JAMB Quiz on Economics (CBT) - Acada Ace Tutors

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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

A large standard deviation is an indication of

the size of the sample

the difference between the highest and the lowest values

a wide spread around the mean

a wide difference between the mean and the mode

2 / 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

3 / 40

Category: JAMB Economics

The European Union was formed to

Finance development projects in member nations

Promote free trade within members nation

Promote economic integration in non-member countries

Assist countries to achieve their economic goals

4 / 40

Category: JAMB Economics

In a planned economy the emphasis is on

private ownership and control

individual choice and decisions

public ownership and control

prices and competition

5 / 40

Category: JAMB Economics

The excess of aggregate expenditure over full employment level of output is referred to as

recessionary gap

Deflationary gap

Inflationary gap

GNP gap

6 / 40

Category: JAMB Economics

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

the establishment of refineries

oil marketing and prospecting

oil prospecting only

oil marketing only

7 / 40

Category: JAMB Economics

The distinction between capital and recurrent expenditure lies in the

source of the revenue generated

amount of expenditure involved

nature of the goods and services to be provided

time frame of the expenditure

8 / 40

Category: JAMB Economics

The effect of an increase in the personal income tax is to

raise the absolute price level

reduce the disposable income

reduce unemployment

distort the economy

9 / 40

Category: JAMB Economics

If goods P and Q are purchased by a consumer, a fall in the price of P with the price of Q unchanged will cause the budget line to

shift parallel inwards

rotate outwards away from the origin

rotate inwards towards the origin

shift parallel outwards

10 / 40

Category: JAMB Economics

ECOWAS has taken a giant step toward economic integration by

increasing economic stability among member states

holding frequent meetings at various sstate capitals

presenting a united front against foreign economic exploiters

introducing a common currency for travellers

11 / 40

Category: JAMB Economics

The tax levied on goods and services at each stage of production is

surfax

PAYE

Ad valorem tax

VAT

12 / 40

Category: JAMB Economics

Price elasticity of supply is a ratio of the change in

price to the change in quantity supplied

original quantity to a change in new quantity

quantity supplied to the change in price

quantity supplied to the change in demand

13 / 40

Category: JAMB Economics

If budget deficits are financed by borrowing, the crowding-out effects can be offset by an increase in

savings

interest rates

exchange rates

government expenditure

14 / 40

Category: JAMB Economics

The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units. Over this price range, the demand curve is

perfectly elastic

perfectly inelastic

fairly inelastic

fairly elastic

15 / 40

Category: JAMB Economics

Occupational mobility as applied to factors of production means the case by which

factors can be transferred from one form of use to another

resources can be transferred from one place to another

resources can be transformed from one form to another

factors can be transferred from one place to another

16 / 40

Category: JAMB Economics

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

the dominance of the oil sector

excessive demand for finished products

inadequate infrastructure facilities

rural-urban migration

17 / 40

Category: JAMB Economics

Import duty concessions on industrial inputs directly benefit the

commercial sector

manufacturers

consumers

external sector

18 / 40

Category: JAMB Economics

A black market can occur when

consumption of the commodity is restricted

prices are set by government below the equilibrium

supply is excess of demand

prices are set by government above the equilibrium

19 / 40

Category: JAMB Economics

A scientific approach in economics entails

a deductive method only

both inductive and deductive methods

both inductive and normative methods

a normative method only

20 / 40

Category: JAMB Economics

I. What and how much will be produced?
II. How will it be produced?
III. For whom will it be produced?
IV. How much will be exported and consumed?

From the above, identify the combination of basic resource allocation questions in economic analysis

I, II and III

II, III and IV

I, III and IV

I,ll and IV

21 / 40

Category: JAMB Economics

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

a regulated market

adequate capital

a medium of exchange

a competitive market

22 / 40

Category: JAMB Economics

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

marginal cost be equal to total revenue

costs are mutually determined by buyers and sellers

the marginal cost curve cuts the total cost curve

marginal cost and marginal revenue be equal

23 / 40

Category: JAMB Economics

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

open market operations

discount rate

margin requirements

reserve ration

24 / 40

Category: JAMB Economics

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

market is not working effectively

price of a commodity tends to attract consumers

consumers sovereignty is lacking

equilibrium price is attained

25 / 40

Category: JAMB Economics

Economics can be defined as

reduction in spending in the face of competing alternatives

economic behaviour of small units like the household and the firm

allocation of resources to alternative uses

the study of economic aggregates like inflation and national income.

26 / 40

Category: JAMB Economics

In a capitalist economy, the economic problem of what goods to produce is decided mainly by?

relative prices

profit level

a central planner

shadow prices

27 / 40

Category: JAMB Economics

The effect of an increase in the personal income tax is to

raise the absolute price level

reduce the disposable income

reduce unemployment

distort the economy

28 / 40

Category: JAMB Economics

The theory of comparative advantage states that a commodity should be produced in that nation where the

absolute cost is least

production possibility curve increases

absolute money cost is least

opportunity cost is least

29 / 40

Category: JAMB Economics

Given that Y = C + I and C = bY where b = 0.8, what is the multiplier?

30 / 40

Category: JAMB Economics

The distinguishing characteristic between the money market and the capital market lies in whether the

debt instruments provided are long-term or short-term

securities are in debentures of ordinary shares

securities are primary or secondary

finds mobilized are private or public

31 / 40

Category: JAMB Economics

The economic policy of deregulation is aimed at encouraging

a monopolistic market structure

an oligopolistic market structure

a duopolistic market structure

a competitive market structure

32 / 40

Category: JAMB Economics

Creeping inflation implies that there is a

gentle and persistent increase in the general price level

gentle but not permanent increase in the general price level

rapid but not permanent Increase In the general price level

rapid and persistent increase in the general price level

33 / 40

Category: JAMB Economics

One of the reasons for an exceptional demand curve is the

availability of substitutes

availability of credit facilities

change in the price of the commodity

expectation of a future change in price

34 / 40

Category: JAMB Economics

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

labour-intensive

capital-intensive

land-intensive

labour-extensive

35 / 40

Category: JAMB Economics

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

fertility rate

linear growth rate

mortality rate

natural growth rate

36 / 40

Category: JAMB Economics

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

lower income group

higher income group

contract workers

newly recruitment workers

37 / 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

fall in price

shift in supply curve to the right D.

rise in price

38 / 40

Category: JAMB Economics

A major characteristic of a mixed economy is that

both primary and secondary production are undertaken

the federal and the state governments undertake joint projects

economic activties are undertaken by both the public and private sectors

economic decisions are made by both the rich and the poor

39 / 40

Category: JAMB Economics

The downstream activities of oil companies in Nigeria involve

prospecting and drilling

Off-shore drilling

refining and distribution

Management of spillage and pollution

40 / 40

Category: JAMB Economics

The equilibrium wage in an economy is determined by the

supply and demand for labour

rate of inflation

workers' union

public service

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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.

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