JAMB - Economics (2007)
1
An economic system in which the producer and the consumer are the same is referred to as a
2
The choice of what to produce in a command economy is determined by
3
Răspuns(C)
determine the spread of a set of data
4
When the demand for a good increases owing to an increase in income, it means that
Răspuns(D)
there is an increase in demand
5
A firm operating at full capacity will have a
Răspuns(A)
perfectly inelastic supply curve
6
The major determinant of cross elasticity of demand is the
Răspuns(D)
closeness of the substitutes
7
A commodity is described as inferior when the
Răspuns(A)
income effect is negative
8
The coefficient of the price elasticity of supply is always
9
The world market for crude oil refers to the
Răspuns(B)
total demand for and supply of crude oil
10
The division of labour requires that the task to be performed
11
A characteristic of the linear production function is that
Răspuns(B)
output and all inputs change by the same percentage
12
If the total fixed cost is the same regardless of output, the average fixed cost will be
13
A persistent rise in the prices of inputs will lead to
14
The monetization policy is an offshoot of
15
A continuous increase in national income accompanied by the structural transformation of all indices is called
16
In a developing economy, productivity is measured by the
17
The gains from international trade are shared on the basis of the
Răspuns(B)
cost of production of each of the traded goods
18
One of the ways of correcting a deficit balance of payments is to
Răspuns(B)
devalue a country's currency
19
The main objective of WTO is to
Răspuns(D)
provide a mechanism for tariff reductions
20
The minimum number of shareholders for a joint stock company is
21
The survival of a partnership depends on
Răspuns(A)
the managerial ability of the partners
22
A major objective of the Federal Government's initiative on cassava production in Nigeria is to
Răspuns(A)
diversify the export base of the economy
23
A country would develop its agricultural sector first so as to
Răspuns(D)
create a market for the industrial sector
24
Foreign investment can be attracted to Nigeria through
Răspuns(A)
a review of the tax policy
25
Environmental degradation is more associated with
Răspuns(A)
localization of industries
26
Industrialization is a prerequisite for balanced economic growth because it
Răspuns(B)
stimulates the development of all sectors
27
Upstream oil activities involve the
28
The Malthusian theory of population has been rendered ineffective by
29
The movement of people from rural to urban areas affects the
Răspuns(C)
geographical distribution of population
30
An upward review of the retirement age will affect the
31
The labour force of a country best describes
Răspuns(D)
people within the working age
32
The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its
33
The maximum number of workers that should be hired is
34
What is the marginal productivity when the number of workers is increased from 2 to 3?
35
The table shows the wage distribution of workers.Calculate the mean wage
37
The price per unit of a commodity to a buyer is the same as the
Răspuns(B)
Average revenue of the seller
38
When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be
39
A firm incurs short-run costs when
Răspuns(D)
Some inputs cannot be varied
40
An increase in the marginal cost of production causes
Răspuns(D)
An upward movement along the supply curve
41
The term ceteris paribus implies that
Răspuns(D)
All factors are fully utilized
42
If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?
43
The logical sequence of basic concepts in economics is
Răspuns(A)
Wants, scarcity, choice and opportunity cost
44
An advantage of electronic banking is that it
Răspuns(D)
Enables a customer to operate his account from different locations
45
The non-bank financial institutions that are entrusted with workers contributions towards retirements are
