JAMB - Economics (2020)

• 1

  Scarcity in economics means?

  回答

  (D)

  resources are limited in relation to wants
• 2

  Economics is often described as a social science because?

  回答

  (C)

  It uses scientific methods to explain an observed phenomenon and predict future events
• 3

  Which of the following is an example of an invisible item on the balance of payments account

  回答

  (A)

  shipping and aviation
• 4

  A major factor affecting the value of money is the?

  回答

  (A)

  price level
• 5

  The Nigerian bank for commerce and industry is?

  回答

  (B)

  a development bank
• 6

  To control inflation, the monetary authorities of a country can

  回答

  (D)

  engage in restrictive monetary policies
• 7

  Which of the following is used by the central bank to control the rate of interest

  回答

  (D)

  open market operation
• 8

  What form of market is found in an imperfect competition where there are few buyers and many sellers

  回答

  (D)

  oligopsony
• 9

  A budget with a projected revenue in excess of its expenditure is said to be?

  回答

  (B)

  surplus
• 10

  In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

  回答

  (B)

  inelastic
• 11

  If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

  回答

  (B)

  0.80
• 12

  The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?

  回答

  (C)

  residual
• 13

  Collectivism refers to the management of state enterprises in a?

  回答

  (D)

  socialist economy
• 14

  Efficiency in production means?

  回答

  (B)

  producing a given output with the lowest cost of combination of factors of production
• 15

  In economic life, the choice among alternatives depends on the?

  回答

  (C)

  the scale of preference of the decision-maker
• 16

  The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

  回答

  (B)

  marginal utility must fall
• 17

  Which of the following rewards is associated with entrepreneurship

  回答

  (B)

  profits
• 18

  Which of the following is likely to be inflationary

  回答

  (D)

  wages increase
• 19

  

  The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  回答

  (B)

  curve Y
• 20

  

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

  回答

  (D)

  curve Y
• 21

  Fiduciary issue is that part of?

  回答

  (C)

  the issue of notes not backed by gold
• 22

  The type of business finances that entitles the holder to a fixed rate of dividend is?

  回答

  (C)

  debentures
• 23

  A company's expenditure on raw materials is regarded as?

  回答

  (A)

  explicit cost
• 24

  Firms are often set up close to each other in order to take advantage of?

  回答

  (D)

  external economies of scale
• 25

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  回答

  (A)

  dumping
• 26

  The problem of conducting census include 

  回答

  (D)

  poor town planning in urban areas
• 27

  The factor of production that has the highest degree of mobility is? 

  回答

  (B)

  labour
• 28

  In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

  回答

  (C)

  rural-urban drift
• 29

  The most important goal of OPEC is to?

  回答

  (D)

  ensure that rules on quota production are strictly followed
• 30

  Plywood industries are often located near the source of?

  回答

  (D)

  raw materials
• 31

  When a country's population is experiencing increasing returns, that country is said to be?

  回答

  (A)

  overpopulated
• 32

  The most important attribute of money is?

  回答

  (D)

  general acceptance
• 33

  The use of legally permissible means to reduce tax liabilities is known as tax?

  回答

  (C)

  relief
• 34

  The Economic Commission for Africa was set up by the?

  回答

  (A)

  UNO
• 35

  One of the techniques of monetary control used by the central bank of Nigeria is

  回答

  (C)

  foreign exchange control