CBT JAMB Economics 2017 by Abbey /50 81 Created on February 22, 2020 By bolaUncategorized CBT JAMB Economics 2017 1 / 50 Category: Economics 1 A firm owned and managed by a family is an example of ______? joint stock exchange cooperative society sole proprietorship partnership 2 / 50 Category: Economics 2 Which modal of the factor is inelastic? Wages capital labour land 3 / 50 Category: Economics 3 Which of the following budgets will increase government expenditure? zero base budget surplus budget deficit budget balanced policy 4 / 50 Category: Economics 4 The economic questions about what and how to produce in an economy is solely answered by the _______? government labour union private and public enterpriser system of economy practised 5 / 50 Category: Economics 5 The following are Methods of measuring National Income of a country EXCEPT? Expenditure method Consumption method Input Method Output method 6 / 50 Category: Uncategorized 6 Petro-chemical industries are located in the Rivers State of Nigeria because of ________? favourable soil coal deposit crude oil deposit favourable climate 7 / 50 Category: Economics 7 The bowed shape of the Production possibilities curve illustrates _________ that production is inefficient that demand is relatively inelastic that production is unattainable the law of increasing marginal cost 8 / 50 Category: Economics 8 Which of the following is an indicator of economic growth? High tax rate Technology development High gross domestic product High interest rate 9 / 50 Category: Economics 9. The graph above represents _______ a decrease in quantity supplied an increase in supply a decrease in supply an increase in quantity supplied 10 / 50 Category: Economics 10 The law of diminishing marginal utility states: The supply curve slopes downward Your utility grows at a slower and slower rate as you consume more and more unit of a good. The elasticity of demand is infinite None of the above 11 / 50 Category: Economics 11 Which of the following is not a function of the money market? Provision of finance enhance loan savings creation of long term Provision of finance 12 / 50 Category: Economics 12 The population theory that is concerned with the cases of over population and shortage of food production is ______ population density Malthusian population theory national population theory demographical transition theory 13 / 50 Category: Economics 13 The basic aim of Economic Community of West African States is the discouragement of trade among member states encouragement of revolts against former colonial masters establishment of its headquarters in each members state liberalization of trade among member states 14 / 50 Category: Economics 14 The production within domestic territory of a country is called the _____ net national product gross domestic product net income disposable income 15 / 50 Category: Economics 15 Excess supply over demand will place a price advantage on _____ government foreign investors suppliers consumers 16 / 50 Category: Economics 16 Given that ∑fx = 340 and N = 20, find the arithmetic mean. 20 17 32 9 17 / 50 Category: Economics 17 One of the reasons why Nigeria is a mono- economy is because of her _______ huge volume of petroleum activities in the country diversification system of economic activities high demand for foreign commodities high rate of unemployment 18 / 50 Category: Economics 18 Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour. 20 13 15 10 19 / 50 Category: Economics 19 Which of the following is NOT an instrument in the money market? Treasury bill Bill of exchange Stocks and shares Call money fund 20 / 50 Category: Economics 20 Given that Qd = 10 – 2p while Qs = 5 x 3P, if P = N 1 determine the equilibrium quantity 7 6 5 8 21 / 50 Category: Economics 21 A country’s terms of trade can be improved by ____? collective bargaining imposing lower export duties revelation of currency reducing demand for imported goods 22 / 50 Category: Economics 22 Changing the structure of a commodity in order to increase its utility is called? Time utility form utility marginal utility place utility 23 / 50 Category: Economics 23 Which of the following is not an indicator of economic growth? CPI PPI GDP High Level of Unemployment 24 / 50 Category: Economics 24 One of the unique features that distinguishes the perfect and imperfect market condition is _________ profit motive principles absence of price control board price determines production and distribution number of sellers and buyers 25 / 50 Category: Economics 25 In economics, the “how” or input question refers to: The problem of allocating scarce resources among competing uses The way in which factors of production may be combined to produce output The way in which a firm decides on its profit maximising rate of output The problem of how output is distributed among individuals and groups in society. 26 / 50 Category: Economics 26 The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is 6 3 4 5 27 / 50 Category: Economics 27 One of the major causes of farmers’ unstable income in Nigeria is _________ the effect of diseases and pests industrial pollution mining and extraction activities population growth 28 / 50 Category: Economics 28 Which of the following source of income is spectacular only to Government ? Payment from business transfer Bonuses Tax Wages 29 / 50 Category: Economics 29 When the government fix the price of essential commodities, this is referred to as: Price equilibrium Price control Demanded price Asking price 30 / 50 Category: Economics 30 One of the functions of the price system is that it encourages high volume of production dictates what the citizens will consume discourages the consumption of harmful goods regulates production and consumption 31 / 50 Category: Economics 31 Which of the following is NOT illustrated by the production possibility curve Risk Scarcity Opportunity cost Allocative efficiency 32 / 50 Category: Economics 32 Which of the following statement is TRUE about ECOWAS? The aim of ECOWAS is to ensure economic stability Bigger state in the community dominate the small state Members of the ECOWAS community can form cartel and create monopolies English is the only official language of ECOWAS 33 / 50 Category: Economics 33 The equilibrium price clears the market; it is the price at which___________ Everything is sold Buyers spend all their money Excess demand is zero None of the above 34 / 50 Category: Economics 34. The graph above shows; a decrease in quantity supplied an increase in supply a decrease in supply an increase in quantity 35 / 50 Category: Economics 35 Goods sold in perfectly competitive markets are generally homogenous intermediate and final durable and non-durable heterogeneous 36 / 50 Category: Economics 36 Cost – push inflation occurs when_______ production cost is high government embarks on deficits financing factors decrease there is too much in circulation 37 / 50 Category: Economics 37 The basic principle of cooperative societies is to maintain the integrity of their members protect the interest and pursue the welfare of members ensure better working conditions for members provide voluntary services to the members 38 / 50 Category: Economics 38. From the table above, the average product of the 3rd unit of labour is 50 70 350 150 39 / 50 Category: Economics 39 Which of the following institutions does not operate in the money market? central bank mortgage banks money deposit banks insurance companies 40 / 50 Category: Economics 40 Other products gotten from Petroleum include the following EXCEPT: Rubber fuel paints insecticides 41 / 50 Category: Economics 41. This formula is used to calculate__________ variance the quartile standard deviation mean deviation 42 / 50 Category: Economics 42 Completely competitive market exist when each member is a______ price maker price taker price seeker a and b 43 / 50 Category: Economics 43 Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20 36.60 22.00 30.60 26.00 44 / 50 Category: Economics 44 A partnership sourcing for funds to expand its business would approach _______ a central bank a money market an insurance a stock exchange 45 / 50 Category: Economics 45 Opportunity cost helps the government to: Distribute money to citizens support better production remove competition prepare budget 46 / 50 Category: Economics 46 Which of the following is NOT a source of government revenue? Grants, aids and borrowing Taxes, fees, licenses and fines Interest, dividends, profits and earnings personal income, disposable income and transfer earnings 47 / 50 Category: Economics 47 Which of these is a type of partnership in business? Limited partnership limited liability company private partnership joint stock partnership 48 / 50 Category: Economics 48 Which of the following is an indirect tax? Poll tax personal income tax Company tax excise duties 49 / 50 Category: Economics 49 Localization of industry is encouraged because of ________ low interest charges on loans improvements in infrastructure low foreign exchange rate high standard of living 50 / 50 Category: Economics 50 Which of the following is correct? Traditional budgeting focuses on goals and objectives Zero based budgeting produces a single level of appropriation for an activity Traditional budgeting starts with last year’s funding appropriation Zero based budgeting does not systematically consider alternatives to current operations Your score isThe average score is 30% LinkedIn Facebook VKontakte 0% Restart quiz No related posts. Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail
