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JAMB Economics CBT Practice

April 17, 2024

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Economics JAMB/UTME MOCK

1 / 40

1. The Nigerian bank for commerce and industry is?

A. A development bank

B. A merchant bank

C. A commercial bank

D. A industrial bank

2 / 40

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

A. Monopoly

B. Oligospony

C. Duopoly

D. Oligopoly

3 / 40

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

A. pension offices

B. tax officers

C. acceptance houses

D. financial intermediates

4 / 40

4. Which of the following is used by the central bank to control the rate of interest

A. Fixed deposit account

B. Open market operation

C. Bill of exchange

D. Banker's order

5 / 40

An important function of the price system is to

A. allocate resources to most productive uses

B. protect the economic interests of government

C. guarantee full employment of resources

D. ensure that producers' profits remain high

6 / 40

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

A. helps to determine the unit of measurement of variables

B. shows the relationship between variables

C. reveals the magnitude of the change between variables

D. shows whether a good is normal or inferior

7 / 40

The mean is the best measure of central tendency because it

A. is a balancing point in an observation

B. is a midpoint value in an array of data

C. is not affected by extreme values in a data

D. can be calculated from incomplete data

8 / 40

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. quantity demanded

D. consumers' income

9 / 40

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

A. mean

B. mode

C. median

D. range

10 / 40

10.

To control inflation, the monetary authorities of a country can

A. engage in expansive monetary policies

B. engage in restrictive monetary policies

C. advise the government to increase its expenditure

D. Reduce taxes

11 / 40

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

A. Price level

B. Transaction motive

C. Banking habits

D. Divisible nature of money

12 / 40

12.

Consumer surplus tends to be higher when demand is

A. unitarily elastic

B. elastic

C. perfectly elastic

D. inelastic

13 / 40

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

A. Bullion

B. Skipping and aviation

C. merchandise

D. exports and imports

14 / 40

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

A. Deficit

B. Balanced

C. Inflationary

D. Surplus

15 / 40

15.

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. normative reasoning

C. positive reasoning

D. inductive reasoning

16 / 40

16.

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

17 / 40

17.

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

A. Capital Investment

B. Saving

C. Wages and Salaries

D. Nondurable goods expenditure

18 / 40

18.

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. laboratory experiments are performed

D. It makes use of fieldwork

19 / 40

19.

___ is presently used in Nigeria to measure inflation

A. Real Gross Domestic Product

B. Consumer price index

C. GNP implicit price deflator

D. Wholesale price index

20 / 40

20. The invisible hand promotes the interests of

A. consumers

B. government

C. society

D. producers

21 / 40

21.

Economists refer to private goods as

A. non rival and excludable

B. non rival and non- excludable

C. rivalrous and non-excludable

D. rivalrous and excludable

22 / 40

22.

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. An economic profit of N250,000

B. An economic profit of N750,000

C. A normal profit o N1,750,000

D. A normal profit of N750,000

23 / 40

23. 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

24 / 40

24.

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

A. Comparative advantage; Adam Smith

B. Comparative advantage; Mercantilists

C. Absolute advantage; David Ricardo

D. Absolute advantage; Adam Smith

25 / 40

25.

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

A. Limited liability

B. Transfer earnings

C. Taxation

D. Market intervention

26 / 40

26.

Scarcity in economics means?

A. human wants are limitless

B. the economy can scarcely produce anything

C. resources are limited in relation to wants

D. the economy has very few resources

27 / 40

27.

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. inelastic

C. elastic

D. perfectly inelastic

28 / 40

28.

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

A. labour productivity

B. workdone

C. total output

D. individual output

29 / 40

29.

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

A. be constant

B. double

C. decrease

D. increase

30 / 40

30.

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

A. efficient allocation of resources

B. operation of companies

C. generation of income

D. production of goods

31 / 40

31. In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demands are___

A. Elastic

B. Perfectly Elastic

C. Unitary Elastic

D. Inelastic

32 / 40

32.

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

A. consumer rationality

B. the regulatory nature of the market

C. efficient allocation of resources

D. the invisible hand

33 / 40

33.

One of the assumptions of ordinal utility theory is that

A. utility can be ranked

B. total utility is a function of price

C. choice is not consistent

D. satisfaction is measurable

34 / 40

34.

A major disadvantage of a socialist economy is that

A. income inequality is entrenched

B. consumer's sovereignty is lost

C. there is high level of unemployment

D. corruption is rampant

35 / 40

35.

An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________

A. Decrease; increase

B. Increase; increase

C. Decrease; decrease

D. Increase; decrease

36 / 40

36.

The law of diminishing marginal utility explains why

A. the consumption of inferior goods increases with income

B. the slope of a normal demand curve is positive

C. an abnormal demand curve slopes upwards

D. the slope of a normal demand curve is negative

37 / 40

37.

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

A. less of the product will be consumed

B. less of another product will be consumed

C. more of another product will be consumed

D. no other products will be consumed

38 / 40

38.

The cost elasticity of supply is a useful instrument for measuring

A. productivity

B. price index

C. profit

D. national income

39 / 40

39.

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 rightward shift of the demand curve

D. a leftward shift of the demand curve

40 / 40

40.

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

Your score is

The average score is 25%

JAMB Economics CBT Practice

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