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Economics JAMB/UTME MOCK

1 / 40

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

A. Market intervention

B. Taxation

C. Limited liability

D. Transfer earnings

2 / 40

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

3 / 40

Fixing price above equilibrium will cause

A. a decrease in quantity supplied

B. demand and supply to remain constant

C. an increase in supply

D. an increase in quantity supplied

4 / 40

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

A. shows the relationship between variables

B. shows whether a good is normal or inferior

C. helps to determine the unit of measurement of variables

D. reveals the magnitude of the change between variables

5 / 40

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 N750,000

B. A normal profit of N750,000

C. An economic profit of N250,000

D. A normal profit o N1,750,000

6 / 40

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

A. Increase; increase

B. Decrease; increase

C. Increase; decrease

D. Decrease; decrease

7 / 40

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

8 / 40

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

A. Monopoly

B. Duopoly

C. Oligospony

D. Oligopoly

9 / 40

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 midpoint value in an array of data

D. is a balancing point in an observation

10 / 40

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

A. Surplus

B. Balanced

C. Inflationary

D. Deficit

11 / 40

11.

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

A. production of goods

B. generation of income

C. efficient allocation of resources

D. operation of companies

12 / 40

12.

Consumer surplus tends to be higher when demand is

A. unitarily elastic

B. inelastic

C. perfectly elastic

D. elastic

13 / 40

13. The Nigerian bank for commerce and industry is?

A. A industrial bank

B. A development bank

C. A commercial bank

D. A merchant bank

14 / 40

14.

A major disadvantage of a socialist economy is that

A. consumer's sovereignty is lost

B. income inequality is entrenched

C. corruption is rampant

D. there is high level of unemployment

15 / 40

15. The invisible hand promotes the interests of

A. producers

B. society

C. government

D. consumers

16 / 40

16.

One of the assumptions of ordinal utility theory is that

A. satisfaction is measurable

B. utility can be ranked

C. choice is not consistent

D. total utility is a function of price

17 / 40

17.

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

A. Saving

B. Capital Investment

C. Wages and Salaries

D. Nondurable goods expenditure

18 / 40

18.

An important function of the price system is to

A. protect the economic interests of government

B. ensure that producers' profits remain high

C. guarantee full employment of resources

D. allocate resources to most productive uses

19 / 40

19.

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

A. labour productivity

B. total output

C. individual output

D. workdone

20 / 40

20.

The law of diminishing marginal utility explains why

A. the slope of a normal demand curve is negative

B. the consumption of inferior goods increases with income

C. the slope of a normal demand curve is positive

D. an abnormal demand curve slopes upwards

21 / 40

21.

Scarcity in economics means?

A. resources are limited in relation to wants

B. the economy can scarcely produce anything

C. human wants are limitless

D. the economy has very few resources

22 / 40

22.

___ is presently used in Nigeria to measure inflation

A. Real Gross Domestic Product

B. GNP implicit price deflator

C. Wholesale price index

D. Consumer price index

23 / 40

23.

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

24 / 40

24.

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. elastic

B. perfectly inelastic

C. inelastic

D. perfectly elastic

25 / 40

25.

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

A. more of another product will be consumed

B. less of the product will be consumed

C. no other products will be consumed

D. less of another product will be consumed

26 / 40

26.

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. demand

B. quantity demanded

C. consumers' income

D. consumers' tastes

27 / 40

27.

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

A. median

B. range

C. mean

D. mode

28 / 40

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

A. Elastic

B. Unitary Elastic

C. Perfectly Elastic

D. Inelastic

29 / 40

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

A. Bill of exchange

B. Open market operation

C. Banker's order

D. Fixed deposit account

30 / 40

30.

Economists refer to private goods as

A. non rival and excludable

B. rivalrous and excludable

C. rivalrous and non-excludable

D. non rival and non- excludable

31 / 40

31.

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

32 / 40

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

A. Price level

B. Banking habits

C. Transaction motive

D. Divisible nature of money

33 / 40

33.

To control inflation, the monetary authorities of a country can

A. engage in restrictive monetary policies

B. advise the government to increase its expenditure

C. Reduce taxes

D. engage in expansive monetary policies

34 / 40

34.

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

35 / 40

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

A. exports and imports

B. Skipping and aviation

C. merchandise

D. Bullion

36 / 40

36.

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

A. more by producers

B. equally by consumers and producers

C. more by retailers and producers

D. more by consumers

37 / 40

37. The standard deviation of a set of data is

A. always measured from the median

B. a measure of dispersion

C. the most representative of averages

D. always measured from the mode

38 / 40

38.

The cost elasticity of supply is a useful instrument for measuring

A. price index

B. national income

C. profit

D. productivity

39 / 40

39.

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

A. acceptance houses

B. pension offices

C. tax officers

D. financial intermediates

40 / 40

40.

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

Your score is

The average score is 25%

JAMB Economics CBT Practice

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