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Economics JAMB/UTME MOCK

1 / 40

The mean is the best measure of central tendency because it

A. can be calculated from incomplete data

B. is a midpoint value in an array of data

C. is not affected by extreme values in a data

D. is a balancing point in an observation

2 / 40

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

A. Oligospony

B. Duopoly

C. Oligopoly

D. Monopoly

3 / 40

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

4 / 40

Consumer surplus tends to be higher when demand is

A. unitarily elastic

B. inelastic

C. perfectly elastic

D. elastic

5 / 40

The cost elasticity of supply is a useful instrument for measuring

A. national income

B. price index

C. productivity

D. profit

6 / 40

6. The standard deviation of a set of data is

A. always measured from the mode

B. always measured from the median

C. a measure of dispersion

D. the most representative of averages

7 / 40

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

A. increase

B. double

C. be constant

D. decrease

8 / 40

An important function of the price system is to

A. ensure that producers' profits remain high

B. guarantee full employment of resources

C. protect the economic interests of government

D. allocate resources to most productive uses

9 / 40

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

A. more by retailers and producers

B. more by consumers

C. equally by consumers and producers

D. more by producers

10 / 40

10.

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

A. generation of income

B. efficient allocation of resources

C. production of goods

D. operation of companies

11 / 40

11.

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 whether a good is normal or inferior

C. reveals the magnitude of the change between variables

D. shows the relationship between variables

12 / 40

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

A. Banker's order

B. Bill of exchange

C. Fixed deposit account

D. Open market operation

13 / 40

13.

Scarcity in economics means?

A. the economy can scarcely produce anything

B. the economy has very few resources

C. human wants are limitless

D. resources are limited in relation to wants

14 / 40

14.

The law of diminishing marginal utility explains why

A. an abnormal demand curve slopes upwards

B. the consumption of inferior goods increases with income

C. the slope of a normal demand curve is negative

D. the slope of a normal demand curve is positive

15 / 40

15.

A major disadvantage of a socialist economy is that

A. there is high level of unemployment

B. income inequality is entrenched

C. consumer's sovereignty is lost

D. corruption is rampant

16 / 40

16.

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

A. Transfer earnings

B. Taxation

C. Market intervention

D. Limited liability

17 / 40

17. The Nigerian bank for commerce and industry is?

A. A commercial bank

B. A development bank

C. A industrial bank

D. A merchant bank

18 / 40

18.

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

19 / 40

19.

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 o N1,750,000

B. A normal profit of N750,000

C. An economic profit of N250,000

D. An economic profit of N750,000

20 / 40

20.

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

A. the invisible hand

B. the regulatory nature of the market

C. efficient allocation of resources

D. consumer rationality

21 / 40

21.

To control inflation, the monetary authorities of a country can

A. engage in expansive monetary policies

B. Reduce taxes

C. advise the government to increase its expenditure

D. engage in restrictive monetary policies

22 / 40

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

A. Deficit

B. Balanced

C. Surplus

D. Inflationary

23 / 40

23.

One of the assumptions of ordinal utility theory is that

A. choice is not consistent

B. total utility is a function of price

C. satisfaction is measurable

D. utility can be ranked

24 / 40

24.

___ is presently used in Nigeria to measure inflation

A. Consumer price index

B. Real Gross Domestic Product

C. GNP implicit price deflator

D. Wholesale price index

25 / 40

25.

Fixing price above equilibrium will cause

A. an increase in supply

B. an increase in quantity supplied

C. a decrease in quantity supplied

D. demand and supply to remain constant

26 / 40

26.

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

A. range

B. median

C. mode

D. mean

27 / 40

27.

A rise in income will, ceteris paribus, bring about

A. a rightward shift of the demand curve

B. a leftward shift of the demand curve

C. a movement along the demand curve

D. no effect on the demand curve

28 / 40

28.

Economics is often described as a social science because?

A. It makes use of fieldwork

B. laboratory experiments are performed

C. It makes use of controlled experiments

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

29 / 40

29.

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

A. pension offices

B. financial intermediates

C. tax officers

D. acceptance houses

30 / 40

30.

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

A. Saving

B. Wages and Salaries

C. Capital Investment

D. Nondurable goods expenditure

31 / 40

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

A. Bullion

B. merchandise

C. Skipping and aviation

D. exports and imports

32 / 40

32.

Economists refer to private goods as

A. rivalrous and non-excludable

B. non rival and excludable

C. non rival and non- excludable

D. rivalrous and excludable

33 / 40

33. The invisible hand promotes the interests of

A. consumers

B. society

C. government

D. producers

34 / 40

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

A. Banking habits

B. Transaction motive

C. Price level

D. Divisible nature of money

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. quantity demanded

B. consumers' tastes

C. demand

D. consumers' income

36 / 40

36. 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. Elastic

C. Inelastic

D. Perfectly Elastic

37 / 40

37.

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

A. Comparative advantage; Mercantilists

B. Absolute advantage; Adam Smith

C. Absolute advantage; David Ricardo

D. Comparative advantage; Adam Smith

38 / 40

38.

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

A. total output

B. workdone

C. labour productivity

D. individual output

39 / 40

39.

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. normative reasoning

C. deductive reasoning

D. positive reasoning

40 / 40

40.

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

A. Decrease; decrease

B. Increase; decrease

C. Increase; increase

D. Decrease; increase

Your score is

The average score is 25%

JAMB Economics CBT Practice

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