JAMB - Economics (2004)
1
Given that Y = C + I and C = bY where b = 0.8, what is the multiplier?
2
By advertising, a monopolistic competitive firm tries to shift its
Sagot(B)
demand curve to the right
3
The role of the Central Bank in the economic development of Nigeria is to
Sagot(D)
maintain a stable price system
4
At the maximum point of the total product curve of a firm, marginal revenue is
5
The primary function of non-bank financial institutions is to
Sagot(B)
mobilize savings for investment
6
In an open economy, the GNP is measured as
7
The capital market provides business firms with the avenue to
8
Which financial institution is charged with the formulation of monetary polices in Nigeria?
Sagot(A)
The Central Bank of Nigeria
9
GDP differs from GNP because GDP
Sagot(B)
emphasizes the final goods and service produced within the country at a particular period
10
The distinction between perfect competition and monoplistic competition is that the latter is characterized by
11
The downstream activities of oil companies in Nigeria involve
Sagot(A)
refining and distribution
12
The movement of goods and services from the producers to the consumers is referred to as
13
The purpose of conducting a census is to enable a country to
Sagot(D)
plan her growth and development
14
A major cause of the slow pace of industrialization in Nigeria is inadequate
15
Maximum wage legislation seeks to
Sagot(D)
ensure an upper limit to the wages payable
16
The marketing of agricultural commodities in Nigeria is hampered by
Sagot(A)
lack of adequate storage facilities
17
Import duty concessions on the industrial inputs directly benefit the
18
The labour force in Nigeria falls between the ages of
19
Government's involvement in agricultural business in Nigeria is most manifested in the
Sagot(D)
procurement and distribution of fertilizers
20
The difference between birth and death rates of a given population is referred to as the
21
Fiscal policy is the government's plan to control aggregate demand by manipulating
22
A country is said to have absolute advantage when she
Sagot(C)
can produce more of any good with fewer resources
23
The European Union was formed to
Sagot(A)
promote free trade within member nations
24
When the importation of a commodity is limited to a definite quantity, the trade control means used is known as
25
If budget deficits are financed by borrowing, the crowing-out effect can be offset by an increase in
26
The excess of aggregate expenditure over full employment level of output is referred to as
27
The tax levied on goods and services at each stage of production is
28
The number of shareholders in a private limited liability company ranges from
29
A major reason for having national development plans is to
Sagot(A)
ensure efficient use of available resources
30
The difference between payments and receipts for visible trade is called
31
One of the causes of the present high rate of inflation in Nigeria is
Sagot(C)
exchange rate appreciation
32
The final stage in the production process of any commodity involves its movement from the
33
A change in demand for a normal good means
Sagot(A)
a shift in the demand curve
34
In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to
35
In any set of data, median represents the
Sagot(B)
mid-position when the values are arranged in ascending or descending order
36
One of the assumptions of ordinal utility in consumer behaviour is that
Sagot(D)
utility can only be ranked
37
A large standard deviation is an indication of
Sagot(B)
a wide spread around the mean
38
A major characteristic of a mixed economy is that
Sagot(D)
economic activities are undertaken by both the public and private sectors
39
Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?
40
If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be
41
A necessary condition for specialization in an economy is the existence of
42
A firm operating at full capacity will experience rising short-run total costs when
Sagot(A)
prices of its variable inputs rise
43
In a textile factory, the cost of cotton used is a typical example of
44
A black market can occur when
Sagot(B)
consumption of the commodity is restricted
45
The diagram above represents the short-run position of a monopolist. The profit-maximizing output is
