JAMB - Economics (2018)

1
The privatization of public enterprises will lead to the efficient management of resources in the economy. This statement can best be described as_____________
Răspuns
(D)
inductive reasoning
2
The type of business finance that entitles the holder to a fixed rate of dividend is______________--
Răspuns
(C)
preferred stock
3
In the long run, all production factors are____________
Răspuns
(A)
variable
4
Commercial bank reserves at the Central Bank____________
Răspuns
(B)
controlling credit and money supply
5
If the standard deviation of a given data is 8.2, find its variance_______________
Răspuns
(C)
67.2
6
The ultimate objectives of economics is to_________?
Răspuns
(C)
Make the best use of scarce resources
7
The savings deposit in a commercial bank is called____________?
Răspuns
(C)
capital
8
A major determinant of the demand for a luxury good is____________?
Răspuns
(D)
the income of consumers
9
When a variable is associated with time period, it is_____________
Răspuns
(A)
circular
10
The factor of production that has the highest degree of mobility is__________?
Răspuns
(C)
labour
11
The minimum number of share holders for joint stock companies is_______________
Răspuns
(C)
7
12
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then____________
Răspuns
(C)
the equilibrium price and quantity will increase
13
The basic economic problems of society include___________
Răspuns
(B)
what to produce, how and for whom
14
In an open economy, the GNP is measured as_____________?
Răspuns
(A)
C + 1 + G(X-M)
15
In a developing economy, productivity is measured by the____________
Răspuns
(C)
output growth rate
16
The need to construct a scale of preference is necessitated by____________
Răspuns
(A)
scarcity and the need for choice
17
The privatization exercise in Nigeria is a move towards a____________
Răspuns
(D)
market economy
18
The mean is the best measure of central tendency because it__________
Răspuns
(C)
is a midpoint value in an array of data
19

No of Men 1 2 3 4 5 6 7 8

Total Product(unit) 200 440 540 600 640 660 660 640

If the price per unit is N2, what is the average revenue when 6 men are employed?
Răspuns
(A)
N110
20
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
Răspuns
(B)
a movement from unemployment to full employment
21
When elasticity is zero, the demand curve is_____________
Răspuns
(C)
perfectly inelastic
22
Which of the following is not a direct tax?
Răspuns
(B)
purchase tax
23
A limited liability company is owned by________________
Răspuns
(D)
share holders
24
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________
Răspuns
(C)
1.25
25
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
Răspuns
(A)
a decrease in profit by 43%
26
The money paid per hour for work done is_________
Răspuns
(D)
wage rate
27
From the graph above the consumer will attain equilibrium at point_______________
Răspuns
(B)
K
28
By utility we mean____________
Răspuns
(B)
power of satisfying a want
29
Concentrating industries in one place is advantageous because there are gains in terms of_____________
Răspuns
(B)
economies of scale
30
The effects on the demand for product A caused by a change in the price of product B is Called____________
Răspuns
(A)
Joint demand
31
An upward movement along the same supply curve result in_____________
Răspuns
(C)
an increase in quantity supplied
32
The coefficient of the price elasticity of supply is always_____________
Răspuns
(C)
Positive
33
In the history of economics the concept of division of labour is usually associated With______________-
Răspuns
(B)
Adam Smith
34
Given that Y = C + I, where C = 50 + 0.75Y and I = N45m, what is the equilibrium level of income?
Răspuns
(B)
N380m
35
From the diagram shown, the optional point of production is_____________?
Răspuns
(C)
S
36
An ad valorem tax is imposed on_____?
Răspuns
(C)
The Value of a Commodity
37
The labour force of a country is determined by the___________
Răspuns
(B)
age structure of the population
38
The transfer of public share holding in corporations to private enterprise is___________?
Răspuns
(C)
Privatization
39
An economy in which both the public and private sectors contribute to economic growth is a__________?
Răspuns
(C)
mixed economy
40
A capital market differs from the money market in that in the former ________?
Răspuns
(B)
Loan sought is long term
41
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
Răspuns
(C)
Devaluation
42

X 8 10 12 16 18 20 24

F 2 1 4 3 3 1 6

From the table, Calculate the median___________
Răspuns
(D)
16
43
The expression of cost in terms of alternative forgone is referred to as ____?
Răspuns
(C)
Opportunity cost
44
The full meaning of NAPEP is?
Răspuns
(A)
National Poverty Eradication Programme
45
Taxes and government expenditures are instruments of____________

Răspuns
(D)
Fiscal policy
46
As a factor of production, the reward for land is?

Răspuns
(C)
Rent
47
The diagram below represents a production function. At which of the points does diminishing returns set in__________
Răspuns
(D)
V
48
The two major types of international trade are Bilateral trade and?

Răspuns
(B)
Multilateral trade
49
A country's budget allocation to various sectors of the economy is shown in the pie chart .

If the budget of the country was $7,200.00, how much is allocated to education?

Răspuns
(A)
$2,400.00
50
In a capitalist economy, factors of production are owned and controlled by the _____?

Răspuns
(B)
Business Men
51
Efficiency of labour in a country is determined by the following except the____________
Răspuns
(C)
Total population
52
The study of Economics becomes necessary because of the______________
Răspuns
(B)
Scarcity of resources
53
The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________
Răspuns
(C)
commodity terms of trade
54

X 8 10 12 16 18 20 24

F 2 1 4 3 3 1 6

From the table, Calculate the mean?
Răspuns
(B)
17.0
55
The number of people who are qualified to work and who offer themselves for employment is called____________?
Răspuns
(B)
Working population
56
A country's budget allocation to various sectors of the economy is shown in the pie chart .
What is the ratio of expenditure of health to Agriculture?
Răspuns
(B)
3:4
57
Which of the following is an invisible item?
Răspuns
(D)
Banking services
58
The population density of a town made up of 50 square kilometer land area and 100 million people is________
Răspuns
(B)
2 million people per square kilometer 
59
The establishment of industries in rural areas will help to reduce____________-
Răspuns
(B)
Rural-Urban migration
60
The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?
Răspuns
(C)
Fiscal Policy
61
A group formed to enable members adopt a common policy in labour negotiation is known as?
Răspuns
(A)
Employer’s association
62
One of the major forms of migration that tends to create problem in all developing countries is that of___________
Răspuns
(A)
Rural-urban migration
63
When a union is composed of workers with the same skill , it is called____________
Răspuns
(C)
A craft union
64

X 2 3 4 5

F 2 5 2 1

From the table, the mean of the distribution is___________
Răspuns
(C)
3.2
65
The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?
Răspuns
(B)
Central bank
66
From table, how many people scores above 6?
Răspuns
(B)
24
67
The following are types of capital except:___________
Răspuns
(B)
Saving capital
68
Import duty and tariffs is an instrument used for international trade restriction and so is __________?
Răspuns
(A)
Preferential duties
69
Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?
Răspuns
(A)
1:2
70
The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________
Răspuns
(C)
Export promotion
71
Human wants are insatiable because wants are____________
Răspuns
(D)
Unlimited while means are scarce.
72
Mortgage banks give loans to investors on a long term basics to_____________
Răspuns
(D)
build houses
73
The form of capital that is required for the day-to-day running of production activities is called?
Răspuns
(C)
Circulating capital
74
Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?
Răspuns
(C)
Public limited liability company
75
Utility is the satisfaction derived from____________
Răspuns
(C)
Consumption
76
The main concern of economists is to________-
Răspuns
(D)
Allocate scarce resources to satisfy human wants
77
The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?
Răspuns
(D)
Countries producing same or identical goods
78
If the pass mark was 40, how many students passed the examination?
Răspuns
(C)
160
79
The Economic Commission for Africa was set up by the_________
Răspuns
(A)
UNO
80
The reward for capital is___________
Răspuns
(A)
Interest
81
The full meaning of NNPC is?
Răspuns
(B)
Nigerian National Petroleum Corporation
82
Occupational distribution of information is mainly influenced by___________
Răspuns
(A)
economic factor
83
The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________
Răspuns
(C)
political instability
84
The economic term used to refer to human wants, desires or needs is known as?
Răspuns
(A)
Ends
85
Consider the following statements:

1. Climate and availability of water largely determines the pattern of the population distribution.

2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

Which of the statement(s) given above is/are correct
Răspuns
(C)
Both 1 and 2

No of Men	1	2	3	4	5	6	7	8
Total Product(unit)	200	440	540	600	640	660	660	640