2010

JAMB Economics 2010 past questions

49 questions from the 2010 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock -> All Economics years
Economics JAMB 2010 Q1
Which Economics question paper type is given to you?
A
Type A
B
Type B
C
Type C
D
Type D
Economics JAMB 2010 Q1
Which question paper type of economics is given to you?
A
Type A
B
Type B
C
Type C
D
Type D
Economics JAMB 2010 Q2
Economics is the study of human behaviour as it relates to the
A
efficient allocation of resources
B
production of goods
C
operation of companies
D
generation of income
Economics JAMB 2010 Q2
An effective way of controlling inflation in a mixed economy is to
A
increase productivity
B
reduce income tax
C
ration available output
D
increase imports
Economics JAMB 2010 Q3
The downturn in the prices of shares on stock markets is a highlight of
A
efficient allocation of resources
B
the invisible hand
C
the regulatory nature of the market
D
consumer rationality
Economics JAMB 2010 Q3
One of the limitations PPC assumption is that there is
A
no indication of technological development
B
no recognition of preferred goods for countries
C
technical inefficiency
D
abundant resources
Economics JAMB 2010 Q4
If = 6 and N = 6, determine the value of ∑fx
A
36
B
12
C
1
D
72
Economics JAMB 2010 Q5
The standard deviation of a set of data is
A
always measured from the mode
B
the most representative of averages
C
always measured from the median
D
a measure of dispersion
Economics JAMB 2010 Q5
Demand patterns are determined by the market on the basis of
A
scale of preference
B
consumer sovereignty
C
consumer rationality
D
price of the commodity
Economics JAMB 2010 Q6
The mean is the best measure of central tendency because it
A
is not affected by extreme values in a data
B
is a midpoint value in an array of data
C
is a balancing point in an observation
D
can be calculated from incomplete data
Economics JAMB 2010 Q7
The most popular sizes of dresses and shoes are determined by the
A
range
B
mean
C
mode
D
median UTME 2010 ECONOMICS QUESTIONS
Economics JAMB 2010 Q8
If the demand for a good is more elastic than its supply, the tax burden is borne
A
equally by consumers and producers
B
more by producers
C
more by consumers
D
more by retailers and producers
Economics JAMB 2010 Q9
If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
A
double
B
increase
C
be constant
D
decrease
Economics JAMB 2010 Q10
An excess demand for beans will result from
A
an increase in the price of beans
B
a decrease in the price of beans
C
an increase in the supply of beans
D
a decrease in the supply of beans
Economics JAMB 2010 Q11
Consumer surplus tends to be higher when demand is
A
inelastic
B
perfectly elastic
C
elastic
D
unitarily elastic
Economics JAMB 2010 Q12
One of the assumptions of ordinal utility theory is that
A
choice is not consistent
B
utility can be ranked
C
total utility is a function of price
D
satisfaction is measurable
Economics JAMB 2010 Q13
The law of diminishing marginal utility explains why
A
the slope of a normal demand curve is negative
B
an abnormal demand curve slopes upwards
C
the slope of a normal demand curve is positive
D
the consumption of inferior goods increases with income
Economics JAMB 2010 Q14
If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
A
₦1.50 [PAGE 3]
B
₦0.40
C
₦1.00
D
₦2.00
Economics JAMB 2010 Q16
If the coefficient of price elasticity of supply is greater than one, the supply is said to be
A
perfectly elastic
B
fairly inelastic
C
infinitely inelastic
D
fairly elastic
Economics JAMB 2010 Q17
If commodity X is a by-product of commodity Y, this implies that both commodities are
A
in competitive supply
B
in composite supply
C
jointly supplied
D
in excess supply
Economics JAMB 2010 Q18
In perfect competition, price is determined by the
A
government
B
sellers
C
buyers
D
market
Economics JAMB 2010 Q19
In order to reduce hardship faced by consumers due to high prices government can introduce
A
maximum prices
B
commodity boards
C
minimum prices
D
price control boards
Economics JAMB 2010 Q20
Average product is less than marginal product when
A
there is constant returns to scale
B
there is increasing returns to scale
C
there is decreasing returns to scale
D
diminishing returns set in
Economics JAMB 2010 Q22
The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing
A
increasing efficiency
B
economies of scale
C
diseconomies of scale
D
increasing marginal returns
Economics JAMB 2010 Q23
An industry's supply curve is more likely to be elastic when firms are
A
enjoying free entry and exit
B
operating at full capacity
C
operating below capacity
D
maximizing profits
Economics JAMB 2010 Q24
One of the characteristics of monopolistic competition is that
A
there is mobility of factors of production
B
no single seller dominates the market
C
the firms are price-takers
D
consumers have perfect knowledge of price
Economics JAMB 2010 Q25
The demand curve for factors of production
A
is perfect elastic
B
slopes upwards
C
slopes of downwards
D
is perfectly inelastic
Economics JAMB 2010 Q26
An agreement among firms on price and segmentation is termed
A
cartel
B
collusion
C
haggling
D
specialization
Economics JAMB 2010 Q27
In national income accounting, tax is determined by the
A
level of income
B
level of consumption [PAGE 4]
C
level of investment `
D
rate of savings
Economics JAMB 2010 Q29
If MPC is 0.7 while government expenditure increased by ₦ 150m, the equilibrium national income is
A
₦ 214 million
B
₦ 45 million
C
₦ 105 million
D
₦ 500 million
Economics JAMB 2010 Q30
The function of money which makes division of labour possible is its
A
unit of account
B
store of value
C
medium of exchange
D
standard of deferred payment
Economics JAMB 2010 Q31
By buying treasury bills, the Central Bank of Nigeria intends to
A
increase money supply in the economy
B
reduce the cash reserve ratio for banks
C
reduce money supply in the economy
D
increase the capital base of commercial banks
Economics JAMB 2010 Q32
The velocity of money is represented as
A
Money supply Real GDP
B
Real GDP Money supply
C
Nominal GDP Money supply
D
Real GDP Nominal GDP
Economics JAMB 2010 Q33
One of the functions of commercial banks is
A
maintaining stable price in the economy
B
regulating monetary policies
C
granting loans to customers
D
issuing bank notes and coins
Economics JAMB 2010 Q35
In Nigeria, the distribution of job opportunities
A
balanced budgeting
B
deficit budgeting
C
surplus budgeting
D
zero budgeting
Economics JAMB 2010 Q36
National development plans in Nigeria fail mainly because of
A
overdependence on foreign aids
B
inadequate funding of projects
C
poor implementation strategies
D
shortage of skilled manpower
Economics JAMB 2010 Q37
The ultimate aim of agricultural policies in Nigeria is to achieve
A
food sufficiency
B
industrialization
C
full employment
D
industrial capacity utilization
Economics JAMB 2010 Q38
Government can boost agricultural output in Nigeria primarily by
A
embarking on buffer stock programmes
B
placing embargo on food importation
C
granting subsidies on farm inputs
D
placing farmers on monthly income
Economics JAMB 2010 Q39
Localization of industries refers to the
A
spread of firms producing different products
B
siting of industries near the market
C
concentration of firms of an industry
D
siting of firms producing different products [PAGE 5]
Economics JAMB 2010 Q40
In developing countries, governments influence the location of industries in order to
A
spread development
B
redistribute wealth
C
encourage entrepreneurs
D
encourage industries to earn high profits
Economics JAMB 2010 Q42
The maximum number of shareholders for a limited liability company's is
A
twenty
B
five
C
seven
D
infinite
Economics JAMB 2010 Q43
The primary motive for an individual engaging in production is to
A
make profit
B
satisfy basic human wants
C
redistribute wealth
D
put inputs into use Use the table below to answer question 44 and 45. Year Population Working (000) Population(000)
Economics JAMB 2010 Q44
What is the population growth rate in 2003?
A
33.3%
B
20.0%
C
11.0%
D
50%
Economics JAMB 2010 Q45
The percentage of working population in 2002 is?
A
50%
B
25%
C
8%
D
80%
Economics JAMB 2010 Q46
One of the characteristics of free trade zone is
A
common tariff against non- member countries
B
different trade policies of non- member countries
C
free factor mobility within the zone
D
harmonized trade among member countries
Economics JAMB 2010 Q47
If Nigeria imports vehicles from Japan the transaction will appear as a
A
debit on Japan's balance of payments
B
credit on Japan's balance of payments
C
credit on Nigeria's balance of trade
D
credit on Nigeria's balance of payment
Economics JAMB 2010 Q48
One of the objectives of ADB is to
A
provide subsidies on imported goods to member countries
B
mobilize short-term loans for member countries
C
promote economic and social development of member countries
D
provide technical assistance to only poor member countries
Economics JAMB 2010 Q49
The choice of the method of production in an economy is determined by the
A
level of technical know-how
B
rate of population growth
C
availability of natural resources
D
level of income
Economics JAMB 2010 Q50
The amount of labour hired depends on the
A
number of skilled labour available
B
skill of labour
C
marginal productivity of labour
D
price of the inputs [PAGE 6]