Copy Economics JAMB Past Questions And Ans Here 2023/2024
Copy Economics JAMB Past Questions And Answers Here, 40 QUESTION AND ANSWERS
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
- A. The same as equilibrium supply
- B. Greater than equilibrium supply
- C. Less than the equilibrium supply
- D. Determined later by government
- E. None of these
View Answer & Discuss (158) JAMB 1978
jamb student
A budget deficit means
- A. That a country is buying more than is selling
- B. That a country is selling more than is buying
- C. That a government is spending more than in takes in taxation
- D. That a government is spending less than it takes in taxation
- E. That a government is spending as much as it takes in taxation
View Answer & Discuss (99) JAMB 1978
3
When elasticity is zero, the demand curve is
- A. Perfectly elastic
- B. Perfectly inelastic
- C. Concave
- D. Downward slopping
- E. Circular
View Answer & Discuss (86)
The following is NOT a reason for the existence of small firms
- A. Scale of production is limited by size of the market
- B. Expansion brings diminishing returns
- C. Large firms can carter for wide markets
- D. Small firms can provide personal services
- E. All of the above
View Answer & Discuss (46) JAMB 1978
5
Inferior goods are referred to in Economics as goods
- A. Whose quality is low
- B. Consumed by very poor people
- C. Whose consumption falls when cunsumers’ income rises
- D. Which satisfy only the basic needs
- E. None of the above
View Answer & Discuss (70)
Malthus became famous through his theory which may be stated simply
- A. the death rate may become so high that people may not be able to produce
- B. population may outgrow the means of subsistence
- C. people will eventually decide not to have children
- D. migration of people from one place to another may leave some parts of the world barren
- E. all of the above
View Answer & Discuss (26) JAMB 1978
7
A commercial bank is unique in that it is the only institution that
- A. makes loans to private people and businessmen
- B. accept deposits
- C. can store peoples’ valuables
- D. can transfer money from one place to another for its customers
- E. saves money through the granting of credits
View Answer & Discuss (31) JAMB 1978
8
Which is an example of an invisible item in the trade Account of Ghana?
- A. Export of Cocoa from Ghana
- B. Import of oil from Nigeria
- C. A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
- D. Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
- E. None of the above
View Answer & Discuss (23)
Which is NOT a direct effort to increase Agricultural production in Nigeria?
- A. Operation feed the Nation
- B. Nigerian Youth Service Corps
- C. Increased loans to farmers and cooperatives
- D. Research in Agric & Extension services
- E. Mechanization of Agriculture
View Answer & Discuss (23) JAMB 1978
10
If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing
- A. Increasing Marginal utility
- B. Diseconomies of scale
- C. Increasing costs
- D. Constant returns to scale
- E. Increasing returns to scale
View Answer & Discuss (14)
Price control cannot work in Nigeria because
- A. the population is too large
- B. the policemen hate to arrest people
- C. while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
- D. control cannot work under military rule
- E. too many things are produced in the country
View Answer & Discuss (12) JAMB 1978
12
The foreign exchange market is a market where
- A. graded commoditties like wheat, flour, etc are sold and bought
- B. currencies are sold and bought
- C. treasury bills are sold and bought
- D. government bonds are sold and bought
- E. treasury certificates are sold
View Answer & Discuss (12) JAMB 1978
13
Which of the following financial assets consist the lowest rate of interest in Nigeria?
- A. commercial bills
- B. call money
- C. treasury bills
- D. development loan stocks
- E. deposits with the federal savings bank
View Answer & Discuss (23) JAMB 1978
The effect of the demand for product A caused by a change in the price of a product B is called?
- A. cross-elasticity of demand
- B. elasticity of supply
- C. competitive demand
- D. composite demand
- E. joint demand
View Answer & Discuss (15) JAMB 1978
15
Which of the following can be regarded as a liability of a commercial bank?
- A. advances
- B. deposits
- C. treasury bills
- D. overdrafts
- E. cash
A Tax which takes a higher percentage from higher incomes is called?
- A. a regressive tax
- B. a progressive tax
- C. a proportional tax
- D. an indirect tax
- E. a direct tax
View Answer & Discuss (18) JAMB 1978
17
Which of the following statements is true?
- A. A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
- B. taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
- C. The sole proprietor is a legal entity
- D. the influence of demand on price will be smallest on the short run
- E. the cost of production is the most important determining factor of supply in the long run
View Answer & Discuss (37) JAMB 1978
18
The largest liability appearing in the book of a commercial bank is
- A. cash
- B. deposits
- C. loans and advances
- D. capital and reserves
- E. treasury bills
View Answer & Discuss (10) JAMB 1978
The Lagos clearing house is
- A. a commodity market
- B. an import licensing centre
- C. another name for the Lagos stock exchange
- D. an insurance and underwriting centre
- E. a cheque sorting centre
View Answer & Discuss (16) JAMB 1978
20
The biggest source of government revenue in Nigeria is
- A. mining, rents and royalties
- B. company income tax
- C. import duties
- D. export duties
- E. petroleum profit tax
An increase in liquid reserve requirements by the central bank of Nigeria will result in
- A. a reduction in commercial banks’ excess reserves
- B. more commercial bank loan to members of the public
- C. an increase in commercial banks excess reserves
- D. no change in commercial banks excess reserves
- E. a reduction in central banks gold reserves
View Answer & Discuss (22) JAMB 1978
22
A distinguishing characteristics of a consumers’ cooperative is the fact that
- A. the customers are the owners
- B. the customers are the workers
- C. the customers are the managers
- D. the customers are low income people
- E. the customers are high income people
View Answer & Discuss (5) JAMB 1978
23
Disposable income is the same thing as
- A. personal income minus personal savings
- B. personal inome minus taxes
- C. national income minus depriciation
- D. exports minus imports
- E. savings plus investments
View Answer & Discuss (9) JAMB 1978
Marginal cost is
- A. Lowest cost of producing goods
- B. The cost of production of the most efficient firm in the industry
- C. Cost of production of the most inefficient firm in the industry
- D. The cost of production of the last or extra unit of goods produced by a firm
- E. The cost of production at which the minimum profit is obtained by a firm
View Answer & Discuss (4) JAMB 1978
25
Which of the following is not a form of business organization
- A. A sole proprietorship
- B. Cartel
- C. Partnership
- D. Joint stock
E. Cooperative society
As consumption of beer increases, its marginal utility to a drinker will
- A. Increase
- B. Remain constant
- C. Fluctuate
- D. Decrease
- E. Change proportionally
View Answer & Discuss (11) JAMB 1978
27
Which of the following sector of the economy is estimated to be the largest employer of labour in the country
- A. Construction
- B. Agriculture
- C. Distribution
- D. Mining and petroleum
- E. Transport and communication
View Answer & Discuss (5) JAMB 1978
28
The expression ‘terms of trade’ is used to describe
- A. Quality of export
- B. The direction of foreign trade
- C. Terms of purchase on deferred payment basis
- D. The rate at which export exchange for imports
- E. Import licensing
If the demand of a product with perfectly elastic supply increases, there will be
- A. An increase in price and quantity offered
- B. An increase in quantity offered but price will remain the same
- C. A reduction in price and quantity offered
- D. An increase in price but a reduction in quantity offered for sale
- E. An increase in quantity offered but a reduction in price
View Answer & Discuss (8) JAMB 1978
30
Which of these would not be included in the fundamental principle of a free enterprise economy
- A. Private ownership of factors of production
- B. The right to organize factor for production purposes
- C. The right to make private profit
- D. Government control of mobility of factor of production
- E. Government effort to encourage competitive capitalism within the law of the country
View Answer & Discuss (9) JAMB 1978
Economics is called a social science because it is
- A. A branch of social studies
- B. A study of the ways man devises to satisfy his unlimited wants from unlimited resources
- C. A dismissal science in the Malthusian sense
- D. Governed by scientific law
- E. The study of human wants by the means of scientific method of observation
View Answer & Discuss (29) JAMB 1978
32
Opportunity cost is a term which describe
- A. The initial cost of setting up a business venture
- B. Cost of one product in terms of foregone production of others
- C. The monetary equivalent of the utility of commodity
- D. Cost related to an optimum level of production
- E. Implicit cost
View Answer & Discuss (9) JAMB 1978
33
If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X
- A. X and Y are complementary commodities
- B. X and Y are substitute goods
- C. X and Y are independent goods
- D. X and Y are jointly supplied
Which of the following item in the balance of payment of account is an invisible transaction?
- A. Import of cars
- B. Export of cocoa
- C. Export of crude petroleum
- D. Tourism
- E. Import of building materials
View Answer & Discuss (6) JAMB 1978
35
Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?
- A. Interest rates
- B. Opportunity costs
- C. Economic rent
- D. Indirect costs
E. Wages
Less developed countries obtain foreign exchange reserve mainly from the export of
- A. Manufactured goods
- B. Processed and semi processed commodities
- C. Invisible items
- D. Primary product
- E. All of the above
View Answer & Discuss (9) JAMB 1978
37
38
In order to build up its capital stock, the typical less developed country should ideally
- A. Increase total saving
- B. Depend on hand-out from foreigners
- C. Impose tariff on import
- D. nationalise all foreign concern
- E. None of the above
View Answer & Discuss (4) JAMB 1978
The advantage of sole proprietorship is as follow
- A. It is always successful
- B. Continuity is no problem
- C. Control and supervision is under one man
- D. Funds are easy to obtain
- E. Inter-generational equity is assured
View Answer & Discuss (7) JAMB 1978
40
Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities
- A. Fairness
- B. The distribution of income and wealth
- C. Public need which is determined by the government
- D. Private needs determined by the market
- E. The ability of individual to make profit