?
Answer
(D)
Achieving self-sufficiency in food production
32
One major problem encountered by ECOWAS is_______?
Answer
(D)
Language barrier
33
One of the characteristics of private enterprises is ______?
Answer
(D)
Individual funding of business activities
34
The concept of marginal utility indicates the relationship between utility and _________?
Answer
(B)
Satisfaction
35
In Nigeria, unemployment can be minimized through______?
Answer
(A)
Diversification of the economy
36
The demand for two or more commodities to satisfy a particular want is _____?
Answer
(D)
Joint
37
The supply curve above is
Answer
(C)
Unitary elastic
38
One of the factors affecting change in demand for a commodity is the _______?
Answer
(C)
Price of the commodity
39
Public ownership of productive factors is a feature of_______?
Answer
(A)
Socialism
40
If the marginal propensity to save is 0.8, calculate the multiplier?
Answer
(B)
5.00
41
The slow pace of industrial growth in Nigeria can be attributed to__________?
Answer
(D)
over-dependence on the oil sector
42
Consumers allocate their resources based on the ______?
Answer
(B)
Value in use and value in exchange principle
43
A country's terms of trade can be improved by________?
Answer
(C)
Reducing demand for imported goods
44
A government budget proposing to spend more than its expected revenue in a year will create_______?
Answer
(D)
Opportunity for full employment
45
Population growth is determined by_______?
Answer
(D)
Net migration