JAMB - Economics (2014)

• 1

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

  回答

  (A)

  government
• 2

  In capitalist economies, questions about what to produce are ultimately answered by

  回答

  (C)

  output decisions of firms
• 3

  The best measure of dispersion to determine the tallest tree in a forest is

  回答

  (B)

  variance
• 4

  A change in demand for a normal goods implies that, there is a

  回答

  (B)

  shift in the demand curve
• 5

  If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

  回答

  (D)

  inelastic
• 6

  A rightward shift of the budget line is caused by a

  回答

  (D)

  rise in the consumer income
• 7

  Given the supply function P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?

  回答

  (D)

  30
• 8

  When price is set below equilibrium, this will lead to

  回答

  (C)

  a decrease in the quantity supplied
• 9

  Price mechanism determines the prices of commodities through

  回答

  (B)

  market forces
• 10

  If the production of a large firm is higher than that of a small firm, it is experiencing.

  回答

  (C)

  internal economies of scale
• 11

  Division of labour requires that, the tasks in a production line be performed

  回答

  (B)

  in stages
• 12

  Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.

  回答

  (B)

  N40
• 13

  Rent and administrative expenses are examples of

  回答

  (C)

  fixed costs
• 14

  A perfect competitor will continue to expand output up to the point where

  回答

  (C)

  MC < MR
• 15

  One of the characteristics of a monopolist is that, he can influence

  回答

  (C)

  both price and quantity
• 16

  A monopolist can boost up his revenue by

  回答

  (B)

  reducing total output to match price
• 17

  Which of the following can be used to measure the Gross National product in an open economy?

  回答

  (D)

  C+I+G+(X-M)
• 18

  If MPC = 2/3 and investment is N100 million, the level of national income is

  回答

  (D)

  N300 million
• 19

  The precautionary demand for money is determined by

  回答

  (A)

  the rate of interest
• 20

  An inflation that co-exists with high rate of unemployment is

  回答

  (B)

  stagflation
• 21

  One of the challenges facing the banking industry in Nigeria is

  回答

  (C)

  providing loans for investment
• 22

  Short-term loans for investment are usually obtained through the

  回答

  (C)

  money market
• 23

  Given a base year and the price index of 175% the following year, which of the following year will arise?

  回答

  (A)

  The cost of living decreases of that year
• 24

  Wage freeze is a policy measure aimed at

  回答

  (B)

  curbing inflation
• 25

  A major obstacle to the development of Nigeria economy is

  回答

  (D)

  poor developmental policies
• 26

  A major feature of an underdeveloped economy is

  回答

  (C)

  low level of standard of living
• 27

  An important role of agriculture in Nigeria's economic development is the

  回答

  (D)

  provision of employment
• 28

  An advantage of large-scale farming over peasant farming is in the area of

  回答

  (A)

  providing research and massive employment of labour
• 29

  A major disadvantage of localization of industry is

  回答

  (D)

  under-utilization of installed industrial capacity
• 30

  One major factor that determines the location of an industry is

  回答

  (B)

  its proximity to the market
• 31

  The major contribution of OPEC to the Nigerian economy is the

  回答

  (C)

  stabilization of oil prices
• 32

  The loading of crude oil at the terminal is an activity in the

  回答

  (C)

  upstream sector of the oil industry
• 33

  The short-run average variable cost of a firm will rise owing to

  回答

  (C)

  an increase in the cost of labour
• 34

  Firms embark on vertical integration in other to

  回答

  (D)

  enjoy economies of large-scale production
• 35

  The voting power in co-operative societies is vested on

  回答

  (C)

  shareholders
• 36

  An accurate census figure is an important tool for planners in

  回答

  (D)

  allocating resources
• 37

  An accurate population census is important in other to

  回答

  (C)

  estimate a country's per capita income
• 38

  A major determinant of floating exchange rate is

  回答

  (D)

  the forest of demand and supply
• 39

  If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is

  回答

  (C)

  quotas
• 40

  The main objective of WTO is to

  回答

  (D)

  assist developing countries to execute developmental projects
• 41

  The major determinant of the total volume of output in an economy is the

  回答

  (A)

  level of total expenditure
• 42

  The labour force of a country is determined by the

  回答

  (D)

  number of people available for work
• 43

  

  What is the percentage contribution of services to the national income?

  回答

  (A)

  15%
• 44

  

  If the national income is 60m, the contribution of the manufacturing sector is

  回答

  (A)

  18m
• 45

  

  A combination of factors responsible for a shift from D_oD_o to D₁D₁ are

  回答

  (D)

  consumers taste and change in price