JAMB - Economics (2021)
1
A firm is at its optimum size when ___________
Answer(B)
It produces the greatest output at a minimum cost
2
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________
3
The petro-chemical industries are located in Rivers State of Nigeria due to ________
4
| Units of Quality Consumes |
Total Utility |
Marginal Utility |
|
0
1
2
3
4
5
|
-
10
15
17
18
18
|
-
10
5
2
1
0
|
This table illustrates the law of _________
Answer(C)
Diminishing marginal utility
5
Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________
6
Full employment is a situation in which _______
Answer(D)
All those who are able and eligible can find employment
7
Mono production economies are those that____
Answer(A)
Produce one main commodities
8
Petroleum 'glut' in international trade means______
Answer(B)
An Oversupply of petroleum.
9
Retailers in an economy perform the function of ______
10
In a sole proprietorship, the decisions are made by the ______
11
Palm oil industry is located in Old Bendel State because the state______
Answer(B)
Is a palm tree growing area
12
Which of the following sets fully represents factors of production?
Answer(D)
Land, labour, capital, enterprise, technology
13
Which of the following countries is not a member of the Economic Community of West African States?
14
Oligopoly means _________
Answer(C)
few sellers in the market
15
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
| Products |
Nigeria |
Austria |
| Cocoa |
20 tonnes |
12 tonnes |
| Lace |
1o metres |
8 metres |
The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______
16
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
| Products |
Nigeria |
Austria |
| Cocoa |
20 tonnes |
12 tonnes |
| Lace |
1o metres |
8 metres |
From the table, it can be deduced that_______
Answer(C)
Austria should produce lace and Nigeria should produce cocoa
17
The PAYE ( Pay As You Earn) in Nigeria is an example of ______
18
A good measure of the standard of living usually used for international comparison is_______
19
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
20
The Power Holding Company of Nigeria (PHCN) is a ________
21
Which of the following is NOT a character of perfect competition?
Answer(A)
Supply and demand are equal
22
Inflation is likely to benefit_______
23
When a nation's exports are greater than its imports,_________
Answer(B)
A favourable balance of trade exists
24
Surplus in balance of payments leads to ________
Answer(B)
Increase in foreign reserves
25
Economics may be defined as ________
Answer(A)
The study of human behaviour in the allocation of scarce resources
26
Money becomes a very poor store of value in a period of _______
27
In Nigeria, cheques are not money because________
Answer(B)
They are not legal tender
28
Division of Labour is limited by the________
29
The value of money depends primarily on _________
30
In a free market economy. the rationing of scarce goods is done principally by_______
31
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
32
An economic problem arises when________
Answer(B)
Scarcity and choices are involved
33
Which of these is not a cause of high population growth in Nigeria?
Answer(C)
Family planning unit of Nigeria
34
Inflation can be curbed by _______
Answer(D)
Reducing aggregate demand
35
A typical corporate form of business organization is owned by ______
