💹 2012

JAMB Economics 2012 past questions

42 questions from the 2012 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock → All Economics years
Economics JAMB 2012 Q1 ✓ Answer: B
Which question paper type of Economics is given to you?
A
Type B
B
Type I
C
Type B
D
Type U
Economics JAMB 2012 Q2 ✓ Answer: A
An economy in which both the public and private sectors contribute to economic growth is as
A
feudal economy
B
capitalist economy
C
socialist economy
D
mixed economy
Economics JAMB 2012 Q3 ✓ Answer: B
If the standard deviation of a given data is 53, what is the variance?
A
2,082
B
2,809
C
2,808
D
2,209
Economics JAMB 2012 Q4 ✓ Answer: D
Which of the following set of statistical tools is used for further economic analysis?
A
the median and standard deviation
B
the mean and mode
C
the mean and standard deviation
D
the mode and median
Economics JAMB 2012 Q5 ✓ Answer: B
An advantage of the range as a measure of dispersion is that it
A
can be used to calculate open- ended distribution
B
make use of all values of observations in a distribution
C
takes all values into consideration
D
is useful for further statistical calculation
Economics JAMB 2012 Q6 ✓ Answer: D
If the GDP is N60 billion, what is the difference between the contributions of oil and manufacturing sectors?
A
N11.7 billion
B
N13.3 billion
C
N21.7 billion
D
N26.6 billion
Economics JAMB 2012 Q6 ✓ Answer: D
Find the median of the following set of data 35, 10, 14, 38, 15, 18, 22, 30 and
A
10
B
38
C
35
D
22 UTME 2013 ECONOMICS QUESTIONS
Economics JAMB 2012 Q7 ✓ Answer: B
If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in
A
consumers' income
B
demand
C
consumers' tastes
D
quantity damanded
Economics JAMB 2012 Q9 ✓ Answer: A
Price (₦) Quality (Kg) From the above, calculate the price elasticity of demand
A
5.0
B
2.0
C
1.0
D
0.5
Economics JAMB 2012 Q10 ✓ Answer: B
If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be
A
perfectly elastic
B
inelastic
C
elastic
D
perfectly inelastic
Economics JAMB 2012 Q11 ✓ Answer: A
Comparison of interpersonal utility is impossible because
A
utility is measured in utils
B
marginal utility is not observable
C
utility is subjectively determined
D
individual income differ [PAGE 14]
Economics JAMB 2012 Q12 ✓ Answer: C
When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he
A
stops consuming more of the commodity
B
reduces the quantity consumed
C
increases the quantity consumed
D
consumes more of another commodity Use the diagram below to answer question 13 and 14
Economics JAMB 2012 Q13 ✓ Answer: A
The consumer is at equilibrium at point
A
N
B
P
C
M
D
K
Economics JAMB 2012 Q14 ✓ Answer: C
To move from point M to K, the consumer has to increase the
A
consumption of X and reduce the consumption of Y
B
expenditure on Y
C
expenditure on X
D
consumption of Y and reduce the consumption of X
Economics JAMB 2012 Q15 ✓ Answer: B
The supply of cocoa is influenced by
A
seasonal conditions
B
the efficacy of fertilizer used
C
the demand for beverages
D
the availability of close substitutes
Economics JAMB 2012 Q16 ✓ Answer: C
If quantity supplied is constant irrespective of price changes, the supply elasticity is
A
unitary
B
infinity
C
fairly elastic
D
perfectly inelastic
Economics JAMB 2012 Q17 ✓ Answer: B
The cost elasticity of supply is a useful instrument for measuring
A
profit
B
productivity
C
national income
D
price index
Economics JAMB 2012 Q18 ✓ Answer: C
The invisible hand promotes the interests of
A
consumers
B
society
C
government
D
producers
Economics JAMB 2012 Q19 ✓ Answer: A
Fixing price above equilibrium will cause
A
demand and supply to remain constant
B
an increase in quantity supplied
C
an increase in supply
D
a decrease in quantity supplied
Economics JAMB 2012 Q20 ✓ Answer: D
An important function of the price system is to
A
ensure that producers' profits remain high
B
guarantee full employment of resources
C
allocate resources to most productive uses
D
protect the economic interests of government
Economics JAMB 2012 Q21 ✓ Answer: B
If all factors are variable in the long run,firms will experience
A
decreasing returns to scale
B
increasing returns to scale
C
diminishing returns
D
economies of scale
Economics JAMB 2012 Q22 ✓ Answer: B
The equilibrium point of a firm is attained at the point where the isoquant is
A
greater than the isocost
B
less than the isocost
C
tangent to the isocost
D
greater than the output
Economics JAMB 2012 Q23 ✓ Answer: D
The long-run average cost curve touches to the short-run average cost curves at the
A
minimum points of all short run average cost curves
B
declining points of all short-run average cost curves [PAGE 15]
C
minimum point of only one of the short- run cost curves
D
rising points of all short-run average cost curves
Economics JAMB 2012 Q24 ✓ Answer: B
If a firm doubles all inputs in the long run and the total output is less than doubled, this results in
A
diminishing returns
B
constant returns to scale
C
increasing returns to scale
D
decreasing returns to scale
Economics JAMB 2012 Q25 ✓ Answer: B
Patents and copyrights enable monopolists to
A
determine the quality of their products
B
determine the scale of their products
C
restrict information flow to new firms
D
restrict entry of new firms
Economics JAMB 2012 Q27 ✓ Answer: D
Net National Product is derived by deducting
A
net exports from GNP
B
subsidies from GDP
C
taxes from GDP
D
depreciation from GNP Use the information below to answer question 28 29. The investment expenditure of economy changes by ₦2 Million and MPC is 0.75
Economics JAMB 2012 Q28 ✓ Answer: D
What is the change in income?
A
N0.5m
B
N1.5m
C
N2.6m
D
N8.0m
Economics JAMB 2012 Q29 ✓ Answer: D
The multiplier is
A
8
B
4
C
3
D
2
Economics JAMB 2012 Q30 ✓ Answer: D
The money that commands a higher market value than its face value is called
A
paper money
B
standard money
C
commodity money
D
fiat money
Economics JAMB 2012 Q31 ✓ Answer: C
If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index
A
100
B
200
C
240
D
300
Economics JAMB 2012 Q32 ✓ Answer: C
The minimum amount which banks are required to deposit with the central bank is determined by the
A
liquidity ratio
B
cash reserve ratio
C
minimum lending rate
D
aggregate credit ceiling
Economics JAMB 2012 Q33 ✓ Answer: C
The major function of money market is to
A
provide funds for long-term financing
B
provide funds short-term financing
C
stabilize the value of the local currency
D
stabilize domestic prices
Economics JAMB 2012 Q34 ✓ Answer: A
An ad valorem tax is imposed on
A
special commodities
B
exports
C
imports
D
the value of a commodity
Economics JAMB 2012 Q36 ✓ Answer: B
Rapid economic development in Nigeria is realizable by
A
continuous dependence on oil
B
concentrating more on agriculture
C
developing the tourism industry
D
diversifying the economy
Economics JAMB 2012 Q37 ✓ Answer: C
The primary reason for desiring economic growth is to
A
control inflation
B
reduce poverty
C
redistribute income
D
raise standard of living
Economics JAMB 2012 Q38 ✓ Answer: C
An emerging agricultural export crop in Nigeria is [PAGE 16]
A
cassava
B
cotton
C
cocoa
D
soya beans
Economics JAMB 2012 Q41 ✓ Answer: B
An important contribution of small-scale industries to the Nigerian economy is in the area of
A
technological development
B
foregin exchange earnings
C
raw materials processing
D
labour employment
Economics JAMB 2012 Q43 ✓ Answer: D
Long-term funds for investment projects are sourced from the
A
money market
B
commodity market
C
foreign exchange market
D
capital market
Economics JAMB 2012 Q45 ✓ Answer: B
The Malthusian theory was concerned about the relationship between
A
population growth rates of the rich and the poor nations
B
population density and national income
C
population growth rate and natural resources
D
age distribution of population
Economics JAMB 2012 Q46 ✓ Answer: B
In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population
A
10
B
20
C
30
D
50
Economics JAMB 2012 Q48 ✓ Answer: B
One of the functions of ECOWAS is to
A
provide funds for infrastructural development
B
determine prices of exports
C
redistribute income among citizens
D
provide employment for citizens of member nations
Economics JAMB 2012 Q49 ✓ Answer: D
The reward on machinery and equipment in the process of production is known as
A
profit
B
interest
C
rent
D
wage s 50. From this diagram, the minimum wage OW will lead to