JAMB - Economics (2007)

• 1

  An economic system in which the producer and the consumer are the same is referred to as a

  回答

  (B)

  subsistence economy
• 2

  The choice of what to produce in a command economy is determined by

  回答

  (D)

  the central government
• 3

  The range is used to

  回答

  (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

  回答

  (D)

  there is an increase in demand
• 5

  A firm operating at full capacity will have a

  回答

  (A)

  perfectly inelastic supply curve
• 6

  The major determinant of cross elasticity of demand is the

  回答

  (D)

  closeness of the substitutes
• 7

  A commodity is described as inferior when the

  回答

  (A)

  income effect is negative
• 8

  The coefficient of the price elasticity of supply is always

  回答

  (A)

  positive
• 9

  The world market for crude oil refers to the

  回答

  (B)

  total demand for and supply of crude oil
• 10

  The division of labour requires that the task to be performed

  回答

  (A)

  must be done in stages
• 11

  A characteristic of the linear production function is that

  回答

  (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

  回答

  (D)

  decreasing
• 13

  A persistent rise in the prices of inputs will lead to

  回答

  (C)

  cost-push inflation
• 14

  The monetization policy is an offshoot of

  回答

  (A)

  NEEDS
• 15

  A continuous increase in national income accompanied by the structural transformation of all indices is called

  回答

  (D)

  economic development
• 16

  In a developing economy, productivity is measured by the

  回答

  (C)

  output-labour ratio
• 17

  The gains from international trade are shared on the basis of the

  回答

  (B)

  cost of production of each of the traded goods
• 18

  One of the ways of correcting a deficit balance of payments is to

  回答

  (B)

  devalue a country's currency
• 19

  The main objective of WTO is to

  回答

  (D)

  provide a mechanism for tariff reductions
• 20

  The minimum number of shareholders for a joint stock company is

  回答

  (D)

  7
• 21

  The survival of a partnership depends on

  回答

  (A)

  the managerial ability of the partners
• 22

  A major objective of the Federal Government's initiative on cassava production in Nigeria is to

  回答

  (A)

  diversify the export base of the economy
• 23

  A country would develop its agricultural sector first so as to

  回答

  (D)

  create a market for the industrial sector
• 24

  Foreign investment can be attracted to Nigeria through

  回答

  (A)

  a review of the tax policy
• 25

  Environmental degradation is more associated with

  回答

  (A)

  localization of industries
• 26

  Industrialization is a prerequisite for balanced economic growth because it

  回答

  (B)

  stimulates the development of all sectors
• 27

  Upstream oil activities involve the

  回答

  (A)

  exploration of crude oil
• 28

  The Malthusian theory of population has been rendered ineffective by

  回答

  (D)

  technical progress
• 29

  The movement of people from rural to urban areas affects the

  回答

  (C)

  geographical distribution of population
• 30

  An upward review of the retirement age will affect the

  回答

  (C)

  supply of labour
• 31

  The labour force of a country best describes

  回答

  (D)

  people within the working age
• 32

  

  The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

  回答

  (C)

  average revenue
• 33

  

  The maximum number of workers that should be hired is

  回答

  (C)

  4
• 34

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  回答

  (A)

  8kg
• 35

  

  The table shows the wage distribution of workers.Calculate the mean wage

  回答

  (A)

  N7.40
• 36

  

  What is the median wage?

  回答

  (D)

  N6.50
• 37

  The price per unit of a commodity to a buyer is the same as the

  回答

  (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

  回答

  (C)

  One
• 39

  A firm incurs short-run costs when

  回答

  (D)

  Some inputs cannot be varied
• 40

  An increase in the marginal cost of production causes

  回答

  (D)

  An upward movement along the supply curve
• 41

  The term ceteris paribus implies that

  回答

  (D)

  All factors are fully utilized
• 42

  If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?

  回答

  (C)

  3.0
• 43

  The logical sequence of basic concepts in economics is

  回答

  (A)

  Wants, scarcity, choice and opportunity cost
• 44

  An advantage of electronic banking is that it

  回答

  (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

  回答

  (C)

  Pension funds custodians