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Economics JAMB TEST

Economics JAMB/UTME MOCK

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

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2.

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

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3.

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

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4.

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

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5.

Scarcity in economics means?

 

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6.

Consumer surplus tends to be higher when demand is

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7.

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

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8.

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

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9.

An important function of the price system is to

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10.

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

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

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12.

Economists refer to private goods as

 

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13. The standard deviation of a set of data is

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14.

The privatization of public enterprises will lead to efficient management of resources in the economy.
This statement can best be described as

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15.

The law of diminishing marginal utility explains why

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16.

Fixing price above equilibrium will cause

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17.

A rise in income will, ceteris paribus, bring about

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18.

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

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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

 

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20.

___ is presently used in Nigeria to measure inflation

 

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21.

A major disadvantage of a socialist economy is that

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22.

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

 

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

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24.

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

 

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25.

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

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26.

The mean is the best measure of central tendency because it

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27. The Nigerian bank for commerce and industry is?

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28.

One of the assumptions of ordinal utility theory is that

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29.

Economics is often described as a social science because?

 

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30.

To control inflation, the monetary authorities of a country can

 

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31.

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

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32.

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

 

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

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34.

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

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35.

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

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

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

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38.

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

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39. The invisible hand promotes the interests of

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40.

The cost elasticity of supply is a useful instrument for measuring

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Ace/Undergragra

Ace aka Undergragra is a 500 Level Computer Engineering Student in the Federal University Oye-Ekiti. He is a passionate teacher,writer,educational consultant and educational informant.
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