2002

JAMB Economics 2002 past questions

33 questions from the 2002 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock -> All Economics years
Economics JAMB 2002 Q7
In a centrally planned economy. the economic problem of deciding what to produce is dependent on
A
state command
B
relative prices
C
average cost
D
average profit.
Economics JAMB 2002 Q9
The demand for factors of production is an example of
A
competitive demand
B
derived demand
C
composite demand
D
joint demand
Economics JAMB 2002 Q11
Import substitution aims at
A
substituting agricultural products with , industrial ones
B
substituting imports with agricultural exports
C
improving the balance of payments
D
the diversification of industries.
Economics JAMB 2002 Q12
Some of the key indicators of 'I underdevelopment in a country are
A
poverty low level of literacy and low income
B
poverty low income and low unemployment level C poverty high level of literacy and low Income
D
low level of illiteracy, low income and' poverty
Economics JAMB 2002 Q13
ECOWAS has taken a giant step towards economic integration by
A
Iintroducing a common currency for' traveilers
B
presenting a united front against foreign economicexploiters.
C
holding frequent meetings at various state capitals
D
increasing economic', stability among member states.
Economics JAMB 2002 Q14
One of the major factors militating against industrialization in Nigeria is the
A
frequent breakdown of equipment
B
failure to get foreign partners and supporters
C
inadequacy of infrastructural facilities
D
absence of government participation.
Economics JAMB 2002 Q15
The types sources and uses of government income are mainly concerned with
A
public budget
B
public finance
C
public expenditure
D
public revenue
Economics JAMB 2002 Q16
The present privatization policy in Nigeria is aimed at
A
reducing the prices of goods and services
B
increasing efficiency in production
C
poverty alleviation
D
reducing incom~ inequality
Economics JAMB 2002 Q17
One of the roles of the NNPC in the production and refining of crude oil is to
A
secure maximum government revenue and regulate price
B
protect the local operators in the petroleum industry.
C
prevent the smuggling of petroleum products
D
satisfy the domestic consumption petroleum products.
Economics JAMB 2002 Q18
One way of correcting the balance payments problem of a country is to
A
devalue the currency
B
introduce import-promotion measures
C
deemphasize import
D
buy investments abroad
Economics JAMB 2002 Q19
One of the problems arising from the localization of industries is
A
high prices of output
B
structural unemployment
C
the exportation of output
D
the scarcity of foreign exchange.
Economics JAMB 2002 Q20
The major purpose of the African Development Bank is to
A
educatepeasant farmers in new techniques B provide loans for development banks in distress
C
provide loans fo infrastructural development
D
provide loans for trade development.
Economics JAMB 2002 Q21
As a country gets more developed, th percentage of labour engaged in agriculture tends to
A
switch over to trading
B
remain constant
C
increas steadily
D
decrease steadily
Economics JAMB 2002 Q23
Cocoa Tonnes 20 Ghana Cocoa Tonnes 20 Nigeria Cotton (Tonnes) Cotton (Tonnes) In the diagrams above, the Opportunity cost of a unity of cotton in terms cocoa is
A
20 for Ghana 60 for Nigeria
B
1/4 for Ghana 1/2 for Nigeria
C
5 Ghana 30 for Nigeria
D
4 for Ghan for Nigeria.
Economics JAMB 2002 Q24
External finance for a limited lial company is mainly sourced throug
A
the issuing of shares `
B
the least equipment
C
trade credits
D
loans
Economics JAMB 2002 Q25
One of the major criticisms of the 1962 National Devel opment Plan that
A
its execution was based on foreign-sourced financial measures resources
B
it failed to [PAGE 64] incorporate lessons gained from earlier plans to enhance efficiency
C
planned expenditure based too heavily on expected ear from crude oil.
D
it came too quick after the country's independence
Economics JAMB 2002 Q27
In the short run a firm's marginal cost curve above the point of shut-down in it's
A
supply curve
B
revenue curve
C
demand curve
D
cost curve
Economics JAMB 2002 Q28
The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called
A
internal economies of scale
B
market economies
C
external economies of scale
D
economies of scale
Economics JAMB 2002 Q29
As a firm increases its output the average fixed cost
A
tends to decrease continuously
B
rises and then falls
C
remains constant D . tends to rise continuously
Economics JAMB 2002 Q30
The economic policy of deregulation is aimed at encouraging
A
a competitive market structure
B
an oligopolistic market structure
C
a duopolistic market structure
D
a monopolistic market structure .
Economics JAMB 2002 Q31
The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to
A
decrease the equilibrium quantity and affect the price in an indeterminate way
B
raise the price of the commodity and affect the quantity in an indeterminate way
C
lower its price while affecting the equilibrium quantity in an- indeterminate way
D
raise its price as well as the equilibrium quantity. .
Economics JAMB 2002 Q32
Under conditions of perfect competition a firm's supply curve is determined by it's
A
fixed cost curve
B
variable curve cost
C
total cost curve
D
marginal cost curve
Economics JAMB 2002 Q33
The short-run equilibrium output for a monopolist is determined by the
A
intersection of the marginal cost and marginal revenue curves
B
highest point on the total revenue curve
C
intersection of the average revenue and average cost curves
D
minimum point on the average cost curve
Economics JAMB 2002 Q34
D S P(#) 100 200 300 Q In the diagram above what is the excess demand at the price of N60?
A
3000
B
100
C
600 D 200
Economics JAMB 2002 Q35
The equilibrium wage in an economy is determined by the
A
supply and demand for labour
B
rate of inflation
C
workers' union
D
public service .36. If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience
Economics JAMB 2002 Q37
The middlemen in the chain of distribution are
A
wholesalers and retailers
B
manufacturers and consumers
C
consumers and wholesalers
D
retailers and consumers
Economics JAMB 2002 Q39
Improved labour efficiency can be measured by
A
the constancy of input-output ratio
B
an increase in input- output ratio
C
an increase in output-input ratio
D
a decrease in output-input ratio
Economics JAMB 2002 Q40
National income estimates can be used to
A
compare a country's growth rate with that of another over a period of time.
B
differentiate between the rich ana the poor in a country
C
prepare a country's annual budget
D
project the level of a country's economic development
Economics JAMB 2002 Q41
In Nigeria, the bank that can correctly be described as a unit bank is
A
the Central Bank
B
Ccommunity Bank
C
People's Bank
D
Mortgage Bank [PAGE 65]
Economics JAMB 2002 Q42
Creeping inflation implies that there is a
A
rapid but not permanent Increase In the general price level
B
gentle but not permanent increase in the general price level
C
rapid and persistent increase in the general price level
D
gentle and persistent increase in the general price level.
Economics JAMB 2002 Q43
In a closed economy, the marginal propensity to consume is 0.6 and the average propensity to consume 0.8. The value of the multiplier is
A
2.7
B
2.6
C
2.4
D
2.5
Economics JAMB 2002 Q44
Excess demand inflation can be controlled through
A
contractionary trade policy
B
expansionary monetary policy
C
contractionary fiscal policy
D
expansionary fiscal policy
Economics JAMB 2002 Q45
The primary objective of the NDIC is to
A
provide regulations guiding the finance houses
B
give protectiqll to banks against fraud
C
give protection to bank depositors
D
give protection to the CBN against fraud. Economics 2003