Economics 2013 JAMB Past Questions
Economics 2013 JAMB Past Questions
1
If P =
(Qs + 10). What is the quantity supplied at N14?
- A. 14
- B. 60
- C. 46
- D. 32
Correct Answer: Option C
Explanation
P = (Qs + 10)14 =
56 = Qs + 10
56 - 10 = Qs
Qs = 46
2. The profit of a monopolist can be eliminated where price equals
- A. AFC
- B. MC
- C. AC
- D. AVC
Correct Answer: Option A
3. An economy in which both the public and private sectors contribute to economic growth is as
- A. feudal economy
- B. capitalist economy
- C. socialist economy
- D. mixed economy
Correct Answer: Option D
4. If the standard deviation of a given data is 53, what is the variance?
- A. 2082
- B. 2809
- C. 2808
- D. 2209
Correct Answer: Option B
5.Which of the following set of statistical tools is used for further economic analysis?
- A. the median and standard deviation
- B. the mean and mode
- C. the mean and standard deviation
- D. the mode and median
Correct Answer: Option B
6. An advantage of the range as a measure of dispersion is that it
- A. can be used to calculate open-ended distribution
- B. make use of all values of observations in a distribution
- C. takes all values into consideration
- D. is useful for further statistical calculation
Correct Answer: Option A
7. Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28
- A. 10
- B. 38
- C. 35
- D. 22
Correct Answer: Option D
8. An increase in demand without a corresponding change in supply will lead to
- A. a decrease in equilirium price and increase in equilibrium quantity
- B. an increase in equilibrium price and quantity
- C. a decrease in equilibrium price and quantity
- D. an increase in equilibrium price and a decrease in equilibrium quantity
Correct Answer: Option B
9. An increase in the price of a commodity will result in
- A. a decrease in the quantity demanded
- B. an increase in demand
- C. an increase in quantity demanded
- D. a decrease in demand
Correct Answer: Option A
10. If the price of
a bicycle changes from N120 to N80 and quantity bought changes from 300
to 500 units, the elasticity of demand for bicycle is
- A. 66.7
- B. 0.5
- C. 1.5
- D. 2.0
Correct Answer: Option D
11. One of the assumptions of the cardinalist approach is
- A. diminishing marginal rate of substitution
- B. the consistency and transitivity of choice
- C. that total utility depends on the quantity of the commodities consumed
- D. unstable marginal utility of money
Correct Answer: Option C
12. Utility is the satisfaction derived from the
- A. distribution of goods and services
- B. use of goods and services
- C. demand of goods and services
- D. production of goods and services
Correct Answer: Option B
13. One of the major factors that brings about changes in supply is
- A. market discrimination
- B. availability of storage facilities
- C. the cost of storage
- D. incentives granted to workers
Correct Answer: Option C
14. If the supply of a product is elastic, a small reduction in price will
- A. reduce the cost of production
- B. reduce the quantity supplied
- C. increase the quantity supplied
- D. lead to no change in the quantity supplied
Correct Answer: Option C
15.If the price of a commodity is fixed below equilibrium, this will lead to
- A. excess demand
- B. a decrease in price
- C. an increase in price
- D. excess supply
Correct Answer: Option A
16. One of the criticisms of the price mechanism is that
- A. producers are sovereign
- B. it provides low degree of freedom
- C. it widens the inequitable gap
- D. consumers are sovereign
Correct Answer: Option D
17. In Nigeria, government can reduce the cost of accommodation by fixing rent
- A. at the prevailing rate
- B. at the equilibrium price
- C. above the equilibrium price
- D. below the equilibrium price
Correct Answer: Option C
18. If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys
- A. economies of scale
- B. specialization
- C. division of labour
- D. diseconomies of scale
Correct Answer: Option A
19. An isoquant lying above to the right of another represents
- A. a higher output level
- B. constant returns to scale
- C. over-capacity utilization
- D. a lower output level
Correct Answer: Option A
20. A measure of national income used as comparison of standard of living among nations is
- A. net national product
- B. gross domestic product
- C. gross national product
- D. per capita income
Correct Answer: Option D
21. The speculative demand for money is inversely related to the
- A. interest rate
- B. level of income
- C. exchange rate
- D. inflation rate
Correct Answer: Option A
22. If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be
- A. transactionary
- B. speculative
- C. precautionary and speculative
- D. transactional and speculative
Correct Answer: Option A
23. Which of the following is used by the Central Bank of Nigeria to control inflation?
- A. Tariff on imports
- B. Tax rate
- C. Exchange rate
- D. Discount rate
Correct Answer: Option D
24. If CBN reduces money supply, the interest rate will
- A. fluctuate
- B. rise
- C. fall
- D. remain unchanged
Correct Answer: Option B
25. A tax on land will ultimately fall
- A. partly on agents and users
- B. entirely on users
- C. entirely on owners
- D. partly on users and owners
Comments
Post a Comment