Home/JAMB/Economics JAMB TEST JAMB Economics JAMB TEST Phil Follow on Twitter Send an email April 17, 2024Last Updated: April 17, 20240 167 Less than a minute Economics JAMB/UTME MOCK 1 / 40 1. Related Articles Economics JAMB TEST April 17, 2024 Government JAMB/UTME TEST April 17, 2024 CRS JAMB/UTME TEST April 17, 2024 Institutions serving as links between surplus and deficit units can be identified as A. financial intermediates B. tax officers C. pension offices D. acceptance houses 2 / 40 2. 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. helps to determine the unit of measurement of variables D. shows the relationship between variables 3 / 40 3. 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 N750,000 B. A normal profit o N1,750,000 C. A normal profit of N750,000 D. An economic profit of N250,000 4 / 40 4. Economists refer to private goods as A. rivalrous and non-excludable B. rivalrous and excludable C. non rival and excludable D. non rival and non- excludable 5 / 40 5. The Nigerian bank for commerce and industry is? A. A commercial bank B. A industrial bank C. A merchant bank D. A development bank 6 / 40 6. Scarcity in economics means? A. the economy can scarcely produce anything B. resources are limited in relation to wants C. human wants are limitless D. the economy has very few resources 7 / 40 7. ___ is presently used in Nigeria to measure inflation A. GNP implicit price deflator B. Real Gross Domestic Product C. Wholesale price index D. Consumer price index 8 / 40 8. The part of income after tax that is not consumed is defined as A. Capital Investment B. Wages and Salaries C. Nondurable goods expenditure D. Saving 9 / 40 9. Which of the following is an example of an invisible item on the balance of payments account A. Bullion B. exports and imports C. merchandise D. Skipping and aviation 10 / 40 10. A budget with a projected revenue in excess of its expenditure is said to be? A. Deficit B. Inflationary C. Balanced D. Surplus 11 / 40 11. One of the assumptions of ordinal utility theory is that A. total utility is a function of price B. choice is not consistent C. satisfaction is measurable D. utility can be ranked 12 / 40 12. 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 13 / 40 13. 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 14 / 40 14. A major factor affecting the value of money is the? A. Transaction motive B. Price level C. Divisible nature of money D. Banking habits 15 / 40 15. Economics is often described as a social science because? A. laboratory experiments are performed B. It makes use of fieldwork C. It uses scientific methods to explain an observed phenomenon and predict future events D. It makes use of controlled experiments 16 / 40 16. An important function of the price system is to A. allocate resources to most productive uses B. protect the economic interests of government C. guarantee full employment of resources D. ensure that producers' profits remain high 17 / 40 17. The rate of output per group of workers, per unit time is called A. total output B. labour productivity C. workdone D. individual output 18 / 40 18. Consumer surplus tends to be higher when demand is A. perfectly elastic B. inelastic C. elastic D. unitarily elastic 19 / 40 19. 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 20 / 40 20. 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. elastic B. perfectly inelastic C. perfectly elastic D. inelastic 21 / 40 21. 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 22 / 40 22. 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 23 / 40 23. 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. consumers' tastes B. demand C. quantity demanded D. consumers' income 24 / 40 24. 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. inductive reasoning D. normative reasoning 25 / 40 25. If the demand for a good is more elastic than its supply, the tax burden is borne A. equally by consumers and producers B. more by retailers and producers C. more by producers D. more by consumers 26 / 40 26. 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 27 / 40 27. Which of the following is used by the central bank to control the rate of interest A. Open market operation B. Fixed deposit account C. Banker's order D. Bill of exchange 28 / 40 28. The downturn in the prices of shares on stock markets is a highlight of A. consumer rationality B. the invisible hand C. efficient allocation of resources D. the regulatory nature of the market 29 / 40 29. The standard deviation of a set of data is A. always measured from the median B. the most representative of averages C. a measure of dispersion D. always measured from the mode 30 / 40 30. If the price of a commodity with elastic demand increases, the revenue accruing to the producer will A. increase B. be constant C. decrease D. double 31 / 40 31. Fixing price above equilibrium will cause A. demand and supply to remain constant B. a decrease in quantity supplied C. an increase in supply D. an increase in quantity supplied 32 / 40 32. In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demands are___ A. Inelastic B. Perfectly Elastic C. Unitary Elastic D. Elastic 33 / 40 33. Economics is the study of human behaviour as it relates to the A. generation of income B. production of goods C. operation of companies D. efficient allocation of resources 34 / 40 34. The cost elasticity of supply is a useful instrument for measuring A. productivity B. price index C. national income D. profit 35 / 40 35. Government uses all of the following ways to redistribute income, except A. Taxation B. Limited liability C. Market intervention D. Transfer earnings 36 / 40 36. The most popular sizes of dresses and shoes are determined by the A. mode B. mean C. range D. median 37 / 40 37. The invisible hand promotes the interests of A. producers B. government C. society D. consumers 38 / 40 38. The mean is the best measure of central tendency because it A. is a balancing point in an observation B. can be calculated from incomplete data C. is not affected by extreme values in a data D. is a midpoint value in an array of data 39 / 40 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 slope of a normal demand curve is positive D. the consumption of inferior goods increases with income 40 / 40 40. A rise in income will, ceteris paribus, bring about A. a movement along the demand curve B. a rightward shift of the demand curve C. no effect on the demand curve D. a leftward shift of the demand curve Your score isThe average score is 18% 0% Restart quiz Related posts: Olevel and Jamb Subject Combination For Psychology 2023 Updated How To Check JAMB Profile Code Via Sms, Jamb Profile and Email 2024 When Is JAMB Reprinting Starting 2024| How To Check Jamb Reprint JAMB Announces New Date For UTME 2024 |Read Full Details Phil Follow on Twitter Send an email April 17, 2024Last Updated: April 17, 20240 167 Less than a minute Share Facebook Twitter LinkedIn Tumblr Pinterest Reddit VKontakte Odnoklassniki Pocket WhatsApp Telegram Share via Email Print