JAMB Economics 2011 Past Questions

Question 0

An effective way of controlling inflation in a mixed economy is to

A.increase productivity
B.reduce income tax
C.ration available output
D.increase imports
E.

Objective

Question 0

One`of the limitations PPC assumption is that there is

A.no indication of technological development
B.no recognition of preferred goods for countries
C.technical inefficiency
D.abundant resources
E.

Objective

Question 0

A major disadvantage of the arithmetic means is that it is

A.not useful for large data
B.not suitable for further statistical analysis
C.cumbersome to determine the actual value
D.affected by extreme data
E.

Objective

Question 0

Demand patterns are determined by the market on the basis of

A.scale of preference
B.cousumer sovereignty
C.cosumer rationality
D.price of the commodity
E.

Objective

Question 0

A consumer surplus measures the

A.benefits derived from consuming a cheap commodity
B.excess of total expenditure over total uility
C.difference between marginal utility and marginal cost
D.excess of marginal utility over price
E.

Objective

Question 0

If the demand for one commodity excludes another, it is said to be

A.complementary demand
B.competitive demand
C.composite demand
D.derived demand
E.

Objective

Question 0

If demand increases without a change in supply, equilibrium price and quantity will

A.remain unchanged
B.shift inward
C.fall
D.rise
E.

Objective

Question 0

In the process of production, total output is at maximum when

A.MP=0
B.MP > 0
C.AP = 0
D.AP > 0
E.

Objective

Question 0

When a consumer is at equilibrium, the MRS_xy is equal to the

A.sum of the prices
B.product of the two prices
C.ratio of the two prices
D.difference of the two prices
E.

Objective

Question 0

Minimum price legislation by government will

A.reduce supply
B.increase supply
C.reduce demand and create surplus
D.increase demand and create scarcity
E.

Objective

Question 0

Ranking is the method use in measuring

A.marginal utility
B.ordinal utility
C.cardinal utility
D.total utility
E.

Objective

Question 0

If a firm is faced with an elastic supply curve, its revenue will

A.be supplied at a higher price
B.double at a higher price
C.increase by more than the percentage increase in price
D.equal percentage change in price
E.

Objective

Question 0

A firm will experience diseconomies of scale when

A.there are difficulties in coordinating production
B.there is shortage in labour supply
C.the size of market is small
D.there is an increase in the price of raw materials
E.

Objective

Question 0

The law of variable proportions is applicable only

A.in the long-run period
B.to large-scale enterprises
C.to small-scale enterprises
D.in the short-run period
E.

Objective

Question 0

One of the characteristics of oligopoly is the availability of

A.few sellers
B.few buyers
C.many sellers
D.a single seller
E.

Objective

Question 0

Bank consolidation policy in Nigeria is a measure to increase

A.the capital base of banks
B.employment opportunities in banks
C.the number of shareholders
D.the number of branches
E.

Objective

Question 0

An increase in the circulation of money without a corresponding increase in output will lead to

A.a rise in income levels
B.stagflation
C.inflation
D.deflation
E.

Objective

Question 0

In national income accounts, an item counted as part of government spending is

A.salaries and wages
B.pension
C.scholarship
D.social welfare
E.

Objective

Question 0

If aggregate demand is lower than total output in an economy national income will

A.be constant
B.be at equilibrium
C.increase
D.fall
E.

Objective

Question 0

During the era of barter, money was generally in the form of

A.notes
B.precious metals
C.coins
D.commodities
E.

Objective

Question 0

A country achieves economic development when there is

A.an increase in military expenditure
B.an increase in capacity utilization
C.a sustained increase in per capital income
D.an even distribution of goods and services
E.

Objective

Question 0

An indicator of growth in an economy over a period of time is the

A.GDP gap
B.GDP at factor cost
C.GDP at market price
D.GDP deflator
E.

Objective

Question 0

A country embarks on deficit financing in order to

A.increase revenue
B.reduce aggregate demand
C.curb inflation
D.stimulate investment
E.

Objective

Question 0

The import-substitution strategy of industrialization is to encourage

A.domestic production
B.large-scale production
C.importation
D.exportation
E.

Objective

Question 0

Upstream oil activities involve the

A.management of pollution
B.marketing of refined products
C.exploration of crude oil
D.refining of crude oil
E.

Objective

Question 0

Agricultural production in Nigeria is constrained by

A.ineffective use of stabilization measures
B.inadequate demand
C.poor implementation of policies
D.balance of payments deficits
E.

Objective

Question 0

The main function of NNPC is to

A.oversee the development of the oil sector
B.develop the oil producing area
C.fix the price of products
D.ensure regular supply of products
E.

Objective

Question 0

investing heavily in the agricultural sector will lead to

A.sufficient food production
B.a vibrant commodity market
C.capital inflow
D.stable export prices
E.

Objective

Question 0

Industrial development in Nigeria can be encouraged through

A.signing WTO treaty
B.granting subsidies
C.the provision of efficient infrastructure
D.direct government participation
E.

Objective

Question 0

The record of a country's transactions in international trade is her

A.capital account
B.balance of payments
C.current account
D.balance of trade
E.

Objective

Question 0

The transfer to public shareholding corporations to private enterprises is

A.concession
B.incorporation
C.commercialization
D.privatization
E.

Objective

Question 0

A condition in which official and autonomous exchange rate coexist is

A.dual exchange rate system
B.managed floating rate system
C.market determined exchange rate system
D.multiple exchange rate system
E.

Objective

Question 0

In modern economies, the Malthusian theory of population is ineffective because of

A.birth control measures
B.technical progress
C.government policies
D.natural disasters
E.

Objective

Question 0

A change from one industry to another by a worker is an example of

A.geographical mobility
B.horizonatal mobility
C.professional advancement
D.veritcal mobility
E.

Objective

Question 0

Trade takes place because of

A.marginal utility
B.inefficiency in production
C.opportunity cost
D.comparative advantage
E.

Objective

Question 0

The money paid per hour for work done is

A.salary
B.wage rate
C.cost
D.bonus
E.

Objective

Question 0

The World Trade Organization is responsible for

A.stabilizing and harmonization oil prices
B.ensuring equal participation of countries in trade
C.modernising world economies
D.minimizing obstacles to international trade and investment
E.

Objective

Question 0

The graph of the schedule above will depict

A.a kinked demand curve
B.a normal demand curve
C.an abnormal demand curve
D.a diminishing marginal utility curve
E.

Objective

Question 0

From that table above, the price elasticity of supply is

A.4
B.25
C.1
D.2
E.

Objective

Question 0

From the Diagram above, the optimal point of production is

A.R
B.T
C.U
D.S
E.

Objective

Question 0

The average total cost when 20 units are produced is

A.N20.00
B.N23.00
C.N13.00
D.N15.00
E.

Objective

Question 0

When 20 units of output is produced, TC will be

A.N360
B.N300
C.N460
D.N400
E.

Objective

Question 0

The deflationary gap is defined by

A.X
B.K
C.X + K
D.X - K
E.

Objective

Question 0

What does X represent?

A.recessionary gap
B.GNP gap
C.inflationary gap
D.deflationary gap
E.

Objective

Question 0

The median of an odd-numbered set of scores is the

A.Middle value in the set
B.Highest value in the set
C.Arithmetic means of the set
D.Most frequent occuring score
E.

Objective

Question 0

The optimal range of output for a perfectly competitive firm is

A.AC is lowest
B.AVC is lowest
C.MC is rising
D.MC is falling
E.

Objective

Question 0

If real income increases while nominal income remains the same, it can be inferred that

A.Unemployment rate has decreased
B.General prices has fallen
C.Employment rate has risen
D.General prices have risen
E.

Objective

Question 0

The profit of a monopolist can be eliminated where price equals

A.AFC
B.MC
C.AC
D.AVC
E.

Objective

Question 0

Optimum population enables an economy to attain the highest level of

A.Industrial development
B.Income per head
C.Revenue generation
D.Economic development
E.

Objective