JAMB Economics 2015 Past Questions

The law of variable proportions is also known as

All the following are problems identified with agriculture in West Africa except

Revenue can be expressed as

All the following are factors that would bring about a change in supply except

The combination of two commodities each yielding the same level of satisfaction to the consumer is

In which situation is it likely that the demand for labour would be inelastic?

The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

A commercial bank can create money by

The source of all economic problems arises from

The quantity theory of money states that a reduction in the quantity of money in circulation would bring about

The tax levied on locally produced goods is

\(\begin{array}{c|c}
\text{Capital consumption allowance} & \text{N20,000} \\
\hline
\text{Gross domestic production} & \text{N60,000} \\
\hline
\text{Factor payment to foreigners} & \text{N10,000} \\
\hline
\text{Factor income from abroad} & \text{N15,000} \\
\end{array}\)

From the above table, calculate the Gross National Product.

Petroleum has the following positive contributions to the Nigerian economy except

The market in which the operators are many and none of them can influence the price is

The concentration of industries in a particular geographical area is

\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)


The table illustrate the law of

All the following are the canons of taxation given by Adam Smith except

Census can be classified as

A firm that charges the maximum price without attracting competition from new entrants is

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

Which of the following business units can issue shares?

Which of the following are examples of transfer payment

The technical relationship between the physical inputs and the physical outputs of a firm is

The income elasticity of demand of normal goods is

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

The relationship between the cost of living and standard of living is

The ordinalist approach of utility postulated that utility can be

The frequent value that occurs most in a data is

Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is

Which of the following is not a type of unemployment

\(\begin{array}{c|c}
\text{Units of variable factor} & \text{Total
Product} \\
\hline
1 & 25 \\
\hline
2 & 31 \\
\hline
3 & 40 \\
\hline
4 & 48 \\
\hline
5 & 55 \\
\end{array}\)



The marginal product at the fifth variable factor is

The financial institution known as a building society is

A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is

The information that rank a consumer preferences is given by

The ownership of a public limited liability company is made up of

All the following are types of specialization except

A market will be at equilibrium when

Which of the following will shift the demand curve for Bournvita to the right

Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.

All the following are properties of an indifference curves except

Isocost and isoquant can be attributed to

The line Y in the diagram represents

The curve labeled II illustrates a system of taxation

The curve labeled III illustrate a system of taxation

What would be likely to increase inflation in any economy?

The term of trade can be expressed as

The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume

The study of broad economic aggregates is