CBT JAMB Economics 2017 by Abbey /50 81 Created on February 22, 2020 By bolaUncategorizedCBT JAMB Economics 2017 1 / 50 Category: Economics1 A firm owned and managed by a family is anexample of ______? joint stock exchange cooperative society sole proprietorship partnership 2 / 50 Category: Economics2 Which modal of the factor is inelastic? Wages capital labour land 3 / 50 Category: Economics3 Which of the following budgets will increasegovernment expenditure? zero base budget surplus budget deficit budget balanced policy 4 / 50 Category: Economics4 The economic questions about what and how toproduce in an economy is solely answered by the_______? government labour union private and public enterpriser system of economy practised 5 / 50 Category: Economics5 The following are Methods of measuring NationalIncome of a country EXCEPT? Expenditure method Consumption method Input Method Output method 6 / 50 Category: Uncategorized6 Petro-chemical industries are located in the RiversState of Nigeria because of ________? favourable soil coal deposit crude oil deposit favourable climate 7 / 50 Category: Economics7 The bowed shape of the Production possibilitiescurve illustrates _________ that production is inefficient that demand is relatively inelastic that production is unattainable the law of increasing marginal cost 8 / 50 Category: Economics8 Which of the following is an indicator ofeconomic growth? High tax rate Technology development High gross domestic product High interest rate 9 / 50 Category: Economics9. 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: Economics10 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: Economics11 Which of the following is not a function of themoney market? Provision of finance enhance loan savings creation of long term Provision of finance 12 / 50 Category: Economics12 The population theory that is concerned with thecases of over population and shortage of foodproduction is ______ population density Malthusian population theory national population theory demographical transition theory 13 / 50 Category: Economics13 The basic aim of Economic Community of WestAfrican 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: Economics14 The production within domestic territory of acountry is called the _____ net national product gross domestic product net income disposable income 15 / 50 Category: Economics15 Excess supply over demand will place a priceadvantage on _____ government foreign investors suppliers consumers 16 / 50 Category: Economics16 Given that ∑fx = 340 and N = 20, find thearithmetic mean. 20 17 32 9 17 / 50 Category: Economics17 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: Economics18 Given that the total production of Bandakofarmers with one worker is 10kg. When the workersincreased to 2, 3, and 4, the total production increasesto 20, 36 and 60kg respectively.Calculate the average product (AP) of the 4th unit oflabour. 20 13 15 10 19 / 50 Category: Economics19 Which of the following is NOT an instrument inthe money market? Treasury bill Bill of exchange Stocks and shares Call money fund 20 / 50 Category: Economics20 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: Economics21 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: Economics22 Changing the structure of a commodity in order toincrease its utility is called? Time utility form utility marginal utility place utility 23 / 50 Category: Economics23 Which of the following is not an indicator ofeconomic growth? CPI PPI GDP High Level of Unemployment 24 / 50 Category: Economics24 One of the unique features that distinguishes theperfect 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: Economics25 In economics, the “how” or input question refersto: 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: Economics26 The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is 6 3 4 5 27 / 50 Category: Economics27 One of the major causes of farmers’ unstableincome in Nigeria is _________ the effect of diseases and pests industrial pollution mining and extraction activities population growth 28 / 50 Category: Economics28 Which of the following source of income isspectacular only to Government ? Payment from business transfer Bonuses Tax Wages 29 / 50 Category: Economics29 When the government fix the price of essentialcommodities, 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: Economics31 Which of the following is NOT illustrated by theproduction possibility curve Risk Scarcity Opportunity cost Allocative efficiency 32 / 50 Category: Economics32 Which of the following statement is TRUE aboutECOWAS? 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: Economics33 The equilibrium price clears the market; it is theprice at which___________ Everything is sold Buyers spend all their money Excess demand is zero None of the above 34 / 50 Category: Economics34. The graph above shows; a decrease in quantity supplied an increase in supply a decrease in supply an increase in quantity 35 / 50 Category: Economics35 Goods sold in perfectly competitive markets aregenerally homogenous intermediate and final durable and non-durable heterogeneous 36 / 50 Category: Economics36 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: Economics37 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: Economics38. From the table above, the average product of the 3rdunit of labour is 50 70 350 150 39 / 50 Category: Economics39 Which of the following institutions does notoperate in the money market? central bank mortgage banks money deposit banks insurance companies 40 / 50 Category: Economics40 Other products gotten from Petroleum include thefollowing EXCEPT: Rubber fuel paints insecticides 41 / 50 Category: Economics41. This formula is used to calculate__________ variance the quartile standard deviation mean deviation 42 / 50 Category: Economics42 Completely competitive market exist when eachmember is a______ price maker price taker price seeker a and b 43 / 50 Category: Economics43 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: Economics44 A partnership sourcing for funds to expand itsbusiness would approach _______ a central bank a money market an insurance a stock exchange 45 / 50 Category: Economics45 Opportunity cost helps the government to: Distribute money to citizens support better production remove competition prepare budget 46 / 50 Category: Economics46 Which of the following is NOT a source ofgovernment 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: Economics47 Which of these is a type of partnership inbusiness? Limited partnership limited liability company private partnership joint stock partnership 48 / 50 Category: Economics48 Which of the following is an indirect tax? Poll tax personal income tax Company tax excise duties 49 / 50 Category: Economics49 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: Economics50 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 Twitter VKontakte 0% Restart quiz No related posts. Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail
