JAMB - Economics (2013)

• 1

  If P = \(\frac{1}{4}\)(Qs + 10). What is the quantity supplied at N14?

  回答

  (C)

  46
• 2

  The profit of a monopolist can be eliminated where price equals

  回答

  (B)

  MC
• 3

  An economy in which both the public and private sectors contribute to economic growth is as

  回答

  (D)

  mixed economy
• 4

  If the standard deviation of a given data is 53, what is the variance?

  回答

  (B)

  2809
• 5

  Which of the following set of statistical tools is used for further economic analysis?

  回答

  (B)

  the mean and mode
• 6

  An advantage of the range as a measure of dispersion is that it

  回答

  (A)

  can be used to calculate open-ended distribution
• 7

  Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28

  回答

  (D)

  22
• 8

  An increase in demand without a corresponding change in supply will lead to

  回答

  (D)

  an increase in equilibrium price and a decrease in equilibrium quantity
• 9

  An increase in the price of a commodity will result in

  回答

  (A)

  a decrease in the quantity demanded
• 10

  If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

  回答

  (D)

  2.0
• 11

  One of the assumptions of the cardinal approach is

  回答

  (C)

  that total utility depends on the quantity of the commodities consumed
• 12

  Utility is the satisfaction derived from the

  回答

  (B)

  use of goods and services
• 13

  One of the major factors that brings about changes in supply is

  回答

  (C)

  the cost of storage
• 14

  If the supply of a product is elastic, a small reduction in price will

  回答

  (B)

  reduce the quantity supplied
• 15

  If the price of a commodity is fixed below equilibrium, this will lead to

  回答

  (A)

  excess demand
• 16

  One of the criticisms of the price mechanism is that

  回答

  (A)

  producers are sovereign
• 17

  In Nigeria, the government can reduce the cost of accommodation by fixing the rent

  回答

  (D)

  below the equilibrium price
• 18

  If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys

  回答

  (A)

  economies of scale
• 19

  An isoquant lying above to the right of another represents

  回答

  (A)

  a higher output level
• 20

  A measure of national income used as comparison of standard of living among nations is

  回答

  (D)

  per capita income
• 21

  The speculative demand for money is inversely related to the

  回答

  (A)

  interest rate
• 22

  If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be

  回答

  (A)

  transactionary
• 23

  Which of the following is used by the Central Bank of Nigeria to control inflation?

  回答

  (D)

  Discount rate
• 24

  If CBN reduces money supply, the interest rate will

  回答

  (B)

  rise
• 25

  A tax on land will ultimately fall

  回答

  (C)

  entirely on owners
• 26

  An example of an expansionary fiscal policy action is

  回答

  (A)

  decrease in the corporate profit tax rates
• 27

  One of the goals of development plans in Nigeria is to

  回答

  (C)

  achieve higher standard of living for the citizens
• 28

  Life insurance companies contribute to economic development by holding a part of their assets in

  回答

  (C)

  cash and near money
• 29

  In order to add value to Nigeria agricultural produce, there is need to

  回答

  (C)

  adopt modern storage methods
• 30

  The main reason for low agricultural produce in west Africa is need to

  回答

  (D)

  the use of crude implements in farming process
• 31

  The most important determinant for the location of a brick industry is the availability of

  回答

  (A)

  market
• 32

  In Nigeria, efficiency in public corporations can be achieved through

  回答

  (C)

  privatization
• 33

  Government participation in the oil industry was necessitated by the

  回答

  (B)

  formation of OPEC
• 34

  The deregulation of the petroleum sector in Nigeria will bring about

  回答

  (A)

  efficiency in pricing and distribution of the products
• 35

  A distinguishing characteristic of consumer co-operative society is that the

  回答

  (B)

  members are the owners
• 36

  A major disadvantage of partnership business is

  回答

  (B)

  distrust among members
• 37

  The quality of labour force in Nigeria can be improved by

  回答

  (D)

  establishing more skills acquisition centres
• 38

  The effect of emigration on a country's population is

  回答

  (A)

  decrease in the population
• 39

  A measure for preventing the external value of the naira from falling is for the government to

  回答

  (B)

  sell its own currency
• 40

  A fiscal policy instrument that can influence the demand pattern in an economy is

  回答

  (C)

  income tax
• 41

  One of the main achievements of the Economic Commission for Africa is

  回答

  (A)

  eliminating trade restrictions among states
• 42

  The rate of interest change on loans depends largely on

  回答

  (A)

  the prevailing exchange rate
• 43

  A valid explanation for real wage growth is

  回答

  (A)

  an increase in the rate of productivity
• 44

  If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was

  回答

  (B)

  frictionally unemployed
• 45

  

  From the graph above, the price elasticity of demand is

  回答

  (C)

  perfectly inelastic