2000

JAMB Economics 2000 past questions

34 questions from the 2000 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock -> All Economics years
Economics JAMB 2000 Q3
How many students took the examination?
A
280 B.240
C
200
D
80
Economics JAMB 2000 Q4
If the pass mark was 40, how many students passed the examination?
A
100
B
120
C
160 D.200
Economics JAMB 2000 Q5
In a capitalist economy, the economic problem of what goods to produce is decided mainly by
A
shadow prices
B
profit level
C
relative prices
D
a central planner.
Economics JAMB 2000 Q6
Which of the following is an example of derived demand?
A
Tax relief.
B
Labour.
C
Wage increase.
D
Entertainment. [PAGE 57] Use the information below to answer questions 7 and 8. When commodity X sold for N25 per unit, 50 units of commodity Y were purcnased. With an increase in the price of commodity X to N5Q per unit, the demand for commodity Y fell to 2{) units. ,r
Economics JAMB 2000 Q7
Determine the cross elasticity of demand.
A
1.7 B.0. 6
C
-0.6
D
-1.7
Economics JAMB 2000 Q8
The two commodities can be classified as
A
substitutes
B
durable and non-durable
C
intermediate and final
D
complements.
Economics JAMB 2000 Q10
Good one L Y Z U I3 W L V I2 I1 O Good two L1 In the diagram above, L1. L1. and L2L2 are budget lines.I1.,I2 and I3 are indifference curves. Which poin are optimal?
A
UandW.
B
U and Z.
C
VandW.
D
Y and Z. Use the diagrams below to answer questions 11 and 12. Commodity I Commodity II D2 D2 Price Price S S D1 D1 S P P P P S S D2 S D1 D1 O O Q Q Quantity Q Q Quantity
Economics JAMB 2000 Q11
Commodities 1 and II are in
A
competitive supply
B
joint supply
C
substitute supply
D
derived supply.
Economics JAMB 2000 Q12
The supply of commodity II increasing from S1S1 to S2S2
A
leads to a fall in price from OP1 to OP2
B
moves the pricebelow OP2
C
increases the price from OP2 to OP1
D
moves the price to OP1
Economics JAMB 2000 Q13
In a free market system, trading can only take place when the
A
market is not working efficiently
B
equilibrium price is attained
C
price of a commodit tends to attract consumers
D
consumer sovereignty is lacking.
Economics JAMB 2000 Q14
The condition for equilibrium price and quantity under perfect competition is
A
MC = AR = TRB. TC=AR=P
B
some sectors of the industry
C
MC=AR=P
D
MC=AR=TC I5. External diseconomies of scale result from excessive growth of
Economics JAMB 2000 Q16
The marginal product X is
A
18
B
20
C
24
D
25
Economics JAMB 2000 Q17
The average product Y is
A
8.0
B
12.0
C
14.6
D
15.5
Economics JAMB 2000 Q18
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?
A
#400.00
B
#80.00
C
#40.00
D
#20.00
Economics JAMB 2000 Q19
If a total cost curve is plotted, marginal cost can be illustrated by the
A
slope of the tangent to the curve at any given output
B
V-shaped curve cutting the total cost curve at its lowest point
C
straigh line from the origin to the midpoint of the curve
D
straight line cutting the curve at its highest point.
Economics JAMB 2000 Q20
(MC AVC) T MC W L AVC U Quantity O In a price-laking firm, the portion UT above is the firm's .
A
average revenue curve
B
supply curve
C
demand curve
D
long-run average cost curve. [PAGE 58]
Economics JAMB 2000 Q21
The short-run equilibrium in a perfectly competitive market requires that
A
marginal cost be equal to total revenue
B
marginal cost and marginal revenue be equal
C
costs are mutually determined by buyers and sellers
D
the marginal cost curve cuts the total cost curve.
Economics JAMB 2000 Q22
Quantity Total Revenue from sales of commodity sold of commodity #228.00 #233.00 #238.00 The firm whose sales and total revenue of the commodity as given above is
A
a monopolist
B
a monopolistic competitor,
C
a perfect competitor
D
an oligopolist.
Economics JAMB 2000 Q23
At the point where marginal revenue of a monopolist is equal to zero, its total revenue will be
A
falling
B
rising
C
equal to zero
D
maximum.
Economics JAMB 2000 Q25
The concept of privatization presupposes
A
efficiency
B
market price
C
indigenization
D
foreign trade.
Economics JAMB 2000 Q26
One problem in the marketing of agricultural product in Nigeria is
A
the seasonal nature of the commodities'
B
high price of the commodities
C
the changing tastes of consumers
D
inadequate storage facilities.
Economics JAMB 2000 Q27
Increased output will cause farmers' revenue to decrease when market demand is
A
elastic
B
inelastic
C
unitary elastic
D
perfectly elastic.
Economics JAMB 2000 Q29
The slow pace of industrial growth in Nigeria can be attributed to
A
overdependence on the oil sector
B
inadequate number of unskilled labour .~
C
lack of raw materials
D
inadequate infrastructural facilities.
Economics JAMB 2000 Q30
Industries contribute to national economic develop ment because they
A
utilize local raw materials
B
employ an increasing number of labour
C
provide recreational facilities
D
use modern machines which replace human labour.
Economics JAMB 2000 Q31
The Nigerian economy is monocultural because government revenue is derived mainlY from
A
agriculture
B
manufacturing
C
coal
D
crude oil.
Economics JAMB 2000 Q32
As a producers' association, the OPEC expects its members to maintain produc- tion wh'ere marginal cost is
A
greater than price
B
less than price
C
equal to price
D
equal to average cost.
Economics JAMB 2000 Q34
The age distribution of a country's population determines the
A
ratio of the de- pendent to the working group
B
total age of all working class adults
C
male fe male ratio
D
percentage of married women.
Economics JAMB 2000 Q35
Firms continue to employ workers until the wage rate equals the.
A
average product of labour
B
marginal revenue product of labour
C
total product of labour
D
sum of marginal revenue and average revenue of labour.
Economics JAMB 2000 Q36
Wage W SL W W W DL Labour SL = supply curve of labour DL = demand curve of labour In the diagram above, ifW1, W2, W3 and W4 are different wage rates, the minimum wa~rate is
A
W4
B
W3
C
W2 D.W1
Economics JAMB 2000 Q38
The major function of the wholesaler to his customers is
A
breaking of bulk
B
offering personal services
C
stocking a variety of goods
D
providing trans- port facilities. [PAGE 59]
Economics JAMB 2000 Q39
Which of the fo!lowing is used for measuring national Income?
A
Output income and wages.
B
Import expenditure and output.
C
Income, output and ex penditure.
D
Export, import and output.
Economics JAMB 2000 Q40
Exclusions that make Gross National Product a poor measure of welfare are
A
government purchases
B
govern ment military outlays
C
wages and sala ries
D
housewives' services.
Economics JAMB 2000 Q41
An increase in money supply, other things being equal, will
A
lower interest rates
B
reduce income
C
ensure trade balance
D
increase money demand.
Economics JAMB 2000 Q43
Two principal ways by which banks can lend money to their customers are through
A
loans and overdrafts
B
loans and discounting bills
C
overdrafts and cheques
D
overdrafts and treasury bills.