Home JAMB Economics JAMB TEST JAMB Economics JAMB TEST By Phil - April 17, 2024 7 0 FacebookTwitterPinterestWhatsApp Economics JAMB/UTME MOCK 1 / 40 1. The decision to consume more of one product under normal circumstances will apply A. less of another product will be consumed B. no other products will be consumed C. more of another product will be consumed D. less of the product will be consumed 2 / 40 2. 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. consumers' tastes C. quantity demanded D. consumers' income 3 / 40 3. Institutions serving as links between surplus and deficit units can be identified as A. tax officers B. financial intermediates C. pension offices D. acceptance houses 4 / 40 4. 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 5 / 40 5. Which of the following is used by the central bank to control the rate of interest A. Open market operation B. Bill of exchange C. Banker's order D. Fixed deposit account 6 / 40 6. If the price of a commodity with elastic demand increases, the revenue accruing to the producer will A. double B. increase C. decrease D. be constant 7 / 40 7. An important function of the price system is to A. protect the economic interests of government B. ensure that producers' profits remain high C. allocate resources to most productive uses D. guarantee full employment of resources 8 / 40 8. One of the assumptions of ordinal utility theory is that A. utility can be ranked B. satisfaction is measurable C. choice is not consistent D. total utility is a function of price 9 / 40 9. The cost elasticity of supply is a useful instrument for measuring A. productivity B. national income C. profit D. price index 10 / 40 10. Government uses all of the following ways to redistribute income, except A. Market intervention B. Limited liability C. Taxation D. Transfer earnings 11 / 40 11. 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. A normal profit of N750,000 C. A normal profit o N1,750,000 D. An economic profit of N750,000 12 / 40 12. The rate of output per group of workers, per unit time is called A. workdone B. individual output C. labour productivity D. total output 13 / 40 13. The law of diminishing marginal utility explains why A. the slope of a normal demand curve is positive B. an abnormal demand curve slopes upwards C. the slope of a normal demand curve is negative D. the consumption of inferior goods increases with income 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. inductive reasoning B. positive reasoning C. deductive reasoning D. normative reasoning 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. laboratory experiments are performed C. It makes use of controlled experiments D. It makes use of fieldwork 16 / 40 16. 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 17 / 40 17. 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 18 / 40 18. Economics is the study of human behaviour as it relates to the A. generation of income B. operation of companies C. production of goods D. efficient allocation of resources 19 / 40 19. A budget with a projected revenue in excess of its expenditure is said to be? A. Balanced B. Deficit C. Inflationary D. Surplus 20 / 40 20. The part of income after tax that is not consumed is defined as A. Capital Investment B. Wages and Salaries C. Nondurable goods expenditure D. Saving 21 / 40 21. The invisible hand promotes the interests of A. producers B. government C. consumers D. society 22 / 40 22. What form of market is found in an imperfect competition where there are few buyers and many sellers A. Oligospony B. Monopoly C. Oligopoly D. Duopoly 23 / 40 23. Economists refer to private goods as A. rivalrous and non-excludable B. rivalrous and excludable C. non rival and excludable D. non rival and non- excludable 24 / 40 24. Consumer surplus tends to be higher when demand is A. inelastic B. unitarily elastic C. elastic D. perfectly elastic 25 / 40 25. 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 elastic C. elastic D. perfectly inelastic 26 / 40 26. If the demand for a good is more elastic than its supply, the tax burden is borne A. equally by consumers and producers B. more by producers C. more by consumers D. more by retailers and producers 27 / 40 27. 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. the invisible hand D. efficient allocation of resources 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. Inelastic D. Perfectly Elastic 29 / 40 29. ___ is presently used in Nigeria to measure inflation A. Consumer price index B. Wholesale price index C. GNP implicit price deflator D. Real Gross Domestic Product 30 / 40 30. The mean is the best measure of central tendency because it A. is not affected by extreme values in a data B. can be calculated from incomplete data C. is a midpoint value in an array of data D. is a balancing point in an observation 31 / 40 31. The Nigerian bank for commerce and industry is? A. A development bank B. A industrial bank C. A commercial bank D. A merchant bank 32 / 40 32. A major factor affecting the value of money is the? A. Banking habits B. Transaction motive C. Divisible nature of money D. Price level 33 / 40 33. The standard deviation of a set of data is A. always measured from the median B. always measured from the mode C. a measure of dispersion D. the most representative of averages 34 / 40 34. The sign of the slope of a graph in economic analysis is important because it A. shows the relationship between variables B. helps to determine the unit of measurement of variables C. shows whether a good is normal or inferior D. reveals the magnitude of the change between variables 35 / 40 35. Fixing price above equilibrium will cause A. an increase in supply B. demand and supply to remain constant C. an increase in quantity supplied D. a decrease in quantity supplied 36 / 40 36. The most popular sizes of dresses and shoes are determined by the A. mean B. median C. range D. mode 37 / 40 37. The theory of ............... was propounded by .................. A. Absolute advantage; David Ricardo B. Absolute advantage; Adam Smith C. Comparative advantage; Mercantilists D. Comparative advantage; Adam Smith 38 / 40 38. 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 39 / 40 39. An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________ A. Increase; decrease B. Increase; increase C. Decrease; increase D. Decrease; decrease 40 / 40 40. Scarcity in economics means? A. resources are limited in relation to wants B. human wants are limitless C. the economy has very few resources D. the economy can scarcely produce anything Your score isThe average score is 18% 0% Restart quiz Related posts: Olevel and Jamb Subject Combination For Psychology 2023 Updated How To Check JAMB Profile Code Via Sms, Jamb Profile and Email 2024 When Is JAMB Reprinting Starting 2024| How To Check Jamb Reprint JAMB Announces New Date For UTME 2024 |Read Full Details
