JAMB - Economics (2008)

• 1

  The deregulation of telecommunication services in Nigeria is a characteristic of

  回答

  (C)

  market economy
• 2

  The production possibility curve can be used to explain the underlying concepts of

  回答

  (B)

  opportunity cost and choice
• 3

  If the increase in the price of yams is used to estimate the inflation rate, this is an example of

  回答

  (B)

  inductive reasoning
• 4

  If the standard deviation of a given data is 8.2, find its variance

  回答

  (B)

  67.2
• 5

  If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is

  回答

  (A)

  a change in supply
• 6

  A major determinant of the demand for a luxury goods is

  回答

  (A)

  the price of the goods
• 7

  If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

  回答

  (A)

  0.5
• 8

  If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

  回答

  (C)

  inelastic
• 9

  As long as marginal utility is positive, total utility must be

  回答

  (B)

  increasing
• 10

  Diminishing marginal utility implies that

  回答

  (C)

  marginal utility deceases as consumption increase
• 11

  The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

  回答

  (B)

  surplus
• 12

  An upward movement along the same supply curve results in

  回答

  (D)

  an increase in quantity supplied
• 13

  To protect farmers during a bumper harvest,. the government usually

  回答

  (D)

  set a minimum price
• 14

  The use of modern weaving machines in the production of local fabric will result in

  回答

  (B)

  a decrease in the demand for labour
• 15

  In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?

  回答

  (D)

  N146
• 16

  The characteristic of entry and exit ensures that firms

  回答

  (D)

  expand their operations
• 17

  Which of the following producer is closest to being a monopolist?

  回答

  (D)

  An automobile plant
• 18

  The output approach to measuring national income is based on the computation of

  回答

  (C)

  value added
• 19

  An example of injection into the circular flow of income is

  回答

  (D)

  exports
• 20

  The theoretical relationship between money supply and prices is weakened by changes in the

  回答

  (B)

  general price level
• 21

  The high rate of inflation in Nigeria can be attributed to

  回答

  (A)

  increasing cost of production
• 22

  If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves?

  回答

  (D)

  N8 000
• 23

  Contractionary monetary policy is used to

  回答

  (A)

  control inflation
• 24

  The use of government revenue and expenditure to achieve set objectives is known as

  回答

  (B)

  fiscal policy
• 25

  An example of an indirect tax is

  回答

  (B)

  sales tax
• 26

  A good indicator of economic development is an increase in

  回答

  (B)

  per capital income
• 27

  Economic growth takes place when there is an increase in

  回答

  (D)

  output over time
• 28

  One of the effects of instability in farmer's income in Nigeria is

  回答

  (A)

  lack of infrastructural facilities
• 29

  A major impediment to the development of agriculture in Nigeria is

  回答

  (B)

  inadequate supply of farm inputs
• 30

  A major consideration in locating a cement factory is the availability of

  回答

  (D)

  limestone
• 31

  The exports-promotion strategy is aimed at producing

  回答

  (C)

  more goods for exports
• 32

  The activities in the oil and gas industry are classified into

  回答

  (B)

  upstream and downstream
• 33

  The economic policy of privatization came up as a result of the poor performance of

  回答

  (C)

  public enterprises
• 34

  Joint-stock companies can raise funds from

  回答

  (C)

  various sources
• 35

  The active population of a country determines the size of its

  回答

  (C)

  labour force
• 36

  The population of a country will decrease if

  回答

  (A)

  the death rate exceeds the birth rate
• 37

  The OPEC marketing policy of fixing minimum price allows members to

  回答

  (A)

  sell above minimum price
• 38

  A major trading problem facing ECOWAS is

  回答

  (A)

  the absence of common currency
• 39

  A high rent on land will affect the cost of producing maize

  回答

  (B)

  negatively
• 40

  If the active population is 50 million and unemployed is 5 million what is the unemployment rate?

  回答

  (A)

  10%
• 41

  A classroom teacher is promoted to the rank of a principal. This is an example of

  回答

  (A)

  vertical mobility
• 42

  

  In the diagram above, there is an excess

  回答

  (B)

  supply of 40 units
• 43

  

  From the graph above , point M shows that MC

  回答

  (C)

  cuts AC at its maximum point
• 44

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  回答

  (A)

  encourage early marriages
• 45

  Use the data below to answer this questions
  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.
  
  Calculate the mean?

  回答

  (C)

  55.8