JAMB - Economics (2010)
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Economics is the study of human behaviour as it relates to the
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efficient allocation of resources
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The downturn in the prices of shares on stock markets is a highlight of
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the regulatory nature of the market
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The standard deviation of a set of data is
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The mean is the best measure of central tendency because it
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is not affected by extreme values in a data
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The most popular sizes of dresses and shoes are determined by the
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If the demand for a good is more elastic than its supply, the tax burden is borne
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If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
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Consumer surplus tends to be higher when demand is
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One of the assumptions of ordinal utility theory is that
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The law of diminishing marginal utility explains why
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the slope of a normal demand curve is negative
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If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
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A set of factors that can shift the supply curve are changes in
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technology, weather and population
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If the coefficient of price elasticity of supply is greater than one, the supply is said to be
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If commodity X is a by-product of commodity Y , this implies that both commodities are
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In perfect competition,price is determined by the
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In order to reduce hardship faced by consumers due to high prices government can introduce
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Average product is less than marginal product when
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there is decreasing returns to scale
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A firm enjoying economies of scale is said to be
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reducing average cost as production increases
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The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing
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An industry's supply curve is more likely to be elastic when firms are
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enjoying free entry and exit
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One of the characteristics of monopolistic competition is that
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no single seller dominates the market
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The demand curve for factors of production
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An agreement among firms on price and segmentation is termed
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In national income accounting, tax is determined by the
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A decrease in aggregate spending in an economy will ultimately lead to
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If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is
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The function of money which makes division of labour possible is its
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By buying treasury bills, the Central Bank of Nigeria intends to
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reduce money supply in the economy
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One of the functions of commercial banks is
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granting loans to customers
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In Nigeria, the huge public debt is as a result of
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A strategy for curbing unemployment is to
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ensure even distribution of job opportunities
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National development plans in Nigeria fail mainly because of
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poor implementation strategies
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The ultimate aim of agricultural policies in Nigeria is to achieve?
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Government can boost agricultural output in Nigeria primarily by
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granting subsidies on farm inputs
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The ultimate aim of agricultural policies in Nigeria is to achieve
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Localization of industries refers to the
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concentration of firms of an industry
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In developing countries, governments influence the location of industries in order to
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A disadvantage of Nigeria's dependence on imported petroleum products is the
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instability in the supply of the product
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The maximum number of shareholders for a limited liability company is
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One of the characteristics of free trade zone is
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harmonized trade among member countries
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The primary motive for an individual engaging in production is to
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If Nigeria imports vehicles from Japan the transaction will appear as a
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credit on Japan's balance of payments
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One of the objectives of ADB is to
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promote economic and social development of member countries
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The choice of the method of production in an economy is determined by the
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level of technical know-how
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The amount of labour hired depends on the
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marginal productivity of labour
