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Economics jamb 2021

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Question 1 of 40
1. Question
Petroleum 'glut' in international trade means______
- Higher prices for the Consumption of petroleum.
- An Oversupply of petroleum
- A fall in petroleum production.
- A higher petroleum price offered by the buyer
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Question 2 of 40
2. Question
Division of Labour is limited by the________
- Size of labour firm
- Availability of raw material
- Size of the labour force
- Absolute size of the country's population
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Question 3 of 40
3. Question
Economics may be defined as ________
- The study of human behaviour in the allocation of scarce resources
- The study of money and banking
- The study of markets and prices
- The study of production and distribution
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Question 4 of 40
4. Question
A good measure of the standard of living usually used for international comparison is_______
- Per capita income (PCI)
- Gross national product (GND)
- Net national income (NNI)
- Gross domestic product (GDP)
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Question 5 of 40
5. Question
Money becomes a very poor store of value in a period of _______
- Harvest
- Deflation
- Recession
- Inflation
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Question 6 of 40
6. Question
The price mechanism______
- Rations the consumers
- Rewards the producers
- Regulates supply and demand
- Allocates scarce resources.
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Question 7 of 40
7. Question
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is_______
- Zero
- 10
- 2
- 1
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Question 8 of 40
8. Question
Which of the following sets fully represents factors of production?
- Sunlight, machinery, man, land
- Land, water, weather
- Money, market, middlemen
- Land, labour, capital, enterprise, technology
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Question 9 of 40
9. Question
Inflation can be curbed by _______
- Deficit budget
- Paying higher wages
- Increased aggregate demand
- Reducing aggregate demand
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Question 10 of 40
10. Question
Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________
- Monopoly
- Oligopoly
- Monopolistic competition
- Perfect competition
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Question 11 of 40
11. Question
Mono production economies are those that____
- Produce one main commodities
- Have a rich cultural heritage.
- Specialize in agricultural industries.
- Produce only raw materials
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Question 12 of 40
12. Question
The Power Holding Company of Nigeria (PHCN) is a ________
- Public limited company
- Private authority
- Public Corporation
- Public Liability company
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Question 13 of 40
13. Question
In a sole proprietorship, the decisions are made by the ______
- Government
- Management
- Owner
- Board of Directors
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Question 14 of 40
14. Question
When a nation's exports are greater than its imports,_________
- The net foreign trade is zero
- A favourable balance of trade exists
- A favourable balance of payment exists
- An unfavourable balance of trade exists
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Question 15 of 40
15. Question
Which of the following is NOT a character of perfect competition?
- Supply and demand are equal
- Products are identical
- There is perfect knowledge
- There is no advertising
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Question 16 of 40
16. Question
A typical corporate form of business organization is owned by ______
- Shareholders
- A local government
- The president of a country
- Foreigners and citizens of the country.
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Question 17 of 40
17. Question
Inflation is likely to benefit_______
- Debtors
- Persons with back savings
- Creditors
- Persons who lived on fixed pension funds
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Question 18 of 40
18. Question
By utility we mean________
- Uselessness
- Power of satisfying a want
- Beneficial
- Consumable
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Question 19 of 40
19. Question
Palm oil industry is located in Old Bendel State because the state______
- Land is suitable for oil
- Is a palm tree growing area
- Soil is unsuitable for other crops
- Imports raw materials for palm oil industry
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Question 20 of 40
20. Question
Surplus in balance of payments leads to ________
- Government budget surplus
- Increase in foreign reserves
- Decrease in foreign reserves
- None of the above
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Question 21 of 40
21. Question
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
From the table, it can be deduced that_______
- Nigeria should produce cocoa and lace
- Nigeria can benefit from producing lace only
- Austria should produce lace and Nigeria should produce cocoa
- Austria should produce cocoa and lace
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Question 22 of 40
22. Question
A firm is at its optimum size when ___________
- It has a motive to increase output
- It produces the greatest output at a minimum cost
- Marginal cost equals marginal revenue
- Marginal cost is less than marginal revenue
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Question 23 of 40
23. Question
This table illustrates the law of _________
- Increasing returns
- Diminishing returns
- Diminishing marginal utility
- Increasing total utility
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Question 24 of 40
24. Question
Which of these is not usually the function of a wholesaler?
- Branding
- Storage
- Transport
- Advertising
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Question 25 of 40
25. Question
Which of the following countries is not a member of the Economic Community of West African States?
- Sudan
- Gambia
- Togo
- Nigeria
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Question 26 of 40
26. Question
In Nigeria, cheques are not money because________
- Most Nigerians cannot identity them
- They are not legal tender
- There are no banks in rural areas
- They are not generally acceptable as a medium of exchange
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Question 27 of 40
27. Question
In a free market economy. the rationing of scarce goods is done principally by_______
- Consumers
- The government
- The price mechanism
- All of the above
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Question 28 of 40
28. Question
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
- Availability of labour in the area
- Availability of power
- Nearness of raw material
- Access to transport facilities
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Question 29 of 40
29. Question
An economic problem arises when________
- Sellers are few
- Scarcity and choices are involved
- Buyers are many
- Money is in short supply
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Question 30 of 40
30. Question
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
- Scarce
- Normal
- Superior
- Inferior
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Question 31 of 40
31. Question
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________
- 100 days
- 30 days
- 90 days
- 14 days
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Question 32 of 40
32. Question
Retailers in an economy perform the function of ______
- Distribution
- Exchange
- Investment
- Production
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Question 33 of 40
33. Question
The value of money depends primarily on _________
- The gold backing of the currency
- The general price level
- Government decree that it is legal tender
- None of the above
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Question 34 of 40
34. Question
Full employment is a situation in which _______
- Every adult is employed.
- Only the disable are not employed.
- All adults who can work are employed
- All those who are able and eligible can find employment
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Question 35 of 40
35. Question
The PAYE ( Pay As You Earn) in Nigeria is an example of ______
- Flat rate Tax
- Community tax
- Regressive tax
- Progressive tax
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Question 36 of 40
36. Question
Which of these is not a cause of high population growth in Nigeria?
- Improved hygiene
- Reduction in death rate
- Family planning unit of Nigeria
- Increased birth rate
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Question 37 of 40
37. Question
The petrol-chemical industries are located in Rivers State of Nigeria due to ________
- Coal deposit
- Palm oil products
- Favourable soil
- Oil deposits
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Question 38 of 40
38. Question
If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______
- Progressive
- Proportional
- Indirect
- Regressive
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Question 39 of 40
39. Question
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______
- 1.5:2
- 2.2
- 2:1.5
- 0.5:1.5
Correct
Incorrect
Question 40 of 40
40. Question
Oligopoly means _________
- single buyer in the market
- few buyers in the market.
- few sellers in the market
- many people in the market
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Economics jamb 2021

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