JAMB - Economics (2010)

• 1

  Economics is the study of human behaviour as it relates to the

  回答

  (A)

  efficient allocation of resources
• 2

  The downturn in the prices of shares on stock markets is a highlight of

  回答

  (C)

  the regulatory nature of the market
• 3

  The standard deviation of a set of data is

  回答

  (D)

  a measure of dispersion
• 4

  The mean is the best measure of central tendency because it

  回答

  (A)

  is not affected by extreme values in a data
• 5

  The most popular sizes of dresses and shoes are determined by the

  回答

  (C)

  mode
• 6

  If the demand for a good is more elastic than its supply, the tax burden is borne

  回答

  (B)

  more by producers
• 7

  If the price of a commodity with elastic demand increases, the revenue accruing to the producer will

  回答

  (D)

  decrease
• 8

  Consumer surplus tends to be higher when demand is

  回答

  (C)

  elastic
• 9

  One of the assumptions of ordinal utility theory is that

  回答

  (B)

  utility can be ranked
• 10

  The law of diminishing marginal utility explains why

  回答

  (A)

  the slope of a normal demand curve is negative
• 11

  If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

  回答

  (B)

  N0.40
• 12

  A set of factors that can shift the supply curve are changes in

  回答

  (B)

  technology, weather and population
• 13

  If the coefficient of price elasticity of supply is greater than one, the supply is said to be

  回答

  (D)

  fairly elastic
• 14

  If commodity X is a by-product of commodity Y , this implies that both commodities are

  回答

  (B)

  in composite supply
• 15

  In perfect competition,price is determined by the

  回答

  (D)

  market
• 16

  In order to reduce hardship faced by consumers due to high prices government can introduce

  回答

  (A)

  maximum prices
• 17

  Average product is less than marginal product when

  回答

  (C)

  there is decreasing returns to scale
• 18

  A firm enjoying economies of scale is said to be

  回答

  (A)

  reducing average cost as production increases
• 19

  The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing

  回答

  (C)

  diseconomies of scale
• 20

  An industry's supply curve is more likely to be elastic when firms are

  回答

  (A)

  enjoying free entry and exit
• 21

  One of the characteristics of monopolistic competition is that

  回答

  (B)

  no single seller dominates the market
• 22

  The demand curve for factors of production

  回答

  (C)

  slopes of downwards
• 23

  An agreement among firms on price and segmentation is termed

  回答

  (A)

  cartel
• 24

  In national income accounting, tax is determined by the

  回答

  (A)

  level of income
• 25

  A decrease in aggregate spending in an economy will ultimately lead to

  回答

  (C)

  deflation
• 26

  If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is

  回答

  (D)

  N 500 million
• 27

  The function of money which makes division of labour possible is its

  回答

  (C)

  medium of exchange
• 28

  By buying treasury bills, the Central Bank of Nigeria intends to

  回答

  (C)

  reduce money supply in the economy
• 29

  One of the functions of commercial banks is

  回答

  (C)

  granting loans to customers
• 30

  In Nigeria, the huge public debt is as a result of

  回答

  (B)

  deficit budgeting
• 31

  A strategy for curbing unemployment is to

  回答

  (D)

  ensure even distribution of job opportunities
• 32

  National development plans in Nigeria fail mainly because of

  回答

  (C)

  poor implementation strategies
• 33

  The ultimate aim of agricultural policies in Nigeria is to achieve?

  回答

  (A)

  food sufficiency
• 34

  Government can boost agricultural output in Nigeria primarily by

  回答

  (C)

  granting subsidies on farm inputs
• 35

  The ultimate aim of agricultural policies in Nigeria is to achieve

  回答

  (A)

  food sufficiency
• 36

  Localization of industries refers to the

  回答

  (C)

  concentration of firms of an industry
• 37

  In developing countries, governments influence the location of industries in order to

  回答

  (A)

  spread development
• 38

  A disadvantage of Nigeria's dependence on imported petroleum products is the

  回答

  (C)

  instability in the supply of the product
• 39

  The maximum number of shareholders for a limited liability company is

  回答

  (D)

  infinite
• 40

  One of the characteristics of free trade zone is

  回答

  (D)

  harmonized trade among member countries
• 41

  The primary motive for an individual engaging in production is to

  回答

  (A)

  make profit
• 42

  If Nigeria imports vehicles from Japan the transaction will appear as a

  回答

  (B)

  credit on Japan's balance of payments
• 43

  One of the objectives of ADB is to

  回答

  (C)

  promote economic and social development of member countries
• 44

  The choice of the method of production in an economy is determined by the

  回答

  (A)

  level of technical know-how
• 45

  The amount of labour hired depends on the

  回答

  (C)

  marginal productivity of labour