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
Odpoveď(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
Odpoveď(D)
there is an increase in demand
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A firm operating at full capacity will have a
Odpoveď(A)
perfectly inelastic supply curve
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The major determinant of cross elasticity of demand is the
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closeness of the substitutes
7
A commodity is described as inferior when the
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income effect is negative
8
The coefficient of the price elasticity of supply is always
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The world market for crude oil refers to the
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total demand for and supply of crude oil
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The division of labour requires that the task to be performed
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A characteristic of the linear production function is that
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output and all inputs change by the same percentage
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If the total fixed cost is the same regardless of output, the average fixed cost will be
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A persistent rise in the prices of inputs will lead to
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The monetization policy is an offshoot of
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A continuous increase in national income accompanied by the structural transformation of all indices is called
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In a developing economy, productivity is measured by the
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The gains from international trade are shared on the basis of the
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cost of production of each of the traded goods
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One of the ways of correcting a deficit balance of payments is to
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devalue a country's currency
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The main objective of WTO is to
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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
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the managerial ability of the partners
22
A major objective of the Federal Government's initiative on cassava production in Nigeria is to
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diversify the export base of the economy
23
A country would develop its agricultural sector first so as to
Odpoveď(D)
create a market for the industrial sector
24
Foreign investment can be attracted to Nigeria through
Odpoveď(A)
a review of the tax policy
25
Environmental degradation is more associated with
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localization of industries
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Industrialization is a prerequisite for balanced economic growth because it
Odpoveď(B)
stimulates the development of all sectors
27
Upstream oil activities involve the
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The Malthusian theory of population has been rendered ineffective by
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The movement of people from rural to urban areas affects the
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geographical distribution of population
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An upward review of the retirement age will affect the
31
The labour force of a country best describes
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people within the working age
32
The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its
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The maximum number of workers that should be hired is
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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
Odpoveď(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
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A firm incurs short-run costs when
Odpoveď(D)
Some inputs cannot be varied
40
An increase in the marginal cost of production causes
Odpoveď(D)
An upward movement along the supply curve
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The term ceteris paribus implies that
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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
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Wants, scarcity, choice and opportunity cost
44
An advantage of electronic banking is that it
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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
