Home/Jamb/Economics JAMB TEST Jamb Economics JAMB TEST Ace/Undergragra Follow on Twitter Send an email April 17, 20240 73 Less than a minute To Join Our Whatsapp Tv Now Click Here Join Our Telegram Channel For Latest Updates click here Follow us on our Facebook Page For Latest Updates Click here Economics JAMB/UTME MOCK 1 / 40 1. Related Articles Economics JAMB TEST April 17, 2024 Government JAMB/UTME TEST April 17, 2024 If the price of a commodity with elastic demand increases, the revenue accruing to the producer will A. be constant B. increase C. double D. decrease 2 / 40 2. The downturn in the prices of shares on stock markets is a highlight of A. efficient allocation of resources B. consumer rationality C. the regulatory nature of the market D. the invisible hand 3 / 40 3. The Nigerian bank for commerce and industry is? A. A development bank B. A commercial bank C. A merchant bank D. A industrial bank 4 / 40 4. The standard deviation of a set of data is A. a measure of dispersion B. always measured from the mode C. the most representative of averages D. always measured from the median 5 / 40 5. Government uses all of the following ways to redistribute income, except A. Taxation B. Market intervention C. Transfer earnings D. Limited liability 6 / 40 6. The privatization of public enterprises will lead to efficient management of resources in the economy.This statement can best be described as A. deductive reasoning B. inductive reasoning C. normative reasoning D. positive reasoning 7 / 40 7. In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demands are___ A. Unitary Elastic B. Perfectly Elastic C. Elastic D. Inelastic 8 / 40 8. If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn A. A normal profit of N750,000 B. An economic profit of N250,000 C. An economic profit of N750,000 D. A normal profit o N1,750,000 9 / 40 9. The law of diminishing marginal utility explains why A. the slope of a normal demand curve is positive B. the slope of a normal demand curve is negative C. the consumption of inferior goods increases with income D. an abnormal demand curve slopes upwards 10 / 40 10. The cost elasticity of supply is a useful instrument for measuring A. productivity B. national income C. price index D. profit 11 / 40 11. To control inflation, the monetary authorities of a country can A. advise the government to increase its expenditure B. engage in expansive monetary policies C. engage in restrictive monetary policies D. Reduce taxes 12 / 40 12. Which of the following is an example of an invisible item on the balance of payments account A. Bullion B. Skipping and aviation C. exports and imports D. merchandise 13 / 40 13. An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________ A. Increase; decrease B. Decrease; decrease C. Decrease; increase D. Increase; increase 14 / 40 14. Economics is the study of human behaviour as it relates to the A. efficient allocation of resources B. generation of income C. operation of companies D. production of goods 15 / 40 15. Economics is often described as a social science because? A. It uses scientific methods to explain an observed phenomenon and predict future events B. It makes use of controlled experiments C. It makes use of fieldwork D. laboratory experiments are performed 16 / 40 16. The mean is the best measure of central tendency because it A. can be calculated from incomplete data B. is not affected by extreme values in a data C. is a balancing point in an observation D. is a midpoint value in an array of data 17 / 40 17. ___ is presently used in Nigeria to measure inflation A. GNP implicit price deflator B. Consumer price index C. Real Gross Domestic Product D. Wholesale price index 18 / 40 18. An important function of the price system is to A. allocate resources to most productive uses B. protect the economic interests of government C. ensure that producers' profits remain high D. guarantee full employment of resources 19 / 40 19. 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 A. inelastic B. perfectly inelastic C. perfectly elastic D. elastic 20 / 40 20. Scarcity in economics means? A. resources are limited in relation to wants B. the economy has very few resources C. the economy can scarcely produce anything D. human wants are limitless 21 / 40 21. Institutions serving as links between surplus and deficit units can be identified as A. tax officers B. acceptance houses C. financial intermediates D. pension offices 22 / 40 22. The theory of ............... was propounded by .................. A. Absolute advantage; David Ricardo B. Comparative advantage; Adam Smith C. Absolute advantage; Adam Smith D. Comparative advantage; Mercantilists 23 / 40 23. The invisible hand promotes the interests of A. consumers B. government C. society D. producers 24 / 40 24. A major factor affecting the value of money is the? A. Divisible nature of money B. Transaction motive C. Banking habits D. Price level 25 / 40 25. The sign of the slope of a graph in economic analysis is important because it A. shows whether a good is normal or inferior B. reveals the magnitude of the change between variables C. helps to determine the unit of measurement of variables D. shows the relationship between variables 26 / 40 26. Which of the following is used by the central bank to control the rate of interest A. Banker's order B. Open market operation C. Fixed deposit account D. Bill of exchange 27 / 40 27. The decision to consume more of one product under normal circumstances will apply A. no other products will be consumed B. less of the product will be consumed C. less of another product will be consumed D. more of another product will be consumed 28 / 40 28. The part of income after tax that is not consumed is defined as A. Nondurable goods expenditure B. Wages and Salaries C. Saving D. Capital Investment 29 / 40 29. If the demand for a good is more elastic than its supply, the tax burden is borne A. more by consumers B. more by producers C. equally by consumers and producers D. more by retailers and producers 30 / 40 30. One of the assumptions of ordinal utility theory is that A. satisfaction is measurable B. utility can be ranked C. total utility is a function of price D. choice is not consistent 31 / 40 31. Consumer surplus tends to be higher when demand is A. perfectly elastic B. unitarily elastic C. inelastic D. elastic 32 / 40 32. The rate of output per group of workers, per unit time is called A. individual output B. workdone C. labour productivity D. total output 33 / 40 33. What form of market is found in an imperfect competition where there are few buyers and many sellers A. Oligopoly B. Oligospony C. Duopoly D. Monopoly 34 / 40 34. A budget with a projected revenue in excess of its expenditure is said to be? A. Inflationary B. Balanced C. Surplus D. Deficit 35 / 40 35. 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 A. consumers' tastes B. demand C. consumers' income D. quantity demanded 36 / 40 36. Economists refer to private goods as A. rivalrous and non-excludable B. non rival and excludable C. rivalrous and excludable D. non rival and non- excludable 37 / 40 37. Fixing price above equilibrium will cause A. an increase in quantity supplied B. demand and supply to remain constant C. a decrease in quantity supplied D. an increase in supply 38 / 40 38. The most popular sizes of dresses and shoes are determined by the A. median B. mean C. mode D. range 39 / 40 39. A rise in income will, ceteris paribus, bring about A. a movement along the demand curve B. a leftward shift of the demand curve C. no effect on the demand curve D. a rightward shift of the demand curve 40 / 40 40. A major disadvantage of a socialist economy is that A. there is high level of unemployment B. consumer's sovereignty is lost C. income inequality is entrenched D. corruption is rampant Your score isThe average score is 18% 0% Restart quiz Please do well to drop a comment if this has really helped you. 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