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ECONOMICS JAMB CBT
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ECOMOMICS JAMB CBT
1-50 QUESTIONS
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Question 1 of 43
1. Question
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Question 2 of 43
2. Question
All the following are problems identified with agriculture in
West Africa exceptPlease like our facebook page here
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Question 3 of 43
3. Question
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Hint
Revenue can be defined as the income generated by a firm from
the sales of its goods and services. -
Question 4 of 43
4. Question
All the following are factors that would bring about a change
in supply exceptPlease like our facebook page here
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Question 5 of 43
5. Question
The combination of two commodities each yielding the same
level of satisfaction to the consumer isPlease like our facebook page here
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Question 6 of 43
6. Question
In which situation is it likely that the demand for labour
would be inelastic?Please like our facebook page here
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Question 7 of 43
7. Question
The headquarter of the Organization Of Petroleum Exporting
Countries (OPEC) is inPlease like our facebook page here
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Question 8 of 43
8. Question
What will increase the likelihood that the firms in an
industry will conclude to maximize their joint profit?Please like our facebook page here
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Question 9 of 43
9. Question
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Hint
lending to borrowers in form of loan with an interest rate makes
the commercial bank to create more money. -
Question 10 of 43
10. Question
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Question 11 of 43
11. Question
Choose the option that best completes the
sentence.
He did not attend the final burial…………Please like our facebook page here
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Question 12 of 43
12. Question
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Question 13 of 43
13. Question
Petroleum has the following positive contributions to the
Nigerian economy exceptPlease like our facebook page here
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Question 14 of 43
14. Question
The market in which the operators are many and none of
them can influence  isthe pricePlease like our facebook page here
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Hint
Perfect foreign market is a market where buyers and sellers
cannot influence the price because they are large in number. -
Question 15 of 43
15. Question
The concentration of industries in a particular geographical
area isPlease like our facebook page here
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Question 16 of 43
16. Question
All the following are the canons of taxation given by Adam
Smith exceptPlease like our facebook page here
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Hint
There are four principles given by Adam Smith which include
equality/ability to pay, economy, convenience and certainty.
Objective is not a canon of taxation -
Question 17 of 43
17. Question
Census can be classified as
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Hint
Defacto is that type of census where only those who physically
present would be counted. Dejure is that type of census where an
individual must be a permanent resident of an area. It is counting
by proxy. -
Question 18 of 43
18. Question
A firm that charges the maximum price without attracting
competition from new entrants isPlease like our facebook page here
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Question 19 of 43
19. Question
A monopolist has the power to influence the prices of goods
and services. Therefore, he is aPlease like our facebook page here
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Hint
Monopoly is a situation where there is a single producer and
seller of a commodity for which there is no close substitute. This
gives a monopolist the power to make/decide the price for a
particular commodity. -
Question 20 of 43
20. Question
Which of the following business units can issue shares?
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Question 21 of 43
21. Question
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Question 22 of 43
22. Question
The technical relationship between the physical inputs and
the physical outputs of a firm isPlease like our facebook page here
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Hint
production function shows the technical information about the
combination of inputs necessary for the production of outputs. In
equation we write the production function as q = f (L, K) where
L and K represents the inputs of labour and capital respectively. -
Question 23 of 43
23. Question
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Question 24 of 43
24. Question
The following equations relate to an open economy with a
government sector. E = aggregate expenditure on domestically
produced goods, C = Consumption, I = Investment, G =
Government expenditure, T = taxes, M = imports, X = Exports.
Which equation is correctPlease like our facebook page here
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Hint
The national income of a country can be estimated as aggregate
expenditure, consumption, investment, government expenditure,
export less import. Import will be deducted because it is the
money paid on importation of goods from other countries. -
Question 25 of 43
25. Question
The relationship between the cost of living and standard of
living isPlease like our facebook page here
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Hint
Cost of living is the amount of money individuals spent on
consumption while the standard of living is the state of economic
well being. Therefore, a fall in the cost of living leads to a rise in
standard of living. -
Question 26 of 43
26. Question
29 The ordinalist approach of utility postulated that utility can
bePlease like our facebook page here
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Hint
The ordinalist approach explains that an individual can rank
boundless of goods in order of preference with regard to the
satisfaction they give him or her. Ordinalist approach is
explained by means of different curves and budget lines. -
Question 27 of 43
27. Question
The frequent value that occurs most in a data is
Correct
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Hint
mode is the frequently occurring value in a given data.
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Question 28 of 43
28. Question
31 Mr. Patrick’s income is N900 while that of Mr. Shodawe is
N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes,
the tax system isPlease like our facebook page here
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Question 29 of 43
29. Question
Which of the following is not a type of unemployment
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Question 30 of 43
30. Question
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Hint
mortgage bank is a financial institution which grant loans for
building purpose. -
Question 31 of 43
31. Question
5 A line in commodity space which shows the constraints
imposed by his budget, his money income and the price of goods
purchased isPlease like our facebook page here
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Question 32 of 43
32. Question
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Question 33 of 43
33. Question
7 The ownership of a public limited liability company is made
up ofCorrect
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Question 34 of 43
34. Question
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Hint
The types of specialization are product, process,
geographical/territorial specialization and specialization by sex
or gender. Manager specialization can be categorized under
process specialization because it is a situation whereby worker
are specialized on a particular production process. -
Question 35 of 43
35. Question
Correct
Incorrect
Hint
if demand and supply are equal, it brings the market to the point
of equilibrium because equilibrium price is the price where
quantity demanded and quantity supplied are equal. -
Question 36 of 43
36. Question
Which of the following will shift the demand curve for
Bournvita to the rightPlease like our facebook page here
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Question 37 of 43
37. Question
Find the range in the following data 9, 15, 6, 20, 24, 18, 12,
8, 20, 10, 5.Correct
Incorrect
Hint
Range is the difference between the highest and the lowest value
in a set of data.
Highest value = 24
Lowest value = 5
The range = 24 – 5
= 19 -
Question 38 of 43
38. Question
2 All the following are properties of an indifference curves
exceptPlease like our facebook page here
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Question 39 of 43
39. Question
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Question 40 of 43
40. Question
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Incorrect
Hint
Excess demand without a corresponding increase in supply
causes inflation. -
Question 41 of 43
41. Question
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Question 42 of 43
42. Question
The income of an individual increases from N150 to N250
and his consumption rate increases from N100 to N150.
Calculate the Marginal Propensity to ConsumeCorrect
Incorrect
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Question 43 of 43
43. Question
Correct
Incorrect
Hint
Macro Economics studies the fluctuations in the levels of large
aggregates and way to prevent the fluctuation.
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