Q5610.From the table above, find the range of the distribution
A50
B11
C70
D59
Correct Answer: A
The range is the difference between the highest and lowest values. From the table, the highest class is 61-70 and the lowest is 10-20. Range = 70 - 20 = 50.
JAMB (UTME)
Economics
2015
Q5611.The failure of the Nigeria industrial sector is mainly associated with
Alack of raw materials
Binadequate market for industrial goods
Cunderdeveloped infrastructural facilities
Dinadequate capital
Correct Answer: C
Underdeveloped infrastructural facilities (power, roads, water) is a major cause of industrial failure in Nigeria.
JAMB (UTME)
Economics
2015
Q5612.If Qd = 40 - 4P and P = N4, what is the quantity demanded?
A30
B32
C24
D26
Correct Answer: C
Qd = 40 - 4(4) = 40 - 16 = 24.
JAMB (UTME)
Economics
2015
Q5613.The long-run total cost curve shows the cost of
Aall fixed factors of production
Bthe average fixed cost
Call factor inputs that are employed
Dvariable factors of production
Correct Answer: C
The long-run total cost curve shows the cost of all factor inputs (all factors are variable in the long run).
JAMB (UTME)
Economics
2015
Q5614.The supply of farm produce is mainly determined by
Aconsumers' income
Bweather condition
Cpopulation
Dconsumers' taste
Correct Answer: B
The supply of farm produce is mainly determined by weather conditions.
Instruction
JAMB Economics 2016
JAMB (UTME)
Economics
2016
Q5615.A country embarks on deficit financing in order to
Areduce aggregate demand
Bincrease revenue
Cstimulate investment
Dcurb inflation
Correct Answer: C
Deficit financing (government spending exceeding revenue) is used to stimulate investment and economic activity by injecting money into the economy.
JAMB (UTME)
Economics
2016
Q5616.The money market provides business firms with the avenue to
Apurchase goods and services
Bpurchase capital equipment's
Cobtain short-term funds
Dobtain long-term funds
Correct Answer: C
The money market deals in short-term financial instruments, providing firms with short-term funds for working capital needs.
JAMB (UTME)
Economics
2016
Q5617.The optimum level of output for pure monopolist occurs where
AP is highest
BP = AC
CP = MC
DMR = MC
Correct Answer: D
A monopolist maximizes profit where Marginal Revenue (MR) equals Marginal Cost (MC).
JAMB (UTME)
Economics
2016
Q5618.According to the demographic transition theory, Africa can be said to be at stage
A2 and 3
B3 only
C2 only
D1 and 3
Correct Answer: D
Africa is generally at stage 1 (high birth and death rates) and beginning stage 2 (falling death rates) of the demographic transition.
JAMB (UTME)
Economics
2016
Q5619.The Economic Community of West African States (ECOWAS) is an example of
Aglobalization
Bregional marketing board
Ceconomic integration
Deconomic union
Correct Answer: C
ECOWAS is an example of economic integration, where countries in a region come together to promote trade and cooperation.
JAMB (UTME)
Economics
2016
Q5620.Given: 32, 18, 24, 17, 16, 32, 28, 68, 71 and 15, the mode of the distribution is
A71
B56
C32
D15
Correct Answer: C
The mode is the value that appears most frequently. 32 appears twice, while all others appear once.
JAMB (UTME)
Economics
2016
Q5621.The major determinant of income elasticity of demand is
Agovernment policy
Bthe availability of substitutes
Cthe price of the good
Dthe level of consumer's income
Correct Answer: D
Income elasticity of demand measures how demand changes with changes in consumer income.
JAMB (UTME)
Economics
2016
Q5622.Given: 2, 4, 6, 8, 4 and 6, the absolute mean deviation is
A6.00
B1.67
C30.00
D0.60
Correct Answer: B
Mean = 5. Deviations: 3, 1, 1, 3, 1, 1. Sum = 10. Mean deviation = 10/6 = 1.67.
JAMB (UTME)
Economics
2016
Q5623.The precautionary demand for money is determined by
Athe level of savings
Bthe rate of interest
Cgeneral price level
Dthe level of income
Correct Answer: D
The precautionary demand for money (for emergencies) is determined by the level of income.
JAMB (UTME)
Economics
2016
Q5624.If the output of a firm experiencing economies of scale increases, the average cost would
Abe at minimum
Brise
Cbe at maximum
Dfall
Correct Answer: D
Economies of scale means average cost falls as output increases.
JAMB (UTME)
Economics
2016
Q5625.The demand curve for a normal good is negatively sloped because
Aprice is an incentive to producers
Bprice is an incentive to consumers
Cdemand always exceeds supply
Dprice and quantity move in the same direction
Correct Answer: B
The demand curve slopes negatively because as price falls, quantity demanded increases (price is an incentive to consumers).
JAMB (UTME)
Economics
2016
Q5626.The average total cost when 20 units are produced is
A45.30kg
B50.00kg
C47.50kg
D5.00kg
Correct Answer: B
From the diagram, at 20 units, ATC = N15.00. (The provided options have errors).
JAMB (UTME)
Economics
2016
Q5627.The major role of multinational companies in the Nigerian petroleum industry is
Aoversee the development of the oil sector
Bdevelopment of the oil producing area
Cfixing of the prices of petroleum products
Densuring regular supply of products
Correct Answer: A
Multinational companies play a major role in overseeing the development of the oil sector in Nigeria.
JAMB (UTME)
Economics
2016
Q5628.Life insurance companies contribute to economic development by holding a part of their assets in
Along-term financial instruments
Bequipment
Ccash and near money
Dmoney-market instruments
Correct Answer: A
Life insurance companies invest in long-term financial instruments like bonds and mortgages.
JAMB (UTME)
Economics
2016
Q5629.The wage rate is mostly related to
Amarginal productivity of labour
Baverage productivity of labour
Cmarginal efficiency of investment
Dtotal productivity of Labour
Correct Answer: A
The wage rate is determined by the marginal productivity of labour.
JAMB (UTME)
Economics
2016
Q5630.The choice of how to produce in a command economy is determined by
Aconsumers
Bgovernment
Cindustries
Dlabour unions
Correct Answer: B
In a command economy, the government decides how to produce.
JAMB (UTME)
Economics
2016
Q5631.The co-efficient of price elasticity of supply is
A% change in supply
B% change in quantity supplied
C% change in price
D% change in quantity demanded
Correct Answer: B
PES = % change in quantity supplied ÷ % change in price.
JAMB (UTME)
Economics
2016
Q5632.A change in supply of a commodity is due to a change in the
Aprice of the commodity
Bcost of production
Cprice of substitute
Dpopulation growth rate
Correct Answer: B
A change in supply is caused by factors other than price, such as a change in the cost of production.
JAMB (UTME)
Economics
2016
Q5633.In a limited liability company, the greatest risk is borne by the
Apreference shareholders
Bdebentures shareholders
Cordinary shareholders
Dboard of directors
Correct Answer: C
Ordinary shareholders bear the greatest risk because they are paid last and their dividends fluctuate with profits.
JAMB (UTME)
Economics
2016
Q5634.A market characterized by absence of close substitutes of goods and services is an example of
Aa monopoly
Ban oligopoly
Ca perfect competition
Da monopolistic competition
Correct Answer: A
A monopoly is characterized by the absence of close substitutes for its product.
JAMB (UTME)
Economics
2016
Q5635.An inflation that co-exists with high rate of unemployment is
Ahyperinflation
Bcost-push inflation
Cstagflation
Ddemand-pull inflation
Correct Answer: C
Stagflation is the coexistence of inflation and high unemployment.
JAMB (UTME)
Economics
2016
Q5636.The growth and development of small and medium scale enterprises in Nigeria is hampered by
Apoor regulatory framework
Bpoor access to credit facilities
Cpoor management
Dthe small size of the market
Correct Answer: B
Poor access to credit facilities is a major challenge for SMEs in Nigeria.
JAMB (UTME)
Economics
2016
Q5637.A major determinant of demand is
Aincentives to workers
Blevel of technology
Cpopulation
Dcost of production
Correct Answer: C
Population size is a major determinant of demand for goods and services.
JAMB (UTME)
Economics
2016
Q5638.Which of the following can be used to measure the Gross National Product
AC + I + G - (X + M)
BC + I + G + (X - M)
CC + I + G + X
DC + I + G
Correct Answer: B
GNP = C + I + G + (X - M) in an open economy.
JAMB (UTME)
Economics
2016
Q5639.Find the median of the following set of data 35, 10, 14, 38, 15, 18, 22, 30 and 28.
A10
B22
C38
D35
Correct Answer: B
Sorted: 10, 14, 15, 18, 22, 28, 30, 35, 38. The median is the middle value = 22.
JAMB (UTME)
Economics
2016
Q5640.From the table above, determine the average product of the 5th unit of capital
A310.5
B176.5
C70.6
D62.0
Correct Answer: C
From the table, at 5 units of capital, total output = 353. AP = 353/5 = 70.6.
JAMB (UTME)
Economics
2016
Q5641.The problem of what to produce is determined by
Aconsumption pattern
Bthe distribution pattern
Cthe state of technology
Dthe volume of production
Correct Answer: A
What to produce is determined by the consumption pattern of consumers.
JAMB (UTME)
Economics
2016
Q5642.The main function NNPC is to
Adevelop the oil producing areas
Boversee the development of the oil sector
Censure regular supply of products
Dfix the prices of petroleum products
Correct Answer: B
The NNPC oversees the development of the oil sector in Nigeria.
JAMB (UTME)
Economics
2016
Q5643.A major feature of an underdeveloped economy is
Alow rate of population growth
Bexcess capacity utilization
Clow level of unemployment
Dlow level of standard living
Correct Answer: D
A low level of standard of living is a major feature of an underdeveloped economy.
JAMB (UTME)
Economics
2016
Q5644.A tax on land will ultimately fall
Apartly on agents and users
Bpartly on users and owners
Centirely on owners
Dentirely on users
Correct Answer: C
A tax on land falls entirely on the owner because the supply of land is perfectly inelastic.
JAMB (UTME)
Economics
2016
Q5645.The deregulation on the petroleum sector in Nigeria will bring about
Aefficiency in pricing and distribution of the products
Ban end to the importation of fuel
Can end to foreign firms' dominance
Dfixing appropriate production quotas
Correct Answer: A
Deregulation allows market forces to determine prices, leading to efficiency in pricing and distribution.
JAMB (UTME)
Economics
2016
Q5646.One of the ways of correcting a deficit balance of payments is to
Adevalue a country's currency
Bpredenominate a country's currency
Creduce imports
Dreduce exports
Correct Answer: A
Devaluation of a country's currency makes exports cheaper and imports more expensive, helping to correct a deficit balance of payments.
JAMB (UTME)
Economics
2016
Q5647.A nation's net export is negative when her
Aexport is adjusted upwards
Bexternal reserves deplete
Cdepreciation exceeds investments
Dimports exceeds exports
Correct Answer: D
Net exports = Exports - Imports. It is negative when imports exceed exports.
JAMB (UTME)
Economics
2016
Q5648.Given: Qd = 30 - 3P and Qs = 9P - 15, determine the equilibrium price
A12.00
B3.75
C2.80
D3.00
Correct Answer: B
At equilibrium, Qd = Qs. $30 - 3P = 9P - 15 \Rightarrow 45 = 12P \Rightarrow P = 3.75$.
JAMB (UTME)
Economics
2016
Q5649.The problem of economic development in Nigeria is that of
Apoor weather conditions
Boverpopulation
Csurplus skilled manpower
Dinadequate infrastructure
Correct Answer: D
Inadequate infrastructure is a major problem of economic development in Nigeria.
JAMB (UTME)
Economics
2016
Q5650.The combination of two commodities that yield the same level of satisfaction is illustrated by
Aa budget line
Ban isocost curve
Ca production possibility curve
Dan indifference curve
Correct Answer: D
An indifference curve shows combinations of two goods that yield the same level of satisfaction.