JAMB - Economics (2009)

• 1

  Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?

  回答

  (C)

  A shirit and a bag
• 2

  A typical feature of a market economy is that

  回答

  (C)

  consumer sovereignty exists
• 3

  A cumulative frequency graph is

  回答

  (B)

  an ogive
• 4

  The privatization exercise in Nigeria is a move towards a

  回答

  (C)

  market economy
• 5

  A movement along the same demand curve is caused by the

  回答

  (A)

  price of the product
• 6

  The demand curve for a luxury good is

  回答

  (D)

  positively sloped
• 7

  A major assumption in cardinal utility theory is that

  回答

  (A)

  utility is measureable
• 8

  A supply curve is positively sloped because

  回答

  (D)

  price is an incentive to producers
• 9

  The short-run supply curve for medical doctors is more likely to be

  回答

  (B)

  perfectly inelastic
• 10

  If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

  回答

  (B)

  1.25
• 11

  A decrease in supply without a corresponding change in demand will lead to

  回答

  (A)

  an increase in equilibrium price and a decrease in equilibrium quantity
• 12

  In a regulated market, price is determined by

  回答

  (D)

  government
• 13

  Production takes place when

  回答

  (C)

  input is transformed into output
• 14

  Which of the following can be deduced from the law of variable proportions when total output is rising?

  回答

  (A)

  MP is greater than AP
• 15

  As the level of output increases, the average fixed cost of a firm will

  回答

  (A)

  continue to decrease
• 16

  The shape of the long-run average cost curve is best explained by the

  回答

  (B)

  law of returns to scale
• 17

  The supply curve of a perfectly competitive firm is identical to its

  回答

  (B)

  marginal cost
• 18

  If a monopolist is incurring short-run losses, this means that his

  回答

  (B)

  selling price is below the short-run marginal cost
• 19

  In developing countries, it is easier to obtain accurate national income estimates through the

  回答

  (B)

  GDP
• 20

  In the long run, one of the characteristics of monopolistic competitive firms is that they

  回答

  (B)

  suffer losses
• 21

  Double counting is a problem in computing national income when using the

  回答

  (D)

  value-added method
• 22

  In the circular flow of income, an increase in savings causes

  回答

  (B)

  a decrease in the income stream
• 23

  The ability of commercial banks to create money depends on the

  回答

  (A)

  reserve ratio
• 24

  The reform in the banking sector in Nigeria is principally motivated by the need to

  回答

  (C)

  minimize the rate of bank failures
• 25

  A manufacturer who wants to build a new plant will source funds from the

  回答

  (C)

  capital market
• 26

  Cost-push inflation occurs when

  回答

  (A)

  production cost is high
• 27

  The Basic Needs Approach to development is

  回答

  (A)

  poverty alleviation
• 28

  If government expenditure exceeds revenue, this result in

  回答

  (C)

  budget deficit
• 29

  The major reason why countries strive to achieve optimum growth is to

  回答

  (A)

  be self-sufficient
• 30

  According to the theory of comparative advantage specialization will result in

  回答

  (C)

  efficient allocation of resources
• 31

  Dumping in international trade means selling a goods at a

  回答

  (A)

  higher price at home than abroad
• 32

  Guided deregulation as currently practised in Nigeria implies that

  回答

  (C)

  market forces and government determine interest and exchange rates
• 33

  An important function of the World Bank is to

  回答

  (D)

  provide long-time loans to members
• 34

  The major problem confronting a sole proprietor is

  回答

  (C)

  limited source of capital
• 35

  A public liability company is run on a daily basis by

  回答

  (C)

  the board of directors
• 36

  The marketing of agricultural products in Nigeria can be improved by

  回答

  (B)

  re-establishing the marketing boards
• 37

  To enhance the competitiveness of domestic agricultural products, there is need to

  回答

  (C)

  improve the quality of domestic agricultural products
• 38

  In Nigeria, the location of a steel industry at Ajaokuta is due to

  回答

  (C)

  the proximity to large deposits of iron ore
• 39

  Industries for consumer goods are concentrated in urban centers as a result of

  回答

  (A)

  large market
• 40

  The current industrial development strategy in Nigeria is aimed at encouraging

  回答

  (C)

  small-and medium-scale industries
• 41

  Activities in the oil and gas industry are classified into

  回答

  (C)

  upstream and downstream
• 42

  High dependency ratio is influenced by

  回答

  (C)

  high birth rate
• 43

  Occupational distribution of population determines the

  回答

  (D)

  size and categories of the labour force
• 44

  The mobility of labour is mainly determined by

  回答

  (D)

  wage rate differentials
• 45

  When workers have a union, the supply of labour is said to be

  回答

  (A)

  monopolistic