Jamb Econs Questions 1 5

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Economics
Past questions
Paper Type: Objective (PT. 1-5)
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JAMB ECONOMICS PAST QUESTIONS (PT.1)
PAPER TYPE: B 4. A major disadvantage of the

arithmetic means is that it is ____
1. Which question paper type of
economics is given to you? A. not useful for large data
B. not suitable for further
A. Type A statistical analysis
B. Type B C. cumbersome to determine the
C. Type C actual value
D. Type D D. affected by extreme data
2. An effective way of controlling 5. Demand patterns are

inflation in a mixed economy is to determined by the market on the
_____ basis of _____
A. increase productivity A. scale of preference

B. reduce income tax B. consumer sovereignty
C. ration available output C. consumer rationality
D. increase imports D. price of the commodity
3. One of the limitations PPC 6. A consumer surplus measures

assumption is that there is _____ the _____
A. no indication of technological A. benefits derived from

development consuming a cheap commodity
B. no recognition of preferred B. excess of total expenditure
goods for countries over total utility
C. technical inefficiency C. difference between marginal
D. abundant resources utility and marginal cost
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D. excess of marginal utility over 9. The median of an odd-
price numbered set of scores is the
_____
7. If the demand for one
commodity excludes another, it is A. Middle value in the set
said to be _____ B. Highest value in the set
C. Arithmetic means of the set
A. complementary demand D. Most frequent occurring score
B. competitive demand
C. composite demand 10. If demand increases without a
D. derived demand change in supply, equilibrium
price and quantity will _____
8.
Price (₦) Quality (Kg) A. remain unchanged
1 100 B. shift inward
2 120 C. fall
3 150 D. rise
4 180
5 200 11. In the process of production,
total output is at maximum when
The graph of the schedule above _____
will depict _____

A. MP = 0
A. a kinked demand curve B. MP > 0
B. a normal demand curve C. AP = 0
C. an abnormal demand curve D. AP > 0
D. a diminishing marginal utility

curve
12. D. increase demand and create
Price (₦) Qty./ (bags) scarcity
1 60
2 120 15. Ranking is the method use in
measuring _____
From that table above, the price
elasticity of supply is _____ A. marginal utility
B. ordinal utility
A. 4 C. cardinal utility
B. 25 D. total utility
C. 1
D. 2 16. If a firm is faced with an
elastic supply curve, its revenue
13. When a consumer is at will _____
equilibrium, the MRSxy is equal to
the _____ A. be supplied at a higher price
B. double at a higher price
A. sum of the prices C. increase by more than the
B. product of the two prices percentage increase in price
C. ratio of the two prices D. equal percentage change in
D. difference of the two prices price
14. Minimum price legislation by 17. The optimal range of output

government will _____ for a perfectly competitive firm is
_____
A. reduce supply
B. increase supply A. AC is lowest
C. reduce demand and create B. AVC is lowest
surplus C. MC is rising
D. MC is falling From the Diagram above, the
optimal point of production is
18. A firm will experience _____
diseconomies of scale when ____
A. R
A. there are difficulties in B. T
coordinating production C. U
B. there is shortage in labour D. S
supply
C. the size of market is small 21. If real income increases while
D. there is an increase in the nominal income remains the
price of raw materials same, it can be inferred that ____
19. The law of variable A. Unemployment rate has

proportions is applicable only decreased
_____ B. General prices have fallen
C. Employment rate has risen
A. in the long-run period D. General prices have risen
B. to large-scale enterprises
C. to small-scale enterprises 22. One of the characteristics of
D. in the short-run period oligopoly is the availability of
_____
20.
A. few sellers
B. few buyers
C. many sellers
D. a single seller
Use the diagram below to A. AFC
answer question 23 and 24 B. MC
C. AC
D. AVC
26. Bank consolidation policy in

Nigeria is a measure to increase
_____
23. The average total cost when A. the capital base of banks
20 units are produced is _____ B. employment opportunities in
banks
A. ₦20.00 C. the number of shareholders
B. ₦23.00 D. the number of branches
C. ₦13.00
D. ₦15.00 27. An increase in the circulation
of money without a corresponding
24. When 20 units of output is increase in output will lead to
produced, TC will be _____ _____
A. ₦360 A. a rise in income levels

B. ₦300 B. stagflation
C. ₦460 C. inflation
D. ₦400 D. deflation
25. The profit of a monopolist can 28. In national income accounts,

be eliminated where price equals an item counted as part of
_____ government spending is _____
A. salaries and wages B. an increase in capacity
B. pension utilization
C. scholarship C. a sustained increase in per
D. social welfare capital income
D. an even distribution of goods
29. If aggregate demand is lower and services
than total output in an economy
national income will _____ 32. An indicator of growth in an
economy over a period of time is
A. be constant the _____
B. be at equilibrium
C. increase A. GDP gap
D. fall B. GDP at factor cost
C. GDP at market price
30. During the era of barter, D. GDP deflator
money was generally in the form
of _____ 33. A country embarks on deficit
financing in order to _____
A. notes
B. precious metals A. increase revenue
C. coins B. reduce aggregate demand
D. commodities C. curb inflation
D. stimulate investment
31. A country achieves economic
development when there is _____ Use the diagram below to
answer question 34 and 35
A. an increase in military
expenditure
D. exportation
37. Upstream oil activities involve

the _____
A. management of pollution
B. marketing of refined products
C. exploration of crude oil
34. The deflationary gap is
D. refining of crude oil
defined by _____
38. Agricultural production in

A. X
Nigeria is constrained by _____
B. K
C. X + K
A. ineffective use of stabilization
D. X - K
measures
B. inadequate demand
35. What does X represent?
C. poor implementation of policies
D. balance of payments deficits
A. recessionary gap
B. GNP gap
39. The main function of NNPC is
C. inflationary gap
to _____
D. deflationary gap
A. oversee the development of

36. The import-substitution
the oil sector
strategy of industrialization is to
B. develop the oil producing area
encourage _____
C. fix the price of products
D. ensure regular supply of
A. domestic production
products
B. large-scale production
C. importation
40. Investing heavily in the 43. The transfer to public
agricultural sector will lead to shareholding corporations to
_____ private enterprises is _____
A. sufficient food production A. concession

B. a vibrant commodity market B. incorporation
C. capital inflow C. commercialization
D. stable export prices D. privatization
41. Industrial development in 44. A condition in which official

Nigeria can be encouraged and autonomous exchange rate
through _____ coexist is _____
A. signing WTO treaty A. dual exchange rate system

B. granting subsidies B. managed floating rate system
C. the provision of efficient C. market determined exchange
infrastructure rate system
D. direct government participation D. multiple exchange rate system
42. The record of a country's 45. In modern economies, the

transactions in international trade Malthusian theory of population is
is her _____ ineffective because of _____
A. capital account A. birth control measures

B. balance of payments B. technical progress
C. current account C. government policies
D. balance of trade D. natural disasters
46. Optimum population enables A. marginal utility
an economy to attain the highest B. inefficiency in production
level of _____ C. opportunity cost
D. comparative advantage
A. Industrial development
B. Income per head 50. The World Trade Organization
C. Revenue generation is responsible for _____
D. Economic development
A. stabilizing and harmonization
47. A change from one industry to oil prices
another by a worker is an B. ensuring equal participation of
example of _____ countries in trade
C. modernising world economies
A. geographical mobility D. minimizing obstacles to
B. horizontal mobility international trade and
C. professional advancement investment
D. vertical mobility
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48. The money paid per hour for
work done is _____
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the correct answer(s) with
A. salary
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49. Trade takes place because of

_____
PAPER TYPE: RED B. inductive reasoning

C. deductive reasoning
1. Which question paper type of D. positive reasoning
Economics as indicated above is
given to you? 4. The sign of the slope of a graph
in economic analysis is important
A. Type Green because it _____.
B. Type Purple
C. Type Red A. shows whether a good is
D. Type Yellow normal or inferior
B. shows the relationship between
2. A major disadvantage of a variables
socialist economy is that _____. C. reveals the magnitude of the
change between variables
A. corruption is rampant D. helps to determine the unit of
B. consumer's sovereignty is lost measurement of variables
C. income inequality is
entrenched 5.
D. there is high level of
unemployment
3. The privatization of public

enterprises will lead to efficient
management of resources in the
economy. This statement can best
be described as _____. The percentage contribution of
manufacturing sector is _____.
A. normative reasoning
A. 67.5 A. a movement along the demand
B. 40.0 curve
C. 32.4 B. a leftward shift of the demand
D. 25.0 curve
C. a rightward shift of the demand
6. If the GDP is N60 billion, what curve
is the difference between the D. no effect on the demand curve
contributions of oil and
manufacturing sectors? 9.
Price (₦) Quality (Kg)
A. N11.7 billion 50 500
B. N13.3 billion 70 400
C. N21.7 billion
D. N26.6 billion From the above, calculate the
price elasticity of demand.
7. If the quantity of rice bought
decreases from 250 tonnes to 200 A. 5.0
tonnes owing to a 2% rise in B. 2.0
price, it shows that there is a C. 1.0
change in _____. D. 0.5
A. consumers' income 10. If the price of an item

B. demand increases by 8% while the
C. consumers' tastes quantity demanded falls from
D. quantity demanded 1500 units to 1492 units, the
demand is said to be _____.
8. A rise in income will, ceteris
paribus, bring about _____. A. perfectly elastic
B. inelastic
C. elastic
D. perfectly inelastic
11. Comparison of interpersonal

utility is impossible because
_____.
A. utility is measured in utility

B. marginal utility is not 13. The consumer is at
observable equilibrium at point _____.
C. utility is subjectively
determined A. N
D. individual income differ B. P

C. M
12. When the slope of the total D. K
utility curve is declining, the

marginal utility of a consumer will 14. To move from point M to K,
be increasing if he _____. the consumer has to increase the

_____.
A. stops consuming more of the

commodity A. consumption of X and reduce
B. reduces the quantity consumed the consumption of Y
C. increases the quantity B. expenditure on Y
consumed C. expenditure on X
D. consumes more of another D. consumption of Y and reduce
commodity the consumption of X
Use the diagram below to 15. The supply of cocoa is
answer question 13 and 14 influenced by _____.
A. seasonal conditions B. society
B. the efficacy of fertilizer used C. government
C. the demand for beverages D. producers
D. the availability of close
substitutes 19. Fixing price above equilibrium
will cause _____.
16. If quantity supplied is
constant irrespective of price A. demand and supply to remain
changes, the supply elasticity is constant
_____. B. an increase in quantity
supplied
A. unitary C. an increase in supply
B. infinity D. a decrease in quantity supplied
C. fairly elastic
D. perfectly inelastic 20. An important function of the
price system is to _____.
17. The cost elasticity of supply is
a useful instrument for measuring A. ensure that producers' profits
_____. remain high
B. guarantee full employment of
A. profit resources
B. productivity C. allocate resources to most
C. national income productive uses
D. price index D. protect the economic interests
of government
18. The invisible hand promotes
the interests of _____. 21. If all factors are variable in
the long run, firms will experience
A. consumers _____.
A. decreasing returns to scale is less than doubled, this results
B. increasing returns to scale in _____.
C. diminishing returns
D. economies of scale A. diminishing returns
B. constant returns to scale
22. The equilibrium point of a firm C. increasing returns to scale
is attained at the point where the D. decreasing returns to scale
isoquant is _____.
25. Patents and copyrights enable
A. greater than the isocost monopolists to _____.
B. less than the isocost
C. tangent to the isocost A. determine the quality of their
D. greater than the output products
B. determine the scale of their
23. The long-run average cost products
curve touches to the short-run C. restrict information flow to new
average cost curves at the _____. firms
D. restrict entry of new firms
A. minimum points of all short run
average cost curves 26. A discriminatory monopoly is
B. declining points of all short-run characterized by _____.
average cost curves
C. minimum point of only one of A. a common elasticity in different
the short-run cost curves markets
D. rising points of all short-run B. different elasticities in different
average cost curves markets
C. a finite elasticity in all markets
24. If a firm doubles all inputs in D. zero elasticity in all markets
the long run and the total output
27. Net National Product is 30. The money that commands a
derived by deducting _____. higher market value than its face
value is called _____.
A. net exports from GNP
B. subsidies from GDP A. paper money
C. taxes from GDP B. standard money
D. depreciation from GNP C. commodity money
D. fiat money
Use the information below to
answer question 28 and 29. 31. If a basket of commodities
cost N120 in the base year and
The investment expenditure of N240 in the current year,
economy changes by ₦2 calculate the price index.
Million and MPC is 0.75
A. 100
28. What is the change in B. 200
income? C. 240
D. 300
A. N0.5m
B. N1.5m 32. The minimum amount which
C. N2.6m banks are required to deposit with
D. N8.0m the central bank is determined by
the _____.
29. The multiplier is _____.
A. liquidity ratio
A. 8 B. cash reserve ratio
B. 4 C. minimum lending rate
C. 3 D. aggregate credit ceiling
D. 2
33. The major function of money 36. Rapid economic development
market is to _____. in Nigeria is realizable by _____.
A. provide funds for long-term A. continuous dependence on oil

financing B. concentrating more on
B. provide funds short-term agriculture
financing C. developing the tourism
C. stabilize the value of the local industry
currency D. diversifying the economy
D. stabilize domestic prices
37. The primary reason for
34. An ad valorem tax is imposed desiring economic growth is to
on _____. _____.
A. special commodities A. control inflation

B. exports B. reduce poverty
C. imports C. redistribute income
D. the value of a commodity D. raise standard of living
35. A huge national debt is an 38. An emerging agricultural

indication that the gold reserves export crop in Nigeria is _____.
of a nation has _____.
A. cassava
A. appreciated B. cotton
B. decreased C. cocoa
C. depreciated D. soya beans
D. stagnated
39. A strategy for improving 42. A change in the pump price of
agriculture in Nigeria will involve petrol in Nigeria has a direct
_____. effect on the _____.
A. controlling the prices of A. prices of consumer goods

agricultural products B. prices of essential goods
B. ensuring self-sufficiency in food C. cost of raw materials
production D. cost of transportation
C. reducing agricultural exports
D. establishing commodity boards 43. Long-term funds for
investment projects are sourced
40. A sugar industry is best from the _____.
located near the source of _____.
A. money market
A. labour B. commodity market
B. raw materials C. foreign exchange market
C. power D. capital market
D. capital
44. A policy aimed at enhancing
41. An important contribution of globalization of the Nigerian
small-scale industries to the economy is _____.
Nigerian economy is in the area of
_____. A. indigenization
B. deregulation
A. technological development C. commercialization
B. foreign exchange earnings D. privatization
C. raw materials processing
D. labour employment
45. The Malthusian theory was C. current and escrow accounts
concerned about the relationship D. capital and escrow accounts
between _____.
48. One of the functions of
A. population growth rates of the ECOWAS is to _____.
rich and the poor nations
B. population density and national A. provide funds for
income infrastructural development
C. population growth rate and B. determine prices of exports
natural resources C. redistribute income among
D. age distribution of population citizens
D. provide employment for
46. In a village of 50 persons, 10 citizens of member nations
immigrated, 25 died and 5
emigrated in year. Determine the 49. The reward on machinery and
total population. equipment in the process of
production is known as _____.
A. 10
B. 20 A. profit
C. 30 B. interest
D. 50 C. rent
D. wages
47. A deficit balance of payments
is measured by subtracting the
debits from the credits in the
_____.
A. current account
B. current and capital accounts
50.
From this diagram, the minimum

wage OW will lead to _____.
A. full employment of resources

B. unemployment
C. inflation
D. full employment of factors of
production
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PAPER TYPE: TYPE U 4. Which of the following set of

statistical tools is used for further
1. Which question paper type of economic analysis?
Economics is given to you?
A. the median and standard
A. Type B deviation
B. Type I B. the mean and mode
C. Type B C. the mean and standard
D. Type U deviation
D. the mode and median
2. An economy in which both the
public and private sectors 5. An advantage of the range as a
contribute to economic growth is measure of dispersion is that it
as _____. _____.
A. feudal economy A. can be used to calculate open-

B. capitalist economy ended distribution
C. socialist economy B. make use of all values of
D. mixed economy observations in a distribution
C. takes all values into
3. If the standard deviation of a consideration
given data is 53, what is the D. is useful for further statistical
variance? calculation
A. 2,082 6. Find the median of the

B. 2,809 following set of data 35, 10, 14,
C. 2,808 38, 15, 18, 22, 30 and 28.
D. 2,209
A. 10 9. If the price of a bicycle changes
B. 38 from N120 to N80 and quantity
C. 35 bought changes from 300 to 500
D. 22 units, the elasticity of demand for
bicycle is _____.
7. An increase in demand without
a corresponding change in supply A. 66.7
will lead to _____. B. 0.5
C. 1.5
A. a decrease in equilibrium price D. 2.0
and increase in equilibrium
quantity 10.
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
From the graph above, the price

8. An increase in the price of a elasticity of demand is _____.
commodity will result in _____.
A. unitarily elastic
A. a decrease in the quantity B. perfectly elastic
demanded C. perfectly inelastic
B. an increase in demand D. fairly inelastic
C. an increase in quantity
demanded 11. One of the assumptions of the
D. a decrease in demand cardinalist approach is _____.
A. diminishing marginal rate of From the indifference curve,
substitution consumer will prefer combination
B. the consistency and transitivity _____.
of choice
C. that total utility depends on the A. F
quantity of the commodities B. S
consumed C. M
D. unstable marginal utility of D. K
money
14. One of the major factors that
12. Utility is the satisfaction brings about changes in supply is
derived from the _____. _____.
A. distribution of goods and A. market discrimination

services B. availability of storage facilities
B. use of goods and services C. the cost of storage
C. demand of goods and services D. incentives granted to workers
D. production of goods and
services 1
15. If P = (Qs + 10). What is the
4
quantity supplied at N14?

13.
A. 14
B. 60
C. 46
D. 32
16. If the supply of a product is

elastic, a small reduction in price
will _____.
A. reduce the cost of production B. it provides low degree of
B. reduce the quantity supplied freedom
C. increase the quantity supplied C. it widens the inequitable gap
D. lead to no change in the D. consumers are sovereign
quantity supplied
20. In Nigeria, government can
17. The supply of beverages by reduce the cost of accommodation
firms in a monopolistic market is by fixing rent _____.
an example of _____.
A. at the prevailing rate
A. derived demand B. at the equilibrium price
B. competitive supply C. above the equilibrium price
C. composite supply D. below the equilibrium price
D. joint demand
21. If a refinery achieves a
18. If the price of a commodity is reduction in cost by purchasing
fixed below equilibrium, this will and transporting crude oil in large
lead to _____. quantities, it enjoys _____.
A. excess demand A. economies of scale

B. a decrease in price B. specialization
C. an increase in price C. division of labour
D. excess supply D. diseconomies of scale
19. One of the criticisms of the 22. An isoquant lying above to the
price mechanism is that _____. right of another represents _____
A. producers are sovereign A. a higher output level

B. constant returns to scale
C. over-capacity utilization 24. The optimum level of output
D. a lower output level of the firm is _____.
23. A. BC
B. OB
C. OS
D. BS
25. The total revenue of the firm

is represented by _____.
A. GHEF
From the graph above, R
B. GHJC
represents _____.
C. EFJC
D. GHOB
A. marginal cost
B. total cost
26. A measure of national income
C. variable cost
used as comparison of standard of
D. fixed cost
living among nations is _____.
Use the graph below to

A. net national product
answer question 24 and 25
B. gross domestic product
C. gross national product
D. per capita income
27. The speculative demand for

money is inversely related to the
_____.
A. interest rate B. rise
B. level of income C. fall
C. exchange rate D. remain unchanged
D. inflation rate
31. An example of an
28. If Mr. K obtains a N50.000 expansionary fiscal policy action is
loan from a bank for the purpose _____.
of providing household needs, the
demand for money is said to be A. decrease in the corporate profit
_____. tax rates
B. decrease in welfare payments
A. transactionary C. purchase of government
B. speculative securities
C. precautionary and speculative D. decrease in the bank rate
D. transactional and speculative
32. A tax on land will ultimately
29. Which of the following is used fall _____.
by the Central Bank of Nigeria to
control inflation? A. partly on agents and users
B. entirely on users
A. Tariff on imports C. entirely on owners
B. Tax rate D. partly on users and owners
C. Exchange rate
D. Discount rate 33. One of the goals of
development plans in Nigeria is to
30. If CBN reduces money supply, _____.
the interest rate will _____.
A. increase the profitability of
A. fluctuate multinational businesses
B. improve the country's GDP 36. The main reason for low
C. achieve higher standard of agricultural produce in West Africa
living for the citizens is need to _____.
D. deregulate the economy
A. the presence of large-scale
34. Life insurance companies agro-allied industries
contribute to economic B. high dependency ratio
development by holding a part of C. over dependence on agriculture
their assets in _____. for subsistence
D. the use of crude implements in
A. long-term financial instruments farming process
B. money market instruments
C. cash and near money 37. The most important
D. short-term financial determinant for the location of a
instruments brick industry is the availability of
_____.
35. In order to add value to
Nigeria agricultural produce, there A. market
is need to _____. B. power supply
C. water
A. cultivate high breed crops D. raw materials
B. process them into finished
goods 38. In Nigeria, efficiency in public
C. adopt modern storage methods corporations can be achieved
D. advertise them in European through _____.
markets
A. public offer
B. indigenization
C. privatization
D. nationalization A. the maximum number of
shareholders is 20
39. Government participation in B. members are the owners
the oil industry was necessitated C. members are the workers
by the _____. D. the minimum number of
shareholders is 5
A. annual increase in production
B. formation of OPEC 42. A major disadvantage of
C. high demand for crude oil partnership business is _____.
D. huge investment outlay
A. difficulty in the transfer of
40. The deregulation of the shares
petroleum sector in Nigeria will B. distrust among members
bring about _____. C. limited liability
D. large capital outlay
A. efficiency in pricing and
distribution of the products 43. The quality of labour force in
B. an end to the importation of Nigeria can be improved by _____
fuel
C. an end to foreign firms' A. establishing more tertiary
dominance institutions
D. fixing appropriate production B. creating sufficient job
quotas opportunities
C. encouraging the study of
41. A distinguishing characteristic science and technology
of consumer co-operative society D. establishing more skills
is that the _____. acquisition centres
44. The effect of emigration on a 47. One of the main achievements
country's population is _____. of the Economic Commission for
Africa is _____.
A. decrease in the population
B. decrease in job opportunities A. eliminating trade restrictions
C. increase in population among states
D. increase in dependency ratio B. encouraging transport and
communication development
45. A measure for preventing the C. guaranteeing a steady flow of
external value of the naira from foreign investment into Africa
falling is for the government to D. providing the machinery for
_____. collaboration on monetary issues
A. increase its spending with 48. The rate of interest charge on

foreign reserve loans depends largely on _____.
B. sell its own currency
C. reduce interest rate A. the prevailing exchange rate
D. buy its currency with foreign B. marginal efficiency of capital
reserve C. the risk associated with the
loan
46. A fiscal policy instrument that D. the prevailing tax rate
can influence the demand pattern
in an economy is _____. 49. A valid explanation for real
wage growth is _____.
A. government spending
B. interest rate A. an increase in the rate of
C. income tax productivity
D. tariff B. the rising cost of capital
accumulation
C. a contraction of employment in
service industries
D. an increase in the quantity of
labour
50. If Mr. X lost his clerical job at

a store and searched for a similar
job for ten months before finding
one this implies that Mr. X was
_____.
A. structurally unemployed
B. frictionally unemployed
C. seasonally unemployed
D. cyclically unemployed
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PAPER TYPE: Type L 4. The best measure of dispersion

to determine the tallest tree in a
1. Which question paper type of forest is _____.
Economic is given to you?
A. range
A. Type F B. variance
B. Type E C. standard deviation
C. Type L D. mean deviation
D. Type S
5.
2. The choice of how to produce
in a command economy is
determined by _____.
A. government
B. consumer
C. industrialists
D. labour unions
What is the percentage

3. In capitalist economies,
contribution of services to the
questions about what to produce
national income?
are ultimately answered by _____
A. 15%
A. income level of households
B. 10%
B. available technical skills in the
C. 54%
economy
D. 24%
C. output decisions of firms
D. holding decision of households
6. If the national income is 360m, 8. Given that Qd = 40-2P and Qs
the contribution of the = 6P+24. Calculate the
manufacturing sector is _____. equilibrium price.
A. 312m A. ₦34
B. 39m B. ₦32
C. 318m C. ₦36
D. 317m D. ₦16
7. 9. A change in demand for a

normal goods implies that, there
is a _____.
A. change in the quantity

demanded as price changes
B. shift in the demand curve
C. movement along a given
demand curve
A combination of factors
D. change in the price elasticity of
responsible for a shift from D0D0
demand
to D1D1 are _____.
10. If a 10% rise in price causes a

A. consumer’s income and change
5% decrease in the quantity
in technology
demanded of a commodity, the
B. price of the commodity and
elasticity demand is _____.
weather conditions consumer’s
income and population size
A. unitary elastic
C. consumers taste and change in
B.
price
11. A. 20
B. 15
C. 50
D. 30
14.
Price (₦) Quantity supplied
8 20
From the graph above, the
10 24
consumer will attain equilibrium
at point _____.
From the table above, calculate
A. J the price elasticity of supply ____
B. K
C. L A. 0.50
D. M B. 0.80
C. 2.00
12. A rightward shift of the D. 1.25
budget line is caused by a _____.

15. When price is set below
A. fall in consumer income equilibrium, this will lead to ____
B. change in consumer taste

C. fall in the commodity relative A. an increase in the quantity
price supplied
D. rise in the commodity relative B. a new equilibrium
price C. a decrease in the quantity

supplied
13. Given the supply function P = D. a fall in price

1
(Qs+10) when P = N10, what is
4
Qs?
16. Price mechanism determines 18. If the production of a large
the prices of commodities through firm is higher than that of a small
_____. firm, it is experiencing _____.
A. auctioning A. external economies of scale

B. market forces B. external diseconomies of scale
C. the sales of treasury bills C. internal economies of scale
D. government legislation D. internal diseconomies of scale
17. 19. Division of labour requires

Unit Total Average Marginal that, the tasks in a production line
of product product product be performed _____.
labour
1 8 8 ... A. by specialists
2 20 10 12 B. in stages
3 E 9 7 C. by all workers
4 28 7 F D. by unskilled labourers
5 40 8 12
20. Given that FC = ₦500, VC =
From the table above, find the ₦1,500, and Q = 50 units. Find
values of E and F respectively. the average cost of the product.
A. 27 and 1 A. ₦30
B. 68 and 12 B. ₦40
C. 28 and 5 C. ₦10
D. 12 and 19 D. ₦20
21. Rent and administrative

expenses are examples of _____.
A. average fixed costs A. adjusting both price and output
B. average variable costs upward
C. fixed costs B. reducing total output to match
D. variable costs price
C. increasing price
22. A perfect competitor will D. reducing price
continue to expand output up to
the point where _____. 25. Which of the following can be
used to measure the Gross
A. TC > TR National product in an open
B. MR = AR economy?
C. MC < MR
D. MC > MR A. C+I+G+(X+M)
B. C+I+G+X
23. One of the characteristics of a C. C+I+G
monopolist is that, he can D. C+I+G+(X-M)
influence _____.
26. If MPC = 2/3 and investment
A. quantity produced by other is ₦100 million, the level of
producers national income is _____.
B. prices charged by other
producers A. ₦100 million
C. both price and quantity B. ₦10 million
D. price or quantity C. ₦303 million
D. ₦300 million
24. A monopolist can boost up his
revenue by _____. 27. The precautionary demand for
money is determined by _____.
A. the rate of interest C. money market
B. the level of savings D. capital market
C. the level of income
D. general price level 31. Given a base year and the
price index of 175% the following
28. An inflation that co-exists with year, which of the following year
high rate of unemployment is will arise?
_____.
A. The cost of living decreases of
A. hyperinflation that year
B. stagflation B. The cost of living remains
C. demand-pull inflation unchanged
D. cost-push inflation C. The value of money rises by
75%
29. One of the challenges facing D. The value of money falls by
the banking industry in Nigeria is 75%
_____.
32. Wage freeze is a policy
A. ensuring technological security measure aimed at _____.
B. providing employment
C. providing loans for investment A. encouraging investors
D. creating more money B. curbing inflation
C. regulating standard of living
30. Short-term loans for D. curbing deflation
investment are usually obtained
through the _____. 33. A major obstacle to the
development of Nigeria economy
A. stock market is _____.
B. development banks
A. low capital formation A. providing research and massive
B. rural-urban migration employment of labour
C. over dependence on oil B. redistributing national income
D. poor developmental policies to various regions of the country
C. encouraging the use of
34. A major feature of an traditional implements
underdeveloped economy is D. encouraging urban-rural
_____. migration
A. excess capacity utilization 37. A major disadvantage of

B. low rate of population growth localization of industry is _____.
C. low level of standard of living
D. low level of unemployment A. the risk of structural
unemployment
35. An important role of B. over-utilization of installed
agriculture in Nigeria's economic industrial capacity
development is the _____. C. the risk of seasonal
unemployment
A. processing of raw materials for D. under-utilization of installed
industries industrial capacity
B. regulation of price system
C. provision of infrastructure 38. One major factor that
D. provision of employment determines the location of an
industry is _____.
36. An advantage of large-scale
farming over peasant farming is A. tax exemption grant
in the area of _____. B. its proximity to the market
C. the capital base
D. the social responsibility of the 41. The short-run average
firm variable cost of a firm will rise
owing to _____.
39. The major contribution of
OPEC to the Nigerian economy is A. the expansion of factory space
the _____. B. the building of new warehouse
C. an increase in the cost of
A. provision of social labour
infrastructures D. an increase in the salaries of
B. granting of subsidies on directors
petroleum products
C. stabilization of oil prices 42. Firms embark on vertical
D. building of refineries integration in other to _____.
40. The loading of crude oil at the A. take over markets formally
terminal is an activity in the controlled by other firms
_____. B. prevent other firms from
entering the market
A. downstream sector of the oil C. reduce advertisement and
industry management cost
B. upstream and downstream D. enjoy economies of large-scale
sector of the oil industry production
C. upstream sector of the oil
industry 43. The voting power in co-
D. midstream and upstream operative societies is vested on
sectors of the oil industry _____.
A. management
B. members without loan
C. shareholders A. the highest denomination of
D. members with the highest the currency
contribution B. an Act of the parliament
C. the system of government
44. An accurate census figure is D. the forest of demand and
an important tool for planners in supply
_____.
47. If the importation of a
A. providing employment commodity is limited to a definite
B. siting industries quantity, the trade control
C. providing social amenities measure imposed is _____.
D. allocating resources
A. excise duties
45. An accurate population census B. import duties
is important in other to _____. C. quotas
D. tariff
A. produce more food for the
growing population 48. The main objective of WTO is
B. provide employment to _____.
opportunities for the people
C. estimate a country's per capita A. ensure adequate protection of
income infant industries
D. fast track industrial B. provide a mechanism for tariff
development reduction
C. assist countries with chronic
46. A major determinant of balance of payments problem
floating exchange rate is _____. D. assist developing countries to
execute developmental projects
49. The major determinant of the CHECK YOUR ANSWERS
total volume of output in an
economy is the _____.
A. level of total expenditure
B. composition of consumer
these questions?
spending
C. number of farmers
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D. size of the labour force
50. The labour force of a country

is determined by the _____.
A. age structure of the population

B. geographical distribution of the
population
C. sex distribution of the
population
D. number of people available for
work
1. The major implication of high 4. The marginal propensity to

dependency ratio on an economy save measures the _____.
is _____.
A. ratio of change in saving
A. high capital formation B. change in supply as a result of
B. vicious cycle of poverty a change in consumption
C. low cost of living C. ratio of change in consumption
D. high standard of living to a change in the level of income
D. average propensity to consume
2. One of the major problems of
agricultural sector in Nigeria is 5. Structural unemployment is
_____. mainly caused by _____.
A. low literacy level of farmers A. a change in the consumption

B. small size of farms pattern
C. pest attack on crops B. a change in the business cycle
D. inadequate modem farm C. decrease in the output level
implements D. seasonal variation
3. Cooperative societies are 6. One of the major problems of

characterized with _____. census in Nigeria is _____.
A. divergent interest of members A. inadequate skilled personnel

B. limited liability B. high dependency ratio
C. free entry and exit C. distortion of census figures
D. unlimited size of membership D. high cost of conducting census
7. A decrease in government B. the initial marginal utility
expenditure in an economy will C. total utility
cause general price level to _____ D. diminishing marginal utility.
A. remain constant 10. In a pure capitalist economy,

B. fluctuate the means and forces of
C. fall production are owned and
D. rise controlled by the _____.
8. A. public and private sectors

Unit of Labour TP AP MP B. feudal lords
1 6 6 -- C. public sector
2 14 7 8 D. private sector
3 K 9 13
4 40 10 F 11. A factor earning which is paid
out as unemployment benefit is
From the table above, find the referred to as _____.
values of K and F respectively.

A. interest rate
A. 13 and 27 B. direct rate
B. 27 and 13 C. economic rent
C. 10 and 27 D. transfer payment
D. 27 and 10
12. From the graph above, FG
9. In the theory of consumer indicates _____.
behaviour, the sum of all marginal

utilities is _____. A. equilibrium quantity demanded
B. excess supply
A. average marginal utility C. equilibrium quantity supplied
D. excess demand A. internal and external trade
B. total value visible import and
13. The demand for money is Export
referred to as the _____. C. deficit and surplus balance of
payments
A. amount of money in fixed D. total value of invisible import
deposit and export.
B. desire to hold money intangible
assets 16. If the cash reserve ratio is
C. need for money to invest 30%, a new deposit of ₦20 million
D. desire to hold money in liquid will increase supply by _____.
form rather than investing it
A. ₦57.8m
14. In the theory of production, a B. ₦47.9m
producer is at equilibrium at a C. ₦69.78m
point where _____. D. ₦66.7m
A. isocost is above the isoquant 17. A fall in the price of

curve ostentatious goods will _____.
B. isoquant is below the isocost
curve A. increase the quantity
C. isocost is tangent to the demanded
marginal revenue B. decrease the quantity
D. isoquant is tangent to the demanded
isocost curve C. decrease demand
D. increase demand
15. Balance of trade shows the
relationship between the _____.
18. Payment of interests on loans A. low birth rate
and the repayment of capital sum B. the availability of skilled
at a future date is _____. manpower
C. the availability of agricultural
A. balance debt land
B. debt servicing D. high birth rate
C. debt relief
D. debt retaking 22. A tax burden on a commodity
will be shared equally if the
19. The most difficult measure of demand is _____.
central tendency to determine in
a grouped data is _____. A. fairly elastic
B. perfectly inelastic
A. range C. fairly inelastic
B. variance D. unitary elastic
C. mean
D. mode 23. Higher income taxes can be
used to control _____.
20. Localization of industry is
mainly determined by _____. A. demand-pull inflation
B. high interest rates
A. diseconomies of scale C. cost- push inflation
B. population growth D. hyperinflation
C. division of labour
D. access to raw materials
21. Geographical distribution of a

population is affected by _____.
24. 26. Recapitalization policy will
enable commercial banks to
_____.
A. employ more qualified workers

B. open more branches
C. reduce interest rate
D. have a very strong capital base
From the graph above, a shift of
the Supply curve from S0S0, to 27. The number of persons
S1S1 will lead to _____. required to form a private
company ranges from _____.
A. a decrease in price and
quantity A. ten to twenty
B. no change in price and quantity B. two to fifty
C. an increase in price and C. two to seven
quantity D. seven to ten
D. a decrease in price and an
increase in quantity 28. The major function of
international monetary funds is
25. An indifference map is made the _____.
up of a set of _____.
A. provision of short-run loans to
A. consumers' total utility medium scale industries
B. consumer surplus B. provision of long-term loans for
C. budget lines infrastructure
D. indifference curves C. development of agriculture in
member countries
D. maintenance of stable A. restrictions to entry and exit
exchange rates B. price discrimination
C. absence of transportation cost
29. One of the major activities in D. product differentiation.
the upstream sector of the Nigeria
petroleum industry includes 32. The basis for international
_____. trade is the _____.
A. transportation of finished A. differences in natural resources

products endowment
B. refining of crude oil B. differences in the population
C. marketing of refined petrol size
D. exploration of crude oil. C. prevailing interest rate on
multilateral loans
30. The law of supply states that D. economic system in practice
the _____.
33. Training farmers on the
A. higher the price the higher the improved farming techniques is
quantity supplied the major activity of _____.
B. quantity supplied is always
equal to the quantity demanded A. intermediate workers
C. lower the price the higher the B. middlemen
quantity supplied C. extension workers
D. higher the price the lower the D. creditors
quantity supplied
34. In a free market economy,
31. One of the features of a prices are determined by _____.
perfect competitive firm is _____.
A. consumers
B. producers A. is equal to total cost
C. the central government B. the demand curve is tangential
D. the forces of demand and to the marginal cost
supply C. the marginal cost curve is
equal to the marginal revenue
35. The basic economic problem curve
of what to produce in an economy D. the marginal cost is equal to
is determined by _____. the price of the firm
A. the availability of labour 38. Government can protect

B. the means of distribution consumers from exploitative
C. the availability of resources prices by introducing _____.
D. technological know-how
A. minimum price
36. In Nigeria, a fall in the supply B. price differentiation
of petrol would generally affect C. price floor
the _____. D. maximum price
A. import of goods and services 39. If a fall in the price of

B. export of goods and services commodity K brought about an
C. general price level in the increase in the demand for
country commodity Y, the two
D. exchange rate of the Naira commodities are _____.
37. The short-run equilibrium A. composites

point of a perfectly competitive B. derived in nature
firm is attained at a point where C. substitutes
_____. D. complements
40. In the theory of production, B. Losses
the price of a factor input is C. profit
determined by _____. D. supernormal profit
A. the prevailing exchange rates 43. The overall economic

B. its elasticity of demand performance of a country can be
C. the existence of large market assessed through _____.
D. the prevailing interest rates
A. overlooking of its agricultural
41. sector
B. employment estimates
C. national income estimates
D. balance of payment
44. The supply of agricultural

products is mainly determined by
From the graph above, find the
_____.
modal score
A. consumers' taste
A. 40
B. consumers' income
B. 20
C. technology
C. 100
D. consumers
D. 60
45. Determine the median of 6

42. When the selling price of a
10, 5, 12, 20, 18, 20 and 4.
monopolist is below his short-run
marginal cost, he is said to be
A. 11
making _____.
B. 9.67
C. 12.56
A. an economic profit
D. 12 48. If Qd = 40-4P and P = N4,
what is the quantity demanded?
46.
X F A. 30
10-20 4 B. 32
21-30 6 C. 24
31-40 10 D. 26.
41-50 50
51-60 3 49. The long-run total cost curve
61-70 5 shows the cost of _____.
From the table above, find the A. all fixed factors of production
range of the distribution. B. the average fixed cost

C. all factor inputs that are
A. 50 employed
B. 11 D. variable factors of production
C. 70
D. 59 50. The supply of farm produce is
mainly determined by _____.
47. The failure of the Nigeria

industrial sector is mainly A. consumers’ income
associated with _____. B. weather condition

C. population
A. lack of raw materials D. consumers’ taste
B. inadequate market for

industrial goods
C. underdeveloped infrastructural
facilities
D. inadequate capital
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PAPER TYPE: B 4. A major disadvantage of the

2. An effective way of controlling 5. Demand patterns are

A. increase productivity A. scale of preference

3. One of the limitations PPC 6. A consumer surplus measures

A. no indication of technological A. benefits derived from

The graph of the schedule above _____

will depict _____

A. a kinked demand curve B. MP > 0

B. a normal demand curve C. AP = 0

C. an abnormal demand curve D. AP > 0

D. a diminishing marginal utility

14. Minimum price legislation by 17. The optimal range of output

19. The law of variable A. Unemployment rate has

26. Bank consolidation policy in

A. ₦360 A. a rise in income levels

25. The profit of a monopolist can 28. In national income accounts,

37. Upstream oil activities involve

38. Agricultural production in

A. oversee the development of

A. sufficient food production A. concession

41. Industrial development in 44. A condition in which official

A. signing WTO treaty A. dual exchange rate system

42. The record of a country's 45. In modern economies, the

A. capital account A. birth control measures

CHECK YOUR ANSWERS

49. Trade takes place because of

PAPER TYPE: RED B. inductive reasoning

3. The privatization of public

A. consumers' income 10. If the price of an item

11. Comparison of interpersonal

A. utility is measured in utility

observable equilibrium at point _____.

D. individual income differ B. P

12. When the slope of the total D. K

utility curve is declining, the

be increasing if he _____. the consumer has to increase the

A. stops consuming more of the

B. reduces the quantity consumed the consumption of Y

C. increases the quantity B. expenditure on Y

D. consumes more of another D. consumption of Y and reduce

commodity the consumption of X

Use the diagram below to 15. The supply of cocoa is

answer question 13 and 14 influenced by _____.

A. provide funds for long-term A. continuous dependence on oil

A. special commodities A. control inflation

35. A huge national debt is an 38. An emerging agricultural

A. controlling the prices of A. prices of consumer goods

From this diagram, the minimum

A. full employment of resources

CHECK YOUR ANSWERS

Would you like to get or confirm

PAPER TYPE: TYPE U 4. Which of the following set of

A. feudal economy A. can be used to calculate open-

A. 2,082 6. Find the median of the

From the graph above, the price

A. distribution of goods and A. market discrimination

quantity supplied at N14?