JAMB Economics 2019

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JAMB Economics 2019

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1 / 75

If two commodities are unrelated, a change in the price of one will____________

2 / 75

Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

3 / 75

Poverty simply refers to the low level of________

4 / 75

An example of a market which approaches fairly near to perfection is____________

5 / 75

A demand which gives rise to the reverse of the law of demand is__________

6 / 75

Which of the following is not a cause of unemployment_______

7 / 75

A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

8 / 75

An example of a vertical combination is the merger of_________

9 / 75

Which of the following persons is engaged in "Secondary Production"?

I - a bricklayer
II - an automobile assembly-line worker
III - an accountant
IV - a cinema projectionist

10 / 75

An economy system that uses what is regarded as the "Market mechanism" is called_______

11 / 75

The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

12 / 75

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

 

Gross national expenditure at factor cost is_________

13 / 75

If wage rate is less than the average revenue product, the firms would be earning________

14 / 75

Consider the following figures which refer to a firm's production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are

15 / 75

The last link in the channel of distribution is____________

16 / 75

External economies arises essentially from__________

17 / 75

The money market equilibrium is defined as_________

18 / 75

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

19 / 75

An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

20 / 75

Supply is________

21 / 75

The most important cost curve for the firm is_________

22 / 75

The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

23 / 75

An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

24 / 75

The business risks of a public corporation are borne ultimately________

25 / 75

In the case of highly or close complementary goods, the indifference curve is_______

26 / 75

One of these is not a way by which government encourage industrialization?

27 / 75

Consider the diagram below which shows a demand curve (d).

 

Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

28 / 75

A contractionary monetary policy is used to control__________

29 / 75

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

30 / 75

ECOWAS was formed for the purpose of________

31 / 75

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

32 / 75

The term M^3 comprises M ^1 together with deposits on deposit account held by_______

33 / 75

The lands that belong to the community is referred to as__________

34 / 75

The method obtained by adding all the reward of factors of production in national income is________

35 / 75

Industrialization is the process of___________

36 / 75

In a perfect competition, the market price is determined by_______

37 / 75

A supply curve slopes upwards from the left to the right indicating__________

38 / 75

The demand for labour is a________

39 / 75

When a member's currency is declared "scarce", it is the duty of the IMF to______

40 / 75

The most reliable and acceptable index of economic growth is the__________

41 / 75

The use of government income and expenditure instrument to regulate the economy is termed______

42 / 75

The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

43 / 75

Among the disadvantages of the one-man business is the fact that______

44 / 75

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

 

National income is__________

45 / 75

Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

46 / 75

The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

47 / 75

A form of tax that is midly progressive and regressive is_______

48 / 75

One of these is not a problem of agriculture___________

49 / 75

The second equation of exchange is__________

50 / 75

Most of the National debts is "dead weight" in the sense that is____

51 / 75

The sector which contribute highly to the economy is___________

52 / 75

The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

53 / 75

A commodity is defined as normal when its demand changes in the same direction as______

54 / 75

As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

55 / 75

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

56 / 75

The shape of the production possibility frontier is determined by the_________

57 / 75

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

58 / 75

Price
(₦)
Quantity Demanded
8 10
6 12

If we move from 8 to 6, the elasticity of demand is_______

59 / 75

Which of the following matters may account for changes in demand?
I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation

60 / 75

Adam Smith's Theory of value stated that the value of a commodity depended on________

61 / 75

The determination of wages in a labour market depends on the_______

62 / 75

A rise in the supply of a commodity cause__________

63 / 75

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

64 / 75

One of these is not an assumption of the cardinalist theory of utility?

65 / 75

Effective demand for a commodity is desire for that commodity backed by_______

66 / 75

In the short-run, the monopoly makes_______

67 / 75

The demand curve facing the monopolist in the foreign market is__________

68 / 75

An economy in which the whole income is not consumed is referred to as______

69 / 75

A method of analysis that draws conclusions from data rather than general Principles already known is________

70 / 75

When of the following matters may account for changes in supply?

 

I - technological advances in an industry
II - changes in labour costs
III - changes in source of supply
IV - changes in levels of taxation

71 / 75

The release of a liquid petroleum hydrocarbon into the environment is_______

72 / 75

The oil boom between 1970 - 1980 caused the oil sector to become____________

73 / 75

The following are measures of location except________

74 / 75

The determination of price by bargaining between buyers and sellers is________

75 / 75

Economics is a social science concerned with the proper use and______

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