Economics JAMB TEST - Undergragra Nigeria

Economics JAMB/UTME MOCK

1 / 40

1.

The part of income after tax that is not consumed is defined as

A. Wages and Salaries

B. Saving

C. Nondurable goods expenditure

D. Capital Investment

2 / 40

2. A major factor affecting the value of money is the?

A. Price level

B. Banking habits

C. Transaction motive

D. Divisible nature of money

3 / 40

3.

Economics is often described as a social science because?

A. laboratory experiments are performed

B. It uses scientific methods to explain an observed phenomenon and predict future events

C. It makes use of controlled experiments

D. It makes use of fieldwork

4 / 40

4.

If the demand for a good is more elastic than its supply, the tax burden is borne

A. more by retailers and producers

B. equally by consumers and producers

C. more by producers

D. more by consumers

5 / 40

5.

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. perfectly elastic

B. elastic

C. perfectly inelastic

D. inelastic

6 / 40

6.

The rate of output per group of workers, per unit time is called

A. workdone

B. individual output

C. total output

D. labour productivity

7 / 40

7.

To control inflation, the monetary authorities of a country can

A. Reduce taxes

B. advise the government to increase its expenditure

C. engage in expansive monetary policies

D. engage in restrictive monetary policies

8 / 40

8.

Economics is the study of human behaviour as it relates to the

A. generation of income

B. operation of companies

C. efficient allocation of resources

D. production of goods

9 / 40

9.

The cost elasticity of supply is a useful instrument for measuring

A. profit

B. productivity

C. national income

D. price index

10 / 40

10.

A rise in income will, ceteris paribus, bring about

A. a movement along the demand curve

B. no effect on the demand curve

C. a leftward shift of the demand curve

D. a rightward shift of the demand curve

11 / 40

11.

The sign of the slope of a graph in economic analysis is important because it

A. reveals the magnitude of the change between variables

B. helps to determine the unit of measurement of variables

C. shows whether a good is normal or inferior

D. shows the relationship between variables

12 / 40

12. Which of the following is an example of an invisible item on the balance of payments account

A. exports and imports

B. Bullion

C. Skipping and aviation

D. merchandise

13 / 40

13.

Scarcity in economics means?

A. the economy can scarcely produce anything

B. resources are limited in relation to wants

C. the economy has very few resources

D. human wants are limitless

14 / 40

14.

The privatization of public enterprises will lead to efficient management of resources in the economy.
This statement can best be described as

A. normative reasoning

B. inductive reasoning

C. deductive reasoning

D. positive reasoning

15 / 40

15. 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. Inelastic

C. Elastic

D. Perfectly Elastic

16 / 40

16.

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. quantity demanded

B. consumers' income

C. demand

D. consumers' tastes

17 / 40

17. The Nigerian bank for commerce and industry is?

A. A industrial bank

B. A commercial bank

C. A development bank

D. A merchant bank

18 / 40

18. What form of market is found in an imperfect competition where there are few buyers and many sellers

A. Monopoly

B. Oligospony

C. Oligopoly

D. Duopoly

19 / 40

19.

Consumer surplus tends to be higher when demand is

A. perfectly elastic

B. unitarily elastic

C. elastic

D. inelastic

20 / 40

20.

The theory of ............... was propounded by ..................

A. Comparative advantage; Mercantilists

B. Comparative advantage; Adam Smith

C. Absolute advantage; David Ricardo

D. Absolute advantage; Adam Smith

21 / 40

21.

Economists refer to private goods as

A. non rival and non- excludable

B. rivalrous and non-excludable

C. rivalrous and excludable

D. non rival and excludable

22 / 40

22.

If the price of a commodity with elastic demand increases, the revenue accruing to the producer will

A. increase

B. be constant

C. double

D. decrease

23 / 40

23.

___ is presently used in Nigeria to measure inflation

A. Real Gross Domestic Product

B. GNP implicit price deflator

C. Consumer price index

D. Wholesale price index

24 / 40

24.

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

25 / 40

25. A budget with a projected revenue in excess of its expenditure is said to be?

A. Balanced

B. Surplus

C. Inflationary

D. Deficit

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 standard deviation of a set of data is

A. the most representative of averages

B. always measured from the median

C. a measure of dispersion

D. always measured from the mode

28 / 40

28.

Fixing price above equilibrium will cause

A. demand and supply to remain constant

B. an increase in quantity supplied

C. a decrease in quantity supplied

D. an increase in supply

29 / 40

29.

One of the assumptions of ordinal utility theory is that

A. total utility is a function of price

B. utility can be ranked

C. satisfaction is measurable

D. choice is not consistent

30 / 40

30.

The law of diminishing marginal utility explains why

A. an abnormal demand curve slopes upwards

B. the slope of a normal demand curve is negative

C. the slope of a normal demand curve is positive

D. the consumption of inferior goods increases with income

31 / 40

31.

A major disadvantage of a socialist economy is that

A. corruption is rampant

B. consumer's sovereignty is lost

C. income inequality is entrenched

D. there is high level of unemployment

32 / 40

32.

Government uses all of the following ways to redistribute income, except

A. Taxation

B. Market intervention

C. Transfer earnings

D. Limited liability

33 / 40

33.

The decision to consume more of one product under normal circumstances will apply

A. more of another product will be consumed

B. no other products will be consumed

C. less of the product will be consumed

D. less of another product will be consumed

34 / 40

34.

Institutions serving as links between surplus and deficit units can be identified as

A. tax officers

B. financial intermediates

C. acceptance houses

D. pension offices

35 / 40

35. The invisible hand promotes the interests of

A. consumers

B. government

C. society

D. producers

36 / 40

36.

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. Increase; increase

D. Decrease; increase

37 / 40

37.

The mean is the best measure of central tendency because it

A. is a balancing point in an observation

B. can be calculated from incomplete data

C. is not affected by extreme values in a data

D. is a midpoint value in an array of data

38 / 40

38.

The downturn in the prices of shares on stock markets is a highlight of

A. the regulatory nature of the market

B. consumer rationality

C. the invisible hand

D. efficient allocation of resources

39 / 40

39.

An important function of the price system is to

A. ensure that producers' profits remain high

B. guarantee full employment of resources

C. allocate resources to most productive uses

D. protect the economic interests of government

40 / 40

40.

The most popular sizes of dresses and shoes are determined by the

A. range

B. median

C. mode

D. mean

Your score is

The average score is 18%

0%

Related posts:

Ace/Undergragra

Subscribe to our mailing list to get the new updates!

Literature JAMB TEST

Does UI Accept JUPEB in 2024/25|Read Now

Related Articles

CRS JAMB/UTME TEST

10 Most Difficult Subjects in JAMB 2024

What Are The Novels Required In JAMB 2024

Will JAMB Direct Entry (DE) Candidates Write Exam in 2024?