JAMB Quiz on Economics (CBT) - Acada Ace Tutors

Instruction: Attempt all questions on this JAMB Quiz on Economics (CBT) page.

539

Instruction: Attempt all questions. Be sure to complete the CBT before submitting. Good luck!

Sorry, the time is up and your answers have been submitted.

jamb quiz on economics (CBT)

jamb quiz on economics (CBT)

Take Economics JAMB CBT Quiz to prepare properly for your examination. Our questions are from JAMB past questions with 100% accurate answers. Avoid the danger of cramming wrong answers as this CBT will help you to understand the subject better.

1 / 40

Category: JAMB Economics

Two basic features common to an industry are

similarity of products and source of raw materials

similarity of products and production process

source of capital ands labour supply

production processes and source of capital

2 / 40

Category: JAMB Economics

The demand for factors of production is an example of

competitive demand

composite demand

joint demand

derived demand

3 / 40

Category: JAMB Economics

The difference between birth and death rates of a given population is referred to as the

mortality rate

linear growth rate

fertility rate

natural growth rate

4 / 40

Category: JAMB Economics

Securities are described as listed when they are:

bought and sold purely for development purposes

Mobilized as long-term debt instrument

Traded on a recognized stock market

mobilized as short-term debt instruments

5 / 40

Category: JAMB Economics

The monetary control instrument most effectively used by the Central Bank of Nigeria is the

margin requirements

discount rate

open market operations

reserve ration

6 / 40

Category: JAMB Economics

Fiscal policy is the government’s plan to control aggregate demand by manipulating

revenue and expenditure

the demand and supply of money

the structure of production and employment

tastes and preferences of consumers

7 / 40

Category: JAMB Economics

A central argument of cardinal utility is that utility is?

ranked

measurable

psychological

intangible

8 / 40

Category: JAMB Economics

Import substitution aims at

the diversification of industries

improving the balance of payments

substituting agricultural products with, industrial ones

substituting imports with agricultural exports

9 / 40

Category: JAMB Economics

An important factor hindering the rapid development of the industrial sector in Nigeria

the dominance of the oil sector

rural-urban migration

inadequate infrastructure facilities

excessive demand for finished products

10 / 40

Category: JAMB Economics

In a centrally planned economy, the economic problem of deciding what to produce is dependent on

average profit

average cost

state command

relative prices

11 / 40

Category: JAMB Economics

When two variables are positively related, the graph of the relationship

is an upward sloping curve

is a downward-sloping curve

is a straight line

has a negative intercept

12 / 40

Category: JAMB Economics

The economic policy of deregulation is aimed at encouraging

an oligopolistic market structure

a competitive market structure

a monopolistic market structure

a duopolistic market structure

13 / 40

Category: JAMB Economics

The difference between payments and receipts for visible trade is called

balance of trade

balance of payment

bilateral trade

current balance

14 / 40

Category: JAMB Economics

The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called

internal economies of scale

economies of scale

external economies of scale

market economies

15 / 40

Category: JAMB Economics

IBRD as an international monetary institution is concerned with the

balance of payments problems of member nations

financing of private business in member nations

improvement of trade among member nation

development of infrastructure in member nations

16 / 40

Category: JAMB Economics

As a firm increases its output the average fixed cost

remains constant

tends to rise continuously

tends to decrease continuously

rises and then falls

17 / 40

Category: JAMB Economics

ECOWAS has taken a giant step toward economic integration by

introducing a common currency for travellers

increasing economic stability among member states

presenting a united front against foreign economic exploiters

holding frequent meetings at various sstate capitals

18 / 40

Category: JAMB Economics

In a closed economy, the marginal propensity to consume is 0.6 and the average propensity to consume is 0.8. The value of the multiplier is

2.6

2.5

2.7

2.4

19 / 40

Category: JAMB Economics

Variable factors	Total Product	Marginal Product	Average Product
1	1	-	1
2	6	5	3
3	24	18	8
4	48	X	12
5	Z	25	14.6
6	93	20	Y

The average product Y is

14.6

12.0

15.5

8.0

20 / 40

Category: JAMB Economics

A deficit budget can be used to

protect the economy from inflation

starve the economy of funds economic development

balance of payments.

stimulate recovery from trade depression provide measures to remedy

21 / 40

Category: JAMB Economics

When a union is composed of workers with the same skill, it is called

a technical union

an industrial union

a craft union

a workers’ union

22 / 40

Category: JAMB Economics

Privatization and commercialization of public enterprises in Nigeria is necessitated by

their operational inefficiency

the government’s loss of interest in them

the IBRD conditions

the IMF conditions

23 / 40

Category: JAMB Economics

The role of the Central Banking the economic development of Nigeria is to

maintain a stable price system

give short-and medium-term loans to the public

use the cheques and bank drafts to facilitate business transactions

give financial and technical advice to customers

24 / 40

Category: JAMB Economics

For an inferior good, a decrease in real income leads to

a lowed equilibrium price

an inward shift of the demand curve

an outward shift of the demand curve

a change in quantity demanded

25 / 40

Category: JAMB Economics

A necessary condition for specialization in an economy is the existence of

a regulated market

a medium of exchange

adequate capital

a competitive market

26 / 40

Category: JAMB Economics

A greater burden of the taxes on essential goods is borne by the

contract workers

newly recruitment workers

lower income group

higher income group

27 / 40

Category: JAMB Economics

In a small-scale business. the fixed cost is #5 000.00. variable cost is #15 000.00 and the output is 500 units. What will be the unit cost of the goods?

#40.00

#400.00

#80.00

#20.00

28 / 40

Category: JAMB Economics

The short-run equilibrium output for a monopolist is determined by the

highest point on the total revenue curve

intersection of the marginal cost and marginal revenue curves

minimum point on the average cost curve

intersection of the average revenue and average cost curves

29 / 40

Category: JAMB Economics

The short-run equilibrium in a perfectly competitive market requires that?

the marginal cost curve cuts the total cost curve

costs are mutually determined by buyers and sellers

marginal cost be equal to total revenue

marginal cost and marginal revenue be equal

30 / 40

Category: JAMB Economics

If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be

competitive

jointly demanded

jointly supplied

composite

31 / 40

Category: JAMB Economics

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

operation of companies

generation of income

efficient allocation of resources

production of goods

32 / 40

Category: JAMB Economics

If there is an increase in demand without a corresponding increase in supply, there will be

shift in demand curve to the left

shift in supply curve to the right D.

rise in price

fall in price

33 / 40

Category: JAMB Economics

The commercial banks differ from non-bank financial institutions because they

accept deposits withdrawable by cheque

invest surplus plus

mobilize savings

contribute to economic development

34 / 40

Category: JAMB Economics

The best method of production in an under-populated country is

capital-intensive

labour-intensive

land-intensive

labour-extensive

35 / 40

Category: JAMB Economics

The downstream activities of oil companies in Nigeria involve

Off-shore drilling

prospecting and drilling

Management of spillage and pollution

refining and distribution

36 / 40

Category: JAMB Economics

The labour force in Nigeria falls between the ages of

18 and 60

18 and 45

18 and 55

18 and 30

37 / 40

Category: JAMB Economics

The major role of multi-national companies in the petroleum industry in Nigeria is

oil marketing and prospecting

oil marketing only

the establishment of refineries

oil prospecting only

38 / 40

Category: JAMB Economics

An adverse environmental impact of the petroleum industry on the economy is

the vandalization of oil equipment

oilspillage

communal riots

39 / 40

Category: JAMB Economics

Some of the key indicators of underdevelopment in a country are

poverty, low income and low unemployment level

poverty, high level of literacy and low Income

low level of illiteracy, low income and poverty

poverty, low level of literacy and low income

40 / 40

Category: JAMB Economics

In a free market system, trading can only take place when the?

equilibrium price is attained

consumers sovereignty is lacking

market is not working effectively

price of a commodity tends to attract consumers

Your score is

thank you for taking this CBT. We hope yo enjoyed it. Remember to share with others.

If you are not satisfied with your result and you want to be better, join our online class now!

I wish you success in your examination.

How to use this free CBT Quiz

To use this JAMB Quiz on Economics (CBT), you do not need any formal computer education. All you need is your mobile phone that has access to internet. Sign Up or Register to have access. Pick the right answer from the options lettered A – D and click on NEXT. Click on Previous to make corrections. Upon completion, click on See Scores. Your score will be automatically generated. You will see how you performed in terms of right or wrong answers.

What JAMB seeks to test in Economics

The aim of the Unified Tertiary Matriculation Examination (UTME) syllabus in Economics is to prepare the candidates for the Board’s examination. It is designed to test their understanding of the course objectives, which are to:

Get JAMB Economics syllabus Here

acquire the basic knowledge of Commerce;
examine the relationship between Commerce and other related fields;
apply the principles of Commerce in the Nigerian economy and
appreciate dynamic and positive changes in commercial activities.

Spread the love

Your 300+ Journey Starts Here!

Instruction: Attempt all questions on this JAMB Quiz on Economics (CBT) page.

How to use this free CBT Quiz

What JAMB seeks to test in Economics