JAMB Economics 2004 Past Questions

Given that Y = C + I and C = bY where b = 0.8, what is the multiplier?

By advertising, a monopolistic competitive firm tries to shift its

The role of the Central Bank in the economic development of Nigeria is to

At the maximum point of the total product curve of a firm, marginal revenue is

The primary function of non-bank financial institutions is to

In an open economy, the GNP is measured as

The capital market provides business firms with the avenue to

Which financial institution is charged with the formulation of monetary polices in Nigeria?

GDP differs from GNP because GDP

The distinction between perfect competition and monoplistic competition is that the latter is characterized by

The downstream activities of oil companies in Nigeria involve

The movement of goods and services from the producers to the consumers is referred to as

The purpose of conducting a census is to enable a country to

A major cause of the slow pace of industrialization in Nigeria is inadequate

Maximum wage legislation seeks to

The marketing of agricultural commodities in Nigeria is hampered by

Import duty concessions on the industrial inputs directly benefit the

The labour force in Nigeria falls between the ages of

Government's involvement in agricultural business in Nigeria is most manifested in the

The difference between birth and death rates of a given population is referred to as the

Fiscal policy is the government's plan to control aggregate demand by manipulating

A country is said to have absolute advantage when she

The European Union was formed to

When the importation of a commodity is limited to a definite quantity, the trade control means used is known as

If budget deficits are financed by borrowing the crowing-out effect can be offset by an increase in

The excess of aggregate expenditure over full employment level of output is referred to as

The tax levied on goods and services at each stage of production is

The number of shareholders in a private limited liability company ranges from

A major reason for having national development plans is to

The difference between payments and receipts for visible trade is called

One of the causes of the present high rate of inflation in Nigeria is

The final stage in the production process of any commodity involves its movement from the

A change in demand for a normal good means

In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to

In any set of data, median represents the

One of the assumptions of ordinal utility in consumer behaviour is that

A large standard deviation is an indication of

A major characteristic of a mixed economy is that

Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?

If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be

A necessary condition for specialization in an economy is the existence of

A firm operating at full capacity will experience rising short-run total costs when

In a textile factory, the cost of cotton used is a typical example of

A black market can occur when

The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

When there is a change from T to N, it implies that

A movement from M to T implies that there has been