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Showing 5401–5450 of 10710 questions
Instruction
JAMB Economics 2011
JAMB (UTME)
Economics
2011
Q5401.Upstream oil activities involve the
Amanagement of pollution
Bmarketing of refined products
Cexploration of crude oil
Drefining of crude oil
Correct Answer: C
Upstream activities involve exploration and production of crude oil.
JAMB (UTME)
Economics
2011
Q5402.Agricultural production in Nigeria is constrained by
Aineffective use of stabilization measures
Binadequate demand
Cpoor implementation of policies
Dbalance of payments deficits
Correct Answer: C
Poor implementation of agricultural policies is a major constraint.
JAMB (UTME)
Economics
2011
Q5403.The main function of NNPC is to
Aoversee the development of the oil sector
Bdevelop the oil producing area
Cfix the price of products
Densure regular supply of products
Correct Answer: A
The Nigerian National Petroleum Corporation (NNPC) oversees the development of the oil sector.
JAMB (UTME)
Economics
2011
Q5404.Investing heavily in the agricultural sector will lead to
Asufficient food production
Ba vibrant commodity market
Ccapital inflow
Dstable export prices
Correct Answer: A
Heavy investment in agriculture leads to sufficient food production.
JAMB (UTME)
Economics
2011
Q5405.Industrial development in Nigeria can be encouraged through
Asigning WTO treaty
Bgranting subsidies
Cthe provision of efficient infrastructure
Ddirect government participation
Correct Answer: B
Granting subsidies to industries reduces production costs and encourages development.
JAMB (UTME)
Economics
2011
Q5406.The record of a country's transactions in international trade is her
Acapital account
Bbalance of payments
Ccurrent account
Dbalance of trade
Correct Answer: B
The balance of payments records all international transactions of a country.
JAMB (UTME)
Economics
2011
Q5407.The transfer to public shareholding corporations to private enterprises is
Aconcession
Bincorporation
Ccommercialization
Dprivatization
Correct Answer: D
Privatization is the transfer of public enterprises to private ownership.
JAMB (UTME)
Economics
2011
Q5408.A condition in which official and autonomous exchange rate coexist is
Adual exchange rate system
Bmanaged floating rate system
Cmarket determined exchange rate system
Dmultiple exchange rate system
Correct Answer: D
A multiple exchange rate system allows different exchange rates for different transactions.
JAMB (UTME)
Economics
2011
Q5409.In modern economies, the Malthusian theory of population is ineffective because of
Abirth control measures
Btechnical progress
Cgovernment policies
Dnatural disasters
Correct Answer: B
Technological progress has increased food production beyond Malthus's predictions.
JAMB (UTME)
Economics
2011
Q5410.Optimum population enables an economy to attain the highest level of
AIndustrial development
BIncome per head
CRevenue generation
DEconomic development
Correct Answer: B
Optimum population maximizes income per head (per capita income).
JAMB (UTME)
Economics
2011
Q5411.A change from one industry to another by a worker is an example of
Ageographical mobility
Bhorizontal mobility
Cprofessional advancement
Dvertical mobility
Correct Answer: D
Vertical mobility involves a change in occupational status or industry.
JAMB (UTME)
Economics
2011
Q5412.The money paid per hour for work done is
Asalary
Bwage rate
Ccost
Dbonus
Correct Answer: B
Wage rate is the amount paid per hour or unit of time worked.
JAMB (UTME)
Economics
2011
Q5413.Trade takes place because of
Amarginal utility
Binefficiency in production
Copportunity cost
Dcomparative advantage
Correct Answer: D
Trade occurs because of comparative advantage — countries specialize in what they produce most efficiently.
JAMB (UTME)
Economics
2011
Q5414.The World Trade Organization is responsible for
Astabilizing and harmonization oil prices
Bensuring equal participation of countries in trade
Cmodernising world economies
Dminimizing obstacles to international trade and investment
Correct Answer: D
The WTO works to reduce trade barriers and minimize obstacles to international trade.
Instruction
JAMB Economics 2012
JAMB (UTME)
Economics
2012
Q5415.Which question paper type of Economics as indicated above is given to you?
AType Green
BType Purple
CType Red
DType Yellow
Correct Answer: A
The question paper type is indicated on the top of your question paper.
JAMB (UTME)
Economics
2012
Q5416.A major disadvantage of a socialist economy is that
Acorruption is rampant
Bconsumer's sovereignty is lost
Cincome inequality is entrenched
Dthere is high level of unemployment
Correct Answer: B
In a socialist economy, the government decides what to produce, so consumer sovereignty (the power of consumers to determine what is produced) is lost.
JAMB (UTME)
Economics
2012
Q5417.The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as
Anormative reasoning
Binductive reasoning
Cdeductive reasoning
Dpositive reasoning
Correct Answer: A
Normative statements express value judgments about what ought to be. "Will lead to efficient management" is a value judgment.
JAMB (UTME)
Economics
2012
Q5418.The sign of the slope of a graph in economic analysis is important because it
Ashows whether a good is normal or inferior
Bshows the relationship between variables
Creveals the magnitude of the change between variables
Dhelps to determine the unit of measurement of variables
Correct Answer: B
The sign of the slope (positive or negative) shows the direction of the relationship between variables.
JAMB (UTME)
Economics
2012
Q5419.The percentage contribution of manufacturing sector is
A40%
B30%
C20%
D10%
Correct Answer: B
Angle for manufacturing = $360 - 160 - 90 - 30 - 60 = 20^{\circ}$. Percentage = $\frac{20}{360} \times 100 = 5.6\%$. (The provided answer B is a typo).
JAMB (UTME)
Economics
2012
Q5420.If the GDP is N60 billion, what is the difference between the contributions of oil and manufacturing sectors?
AN11.7 billion
BN13.3 billion
CN21.7 billion
DN26.6 billion
Correct Answer: B
Oil sector angle = $160^{\circ}$, contribution = $\frac{160}{360} \times 60 = 26.67$ billion. Manufacturing angle = $30^{\circ}$, contribution = $\frac{30}{360} \times 60 = 5$ billion. Difference = $26.67 - 5 = 21.67$ billion. (The provided answer B is a typo).
JAMB (UTME)
Economics
2012
Q5421.If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
Aconsumers' income
Bdemand
Cconsumers' tastes
Dquantity demanded
Correct Answer: D
A change in quantity demanded is caused by a change in the price of the commodity itself, not a shift in demand.
JAMB (UTME)
Economics
2012
Q5422.A rise in income will, ceteris paribus, bring about
Aa movement along the demand curve
Ba leftward shift of the demand curve
Ca rightward shift of the demand curve
Dno effect on the demand curve
Correct Answer: C
For normal goods, an increase in income causes the demand curve to shift to the right.
JAMB (UTME)
Economics
2012
Q5423.From the above, calculate the price elasticity of demand
A5.0
B2.0
C1.0
D0.5
Correct Answer: D
PED = $\frac{\% \Delta Q}{\% \Delta P} = \frac{(400-500)/500}{(70-50)/50} = \frac{-0.2}{0.4} = -0.5$. The absolute value is 0.5.
JAMB (UTME)
Economics
2012
Q5424.If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be
Aperfectly elastic
Binelastic
Celastic
Dunitary elastic
Correct Answer: B
% change in quantity = $\frac{1492 - 1500}{1500} \times 100 = -0.53\%$. PED = $\frac{0.53}{8} = 0.066$. Since PED < 1, demand is inelastic.
JAMB (UTME)
Economics
2012
Q5425.Comparison of interpersonal utility is impossible because
Autility is measured in utility
Bmarginal utility is not observable
Cutility is subjectively determined
Dindividual income differ
Correct Answer: C
Utility is subjective — it varies from person to person based on individual preferences and cannot be directly compared between individuals.
JAMB (UTME)
Economics
2012
Q5426.When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he
Astops consuming more of the commodity
Breduces the quantity consumed
Cincreases the quantity consumed
Dconsumes more of another commodity
Correct Answer: B
Marginal utility is the slope of the total utility curve. If the slope is declining (diminishing MU), reducing consumption would increase marginal utility.
JAMB (UTME)
Economics
2012
Q5427.The consumer is at equilibrium at point
AN
BP
CM
DK
Correct Answer: D
Consumer equilibrium occurs where the indifference curve is tangent to the budget line (point K).
JAMB (UTME)
Economics
2012
Q5428.To move from point M to K, the consumer has to increase the
Aconsumption of X and reduce the consumption of Y
Bexpenditure on Y
Cexpenditure on X
Dconsumption of Y and reduce the consumption of X
Correct Answer: A
Moving from M to K involves increasing consumption of X and reducing consumption of Y along the budget line.
JAMB (UTME)
Economics
2012
Q5429.The supply of cocoa is influenced by
Aseasonal conditions
Bthe efficacy of fertilizer used
Cthe demand for beverages
Dthe availability of close substitutes
Correct Answer: A
Cocoa is an agricultural product, so its supply is heavily influenced by weather and seasonal conditions.
JAMB (UTME)
Economics
2012
Q5430.If quantity supplied is constant irrespective of price changes, the supply elasticity is
Aunitary
Binfinity
Cfairly elastic
Dperfectly inelastic
Correct Answer: D
Perfectly inelastic supply means quantity supplied does not change regardless of price changes.
JAMB (UTME)
Economics
2012
Q5431.The cost elasticity of supply is a useful instrument for measuring
Aprofit
Bproductivity
Cnational income
Dprice index
Correct Answer: B
Cost elasticity of supply measures the responsiveness of supply to changes in production costs, which is related to productivity.
JAMB (UTME)
Economics
2012
Q5432.The invisible hand promotes the interests of
Aconsumers
Bsociety
Cgovernment
Dproducers
Correct Answer: B
Adam Smith's "invisible hand" suggests that individual self-interest inadvertently promotes the good of society as a whole.
JAMB (UTME)
Economics
2012
Q5433.Fixing price above equilibrium will cause
Ademand and supply to remain constant
Ban increase in quantity supplied
Can increase in supply
Da decrease in quantity supplied
Correct Answer: A
The question is garbled.
JAMB (UTME)
Economics
2012
Q5434.An important function of the price system is to
Aensure that producers' profits remain high
Bguarantee full employment of resources
Callocate resources to most productive uses
Dprotect the economic interests of government
Correct Answer: C
The price system allocates scarce resources to their most productive uses through the forces of demand and supply.
JAMB (UTME)
Economics
2012
Q5435.If all factors are variable in the long run, firms will experience
Adecreasing returns to scale
Bincreasing returns to scale
Cdiminishing returns
Deconomies of scale
Correct Answer: D
In the long run, all factors are variable, and firms can experience economies of scale as they expand.
JAMB (UTME)
Economics
2012
Q5436.The equilibrium point of a firm is attained at the point where the isoquant is
Agreater than the isocost
Bless than the isocost
Ctangent to the isocost
Dgreater than the output
Correct Answer: C
Producer equilibrium occurs where the isoquant is tangent to the isocost line.
JAMB (UTME)
Economics
2012
Q5437.The long-run average cost curve touches to the short-run average cost curves at the
Aminimum points of all short run average cost curves
Bdeclining points of all short-run average cost curves
Cminimum point of only one of the short-run cost curves
Drising points of all short-run average cost curves
Correct Answer: A
The LRAC is the envelope of the short-run average cost curves, touching each at its minimum point.
JAMB (UTME)
Economics
2012
Q5438.If a firm doubles all inputs in the long run and the total output is less than doubled, this results in
Adiminishing returns
Bconstant returns to scale
Cincreasing returns to scale
Ddecreasing returns to scale
Correct Answer: D
When output less than doubles when all inputs are doubled, the firm experiences decreasing returns to scale.
JAMB (UTME)
Economics
2012
Q5439.Patents and copyrights enable monopolists to
Adetermine the quality of their products
Bdetermine the scale of their products
Crestrict information flow to new firms
Drestrict entry of new firms
Correct Answer: D
Patents and copyrights give exclusive rights, restricting the entry of new firms into the market.
JAMB (UTME)
Economics
2012
Q5440.A discriminatory monopoly is characterized by
Aa common elasticity in different markets
Bdifferent elasticities in different markets
Ca finite elasticity in all markets
Dzero elasticity in all markets
Correct Answer: B
A discriminatory monopoly charges different prices in different markets based on different elasticities of demand.
JAMB (UTME)
Economics
2012
Q5441.Net National Product is derived by deducting