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Economics JAMB/UTME MOCK

1 / 40

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

A. labour productivity

B. workdone

C. total output

D. individual output

2 / 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. perfectly inelastic

B. perfectly elastic

C. elastic

D. inelastic

3 / 40

Economists refer to private goods as

A. non rival and non- excludable

B. rivalrous and excludable

C. rivalrous and non-excludable

D. non rival and excludable

4 / 40

The law of diminishing marginal utility explains why

A. the slope of a normal demand curve is negative

B. an abnormal demand curve slopes upwards

C. the consumption of inferior goods increases with income

D. the slope of a normal demand curve is positive

5 / 40

Scarcity in economics means?

A. resources are limited in relation to wants

B. the economy has very few resources

C. human wants are limitless

D. the economy can scarcely produce anything

6 / 40

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

A. Transaction motive

B. Divisible nature of money

C. Banking habits

D. Price level

7 / 40

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

A. be constant

B. decrease

C. increase

D. double

8 / 40

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

9 / 40

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

A. Perfectly Elastic

B. Elastic

C. Inelastic

D. Unitary Elastic

10 / 40

10. The invisible hand promotes the interests of

A. society

B. consumers

C. government

D. producers

11 / 40

11.

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

A. tax officers

B. acceptance houses

C. pension offices

D. financial intermediates

12 / 40

12. 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

13 / 40

13.

An important function of the price system is to

A. allocate resources to most productive uses

B. guarantee full employment of resources

C. protect the economic interests of government

D. ensure that producers' profits remain high

14 / 40

14.

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

A. Transfer earnings

B. Taxation

C. Limited liability

D. Market intervention

15 / 40

15.

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 balancing point in an observation

D. is a midpoint value in an array of data

16 / 40

16.

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

17 / 40

17.

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

18 / 40

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

A. Fixed deposit account

B. Banker's order

C. Open market operation

D. Bill of exchange

19 / 40

19.

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

A. Comparative advantage; Adam Smith

B. Absolute advantage; David Ricardo

C. Comparative advantage; Mercantilists

D. Absolute advantage; Adam Smith

20 / 40

20.

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. efficient allocation of resources

D. the invisible hand

21 / 40

21.

___ is presently used in Nigeria to measure inflation

A. Wholesale price index

B. GNP implicit price deflator

C. Consumer price index

D. Real Gross Domestic Product

22 / 40

22.

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. positive reasoning

C. normative reasoning

D. inductive reasoning

23 / 40

23.

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

A. mode

B. range

C. mean

D. median

24 / 40

24. The standard deviation of a set of data is

A. the most representative of averages

B. always measured from the mode

C. a measure of dispersion

D. always measured from the median

25 / 40

25.

The cost elasticity of supply is a useful instrument for measuring

A. price index

B. profit

C. productivity

D. national income

26 / 40

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

A. Surplus

B. Deficit

C. Inflationary

D. Balanced

27 / 40

27.

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

A. production of goods

B. efficient allocation of resources

C. operation of companies

D. generation of income

28 / 40

28.

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. less of the product will be consumed

D. more of another product will be consumed

29 / 40

29.

A rise in income will, ceteris paribus, bring about

A. no effect on the demand curve

B. a movement along the demand curve

C. a rightward shift of the demand curve

D. a leftward shift of the demand curve

30 / 40

30.

Economics is often described as a social science because?

A. It makes use of fieldwork

B. laboratory experiments are performed

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

D. It makes use of controlled experiments

31 / 40

31.

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

A. shows whether a good is normal or inferior

B. helps to determine the unit of measurement of variables

C. reveals the magnitude of the change between variables

D. shows the relationship between variables

32 / 40

32. 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

33 / 40

33.

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

34 / 40

34.

A major disadvantage of a socialist economy is that

A. consumer's sovereignty is lost

B. corruption is rampant

C. income inequality is entrenched

D. there is high level of unemployment

35 / 40

35.

Consumer surplus tends to be higher when demand is

A. unitarily elastic

B. perfectly elastic

C. elastic

D. inelastic

36 / 40

36.

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 producers

C. equally by consumers and producers

D. more by consumers

37 / 40

37. The Nigerian bank for commerce and industry is?

A. A merchant bank

B. A industrial bank

C. A development bank

D. A commercial bank

38 / 40

38.

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. An economic profit of N250,000

C. An economic profit of N750,000

D. A normal profit of N750,000

39 / 40

39.

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

A. Capital Investment

B. Nondurable goods expenditure

C. Wages and Salaries

D. Saving

40 / 40