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Economics JAMB/UTME MOCK

1 / 40

The cost elasticity of supply is a useful instrument for measuring

A. productivity

B. national income

C. profit

D. price index

2 / 40

Economists refer to private goods as

A. non rival and excludable

B. rivalrous and excludable

C. non rival and non- excludable

D. rivalrous and non-excludable

3 / 40

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

A. Balanced

B. Inflationary

C. Surplus

D. Deficit

4 / 40

Consumer surplus tends to be higher when demand is

A. elastic

B. unitarily elastic

C. perfectly elastic

D. inelastic

5 / 40

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 of N750,000

B. A normal profit o N1,750,000

C. An economic profit of N250,000

D. An economic profit of N750,000

6 / 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

7 / 40

7. 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. Perfectly Elastic

D. Inelastic

8 / 40

A major disadvantage of a socialist economy is that

A. corruption is rampant

B. income inequality is entrenched

C. there is high level of unemployment

D. consumer's sovereignty is lost

9 / 40

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

A. Increase; increase

B. Decrease; increase

C. Increase; decrease

D. Decrease; decrease

10 / 40

10.

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

A. individual output

B. labour productivity

C. workdone

D. total output

11 / 40

11.

An important function of the price system is to

A. allocate resources to most productive uses

B. guarantee full employment of resources

C. ensure that producers' profits remain high

D. protect the economic interests of government

12 / 40

12.

___ is presently used in Nigeria to measure inflation

A. Wholesale price index

B. Real Gross Domestic Product

C. Consumer price index

D. GNP implicit price deflator

13 / 40

13. The standard deviation of a set of data is

A. the most representative of averages

B. a measure of dispersion

C. always measured from the mode

D. always measured from the median

14 / 40

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

A. exports and imports

B. merchandise

C. Skipping and aviation

D. Bullion

15 / 40

15.

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

A. Comparative advantage; Mercantilists

B. Comparative advantage; Adam Smith

C. Absolute advantage; Adam Smith

D. Absolute advantage; David Ricardo

16 / 40

16.

One of the assumptions of ordinal utility theory is that

A. satisfaction is measurable

B. utility can be ranked

C. total utility is a function of price

D. choice is not consistent

17 / 40

17.

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

A. generation of income

B. efficient allocation of resources

C. operation of companies

D. production of goods

18 / 40

18.

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

A. efficient allocation of resources

B. consumer rationality

C. the invisible hand

D. the regulatory nature of the market

19 / 40

19.

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. normative reasoning

C. inductive reasoning

D. positive reasoning

20 / 40

20.

Economics is often described as a social science because?

A. It makes use of fieldwork

B. It makes use of controlled experiments

C. laboratory experiments are performed

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

21 / 40

21.

A rise in income will, ceteris paribus, bring about

A. a rightward shift of the demand curve

B. no effect on the demand curve

C. a movement along the demand curve

D. a leftward shift of the demand curve

22 / 40

22.

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

A. financial intermediates

B. tax officers

C. acceptance houses

D. pension offices

23 / 40

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

A. Banking habits

B. Price level

C. Transaction motive

D. Divisible nature of money

24 / 40

24.

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

A. Taxation

B. Limited liability

C. Market intervention

D. Transfer earnings

25 / 40

25.

The mean is the best measure of central tendency because it

A. is a midpoint value in an array of data

B. can be calculated from incomplete data

C. is not affected by extreme values in a data

D. is a balancing point in an observation

26 / 40

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

A. Monopoly

B. Oligospony

C. Oligopoly

D. Duopoly

27 / 40

27.

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

28 / 40

28.

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

A. Wages and Salaries

B. Nondurable goods expenditure

C. Capital Investment

D. Saving

29 / 40

29.

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

A. reveals the magnitude of the change between variables

B. shows whether a good is normal or inferior

C. shows the relationship between variables

D. helps to determine the unit of measurement of variables

30 / 40

30.

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

31 / 40

31. The invisible hand promotes the interests of

A. producers

B. society

C. government

D. consumers

32 / 40

32.

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

A. median

B. range

C. mode

D. mean

33 / 40

33.

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

A. more by producers

B. more by retailers and producers

C. more by consumers

D. equally by consumers and producers

34 / 40

34. The Nigerian bank for commerce and industry is?

A. A merchant bank

B. A industrial bank

C. A development bank

D. A commercial bank

35 / 40

35.

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

A. no other products will be consumed

B. more of another product will be consumed

C. less of the product will be consumed

D. less of another product will be consumed

36 / 40

36.

To control inflation, the monetary authorities of a country can

A. advise the government to increase its expenditure

B. engage in restrictive monetary policies

C. engage in expansive monetary policies

D. Reduce taxes

37 / 40

37.

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

38 / 40

38.

The law of diminishing marginal utility explains why

A. an abnormal demand curve slopes upwards

B. the slope of a normal demand curve is positive

C. the slope of a normal demand curve is negative

D. the consumption of inferior goods increases with income

39 / 40

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

A. Open market operation

B. Banker's order

C. Fixed deposit account

D. Bill of exchange

40 / 40

40.

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

A. double

B. decrease

C. be constant

D. increase

Your score is

The average score is 25%

JAMB Economics CBT Practice

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