Economics JAMB TEST - Undergragra Nigeria

Economics JAMB/UTME MOCK

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1.

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

A. Nondurable goods expenditure

B. Capital Investment

C. Saving

D. Wages and Salaries

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2.

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

A. Decrease; decrease

B. Increase; increase

C. Increase; decrease

D. Decrease; increase

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3.

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

A. mean

B. median

C. mode

D. range

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

A. Banking habits

B. Divisible nature of money

C. Price level

D. Transaction motive

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5.

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

A. shows the relationship between variables

B. reveals the magnitude of the change between variables

C. helps to determine the unit of measurement of variables

D. shows whether a good is normal or inferior

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

A. Oligopoly

B. Monopoly

C. Duopoly

D. Oligospony

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7.

A rise in income will, ceteris paribus, bring about

A. no effect on the demand curve

B. a rightward shift of the demand curve

C. a movement along the demand curve

D. a leftward shift of the demand curve

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8. 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

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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. Unitary Elastic

C. Inelastic

D. Elastic

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10.

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

A. Comparative advantage; Mercantilists

B. Absolute advantage; David Ricardo

C. Comparative advantage; Adam Smith

D. Absolute advantage; Adam Smith

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11.

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

A. Limited liability

B. Transfer earnings

C. Taxation

D. Market intervention

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12.

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

A. production of goods

B. efficient allocation of resources

C. generation of income

D. operation of companies

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13.

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. positive reasoning

D. deductive reasoning

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14.

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

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15.

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

A. pension offices

B. acceptance houses

C. financial intermediates

D. tax officers

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16.

___ is presently used in Nigeria to measure inflation

A. GNP implicit price deflator

B. Consumer price index

C. Wholesale price index

D. Real Gross Domestic Product

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17.

Scarcity in economics means?

A. the economy can scarcely produce anything

B. the economy has very few resources

C. resources are limited in relation to wants

D. human wants are limitless

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18.

The mean is the best measure of central tendency because it

A. is a balancing point in an observation

B. is a midpoint value in an array of data

C. is not affected by extreme values in a data

D. can be calculated from incomplete data

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19.

The cost elasticity of supply is a useful instrument for measuring

A. productivity

B. national income

C. profit

D. price index

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20.

Economics is often described as a social science because?

A. It makes use of controlled experiments

B. laboratory experiments are performed

C. It makes use of fieldwork

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

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21.

An important function of the price system is to

A. protect the economic interests of government

B. allocate resources to most productive uses

C. guarantee full employment of resources

D. ensure that producers' profits remain high

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22.

A major disadvantage of a socialist economy is that

A. there is high level of unemployment

B. consumer's sovereignty is lost

C. income inequality is entrenched

D. corruption is rampant

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

A. Surplus

B. Deficit

C. Inflationary

D. Balanced

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24.

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

A. total output

B. workdone

C. labour productivity

D. individual output

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25.

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' income

C. demand

D. consumers' tastes

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26.

Consumer surplus tends to be higher when demand is

A. inelastic

B. perfectly elastic

C. elastic

D. unitarily elastic

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

A. Skipping and aviation

B. Bullion

C. merchandise

D. exports and imports

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28.

To control inflation, the monetary authorities of a country can

A. advise the government to increase its expenditure

B. engage in expansive monetary policies

C. engage in restrictive monetary policies

D. Reduce taxes

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29.

Fixing price above equilibrium will cause

A. an increase in quantity supplied

B. an increase in supply

C. demand and supply to remain constant

D. a decrease in quantity supplied

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30. The invisible hand promotes the interests of

A. consumers

B. government

C. society

D. producers

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31.

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

A. double

B. be constant

C. increase

D. decrease

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32.

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

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33.

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. elastic

C. perfectly inelastic

D. perfectly elastic

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34.

One of the assumptions of ordinal utility theory is that

A. utility can be ranked

B. choice is not consistent

C. satisfaction is measurable

D. total utility is a function of price

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35.

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

A. no other products will be consumed

B. less of another product will be consumed

C. more of another product will be consumed

D. less of the product will be consumed

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36. The Nigerian bank for commerce and industry is?

A. A commercial bank

B. A industrial bank

C. A development bank

D. A merchant bank

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37. The standard deviation of a set of data is

A. a measure of dispersion

B. the most representative of averages

C. always measured from the mode

D. always measured from the median

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38.

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

A. more by consumers

B. more by producers

C. more by retailers and producers

D. equally by consumers and producers

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39.

The law of diminishing marginal utility explains why

A. an abnormal demand curve slopes upwards

B. the slope of a normal demand curve is negative

C. the consumption of inferior goods increases with income

D. the slope of a normal demand curve is positive

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40.

Economists refer to private goods as

A. non rival and non- excludable

B. rivalrous and excludable

C. non rival and excludable

D. rivalrous and non-excludable

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The average score is 18%

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