CBT JAMB Economics 2016 by Abbey /50 16 Created on March 13, 2020 By bolaEconomics CBT JAMB Economics 2016 1 / 50 Category: Economics 1 Development plans fail in Nigeria mainly because of Corruption and political instability Over-dependence on foreign aid High cost of plan implementation Shortage of personnel 2 / 50 Category: Economics 2 One of the major uses of national income statistics in Nigeria is to Equally distribute national income among citizens Determine the total population Compare population growth among nations Estimate per capita income 3 / 50 Category: Economics 3 The major characteristics of an undeveloped nation is Over-dependence on foreign products Dominance of the industrial sector High per capita income Efficient and sensitive financial sector 4 / 50 Category: Economics 4 Which is of the following is NOT among the financial institutions in Nigeria? Federal Mortgage Bank Microfinance Banks Insurance Banks Federal Ministry of Finance 5 / 50 Category: Economics 5 Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55. Determine the range? 0.25 10.00 1.55 9.95 6 / 50 Category: Economics 6 One of the problems facing the Nigerian oil and gas industry is____________________? Over-capacity utilization The discovery of alternative oil sources Shortage of indigenous manpower The excess supply of petroleum products 7 / 50 Category: Economics 7 The demand curve faced by a monopolist is_____? Positively sloped Vertical Horizontal Negatively Sloped 8 / 50 Category: Economics 8 The interest charged on loans is determined by the __________? Exchange rate Fiscal policy Risk associated with the loan Rate of production in the country 9 / 50 Category: Economics 9 A country that is over-populated will face the problem of Low birth rate Low per capita income High wage rate Full employment 10 / 50 Category: Economics 10 If additional unit of a variable factor input causes a fall in the marginal product, this implies that Total product starts declining Average product has become zero Diminishing returns has set in Increasing returns is operating 11 / 50 Category: Economics 11. From the graph above P 2 in price control situation is referred Minimum price Shut-down price Maximum price Mark-up price 12 / 50 Category: Economics 12 The additional cost incurred by producing an additional unit of output is known as Fixed cost Total cost Average cost Marginal cost 13 / 50 Category: Economics 13 One of the factors that determine the supply of agricultural produce in Nigeria is Price of substitutes Technological development Consumers choice Consumers income 14 / 50 Category: Economics 14. From the graph above, fixing maximum price of garri below equilibrium prices at P1 will Encourage the production of garri Create an excess supply of garri Increase the consumption of garri Decrease the consumption of garri 15 / 50 Category: Economics 15 In the theory of the consumer behavior, a consumer is said to maximize utility when Marginal utility of a commodity is equal to the price paid for it Marginal utility of a commodity X is equal to the price of commodity Y Average utility of a commodity is equal to the price paid for it Total utility of a commodity is equal to the price paid for it 16 / 50 Category: Economics 16 If Mr Wale took a loan for the purpose of investment, the demand for money is________________? Precautionary motive Transactionary and Precautionary motive Speculative motive Speculative and Transactionary motives 17 / 50 Category: Economics 17 The overall demand for crude oil for various uses is an example of __________? derived demand competitive demand composite demand complementary demand 18 / 50 Category: Economics 18 One of the factors limiting the effectiveness of division of labour in the production process is the Prevailing wage rate Level of technology Unemployment rate Population size 19 / 50 Category: Economics 19 One of the important features of perfect competition is_____? Adequate knowledge of existing prices The influence on prices by individual economic units The restriction in terms of movement of goods and services The administration of a centralized price system 20 / 50 Category: Economics 20 What effect would a change in price of a commodity have on its supply? An increase in supply No change in supply A decrease in supply A change in the quantity supplied 21 / 50 Category: Economics 21 All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________? An indifference curve An exceptional demand curve A budget line An isoquant map 22 / 50 Category: Economics 22 Which of the following is a major determinant of price elasticity of demand? The price of the commodity Availability of factors of production The prices of factors of production Income of the consumers 23 / 50 Category: Economics 23 If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________? Nigeria produces cocoa more cheaply than Ghana Nigeria and Ghana produce at the same level Ghana produces cocoa more than Nigeria Nigeria produces more cocoa than Ghana 24 / 50 Category: Economics 24 One of the ways of improving the marketing of agricultural produce is by Reviewing the land tenure system Ensuring even distribution of farm inputs Embarking on irrigation farming Establishing agricultural marketing boards 25 / 50 Category: Economics 25 The study of economics is necessary mainly because of Unemployment Unlimited resources Scarcity of resources Overpopulation 26 / 50 Category: Economics 26 If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply? 2.00 0.50 1.50 1.00 27 / 50 Category: Economics 27 Which of the following is NOT a source of government revenue? Taxes, Fees, licenses and fines Personal income, disposable income and transfer earnings Interest, dividends, profits and earnings Grants, aids and borrowing 28 / 50 Category: Economics 28 Public limited liability companies are owned by__________? The federal government Private and individual organizations The state government The federal and state governments 29 / 50 Category: Economics 29 The type of inflation that emanates from excess demand overs supply is___________? Galloping inflation Imported inflation Demand-pull inflation Cost-push inflation 30 / 50 Category: Economics 30 The price elasticity of supply of perishable goods is_________? Elastic Unitary Inelastic Zero 31 / 50 Category: Economics 31 In Nigeria, most agricultural policies are aimed at______? Ensuring equitable distribution of income Liberalizing all sectors of the nation's economy Encouraging the development of manufacturing sector Achieving self-sufficiency in food production 32 / 50 Category: Economics 32 One major problem encountered by ECOWAS is_______? Conflict of interest among members Increasing population Weakness in the trade relationship Language barrier 33 / 50 Category: Economics 33 One of the characteristics of private enterprises is ______? Provision of welfare to the citizens That tax payers bear all the risks Public ownership of shares Individual funding of business activities 34 / 50 Category: Economics 34 The concept of marginal utility indicates the relationship between utility and _________? Price Satisfaction Cost Revenue 35 / 50 Category: Economics 35 In Nigeria, unemployment can be minimized through______? Diversification of the economy Strict immigration law Paying unemployment benefits Restrictive fiscal policy 36 / 50 Category: Economics 36 The demand for two or more commodities to satisfy a particular want is _____? Derived Composite Competitive Joint 37 / 50 Category: Economics 37. The supply curve above is Fairly inelastic Perfectly inelastic Unitary elastic Perfectly elastic 38 / 50 Category: Economics 38 One of the factors affecting change in demand for a commodity is the _______? Supply of the commodity Availability of the substitutes Price of the commodity Technical know-how 39 / 50 Category: Economics 39 Public ownership of productive factors is a feature of_______? Socialism Capitalism Feudalism Mixed economy 40 / 50 Category: Economics 40 If the marginal propensity to save is 0.8, calculate the multiplier? 1.25 5.00 1.30 2.25 41 / 50 Category: Economics 41 Which of the following is a set of measures of dispersion? Mean and median Mean and standard deviation Range and variance Mode and mean 42 / 50 Category: Economics 42 The slow pace of industrial growth in Nigeria can be attributed to__________? lack of raw materials lack of market for produce inadequate skilled labour over-dependence on the oil sector 43 / 50 Category: Economics 43 Consumers allocate their resources based on the ______? Law of diminishing marginal utility Value in use and value in exchange principle Law of returns to scale Diamond and water paradox 44 / 50 Category: Economics 44 A country’s terms of trade can be improved by________? Revaluation of currency Collective bargaining Reducing demand for imported goods Imposing lower export duties 45 / 50 Category: Economics 45 A government budget proposing to spend more than its expected revenue in a year will create_______? Opportunity for combating inflation Depression in the economy Shortage in money supply Opportunity for full employment 46 / 50 Category: Economics 46 Population growth is determined by_______? Dependency ratio Labour force Per capita Net migration 47 / 50 Category: Economics 47 Which of the following can cause oil glut in the International market? Excess demand over supply Under- capacity utilization Excess supply over demand Economic boom 48 / 50 Category: Economics 48. From the table above, the elasticity of supply is_____? Inelastic supply Perfectly elastic Elastic supply Unitary elastic 49 / 50 Category: Economics 49 Localization of industry is encouraged because of Low interest charges on loans High standard of living Low foreign exchange rate Improvements in infrastructure 50 / 50 Category: Economics 50 A company’s expenditure on raw materials is termed as_______? Prime cost Explicit cost Average cost Implicit cost Your score isThe average score is 14% LinkedIn Facebook VKontakte 0% Restart quiz No related posts. Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail
