💹 2014

JAMB Economics 2014 past questions

39 questions from the 2014 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock → All Economics years
Economics JAMB 2014 Q1 ✓ Answer: C
The major implication of high dependency ratio on an economy is
A
high capital formation
B
vicious cycle of poverty
C
low cost of living
D
high standard of living.
Economics JAMB 2014 Q2 ✓ Answer: A
One of the major problems of agricultural sector in Nigeria is
A
low literacy level of farmers
B
small size of farms
C
pest attack on crops
D
inadequate modem farm implements.
Economics JAMB 2014 Q3 ✓ Answer: C
Cooperative societies are characterized with
A
divergent interest of members
B
limited liability
C
free entry and exit
D
unlimited size of membership.
Economics JAMB 2014 Q4 ✓ Answer: B
The marginal propensity to save measures the
A
ratio of change in saving
B
change in supply as a result of a change in consumption
C
ratio of change in consumption to a change in the level of income
D
average propensity to consume.
Economics JAMB 2014 Q5 ✓ Answer: C
Structural unemployment is mainly caused by
A
a change in the consumption pattern
B
a change in the business cycle
C
decrease in the output level
D
Seasonal variation.
Economics JAMB 2014 Q6 ✓ Answer: C
If the national income is 360m, the contribution of the manufacturing sector is
A
312m
B
39m
C
318m
D
317m
Economics JAMB 2014 Q6 ✓ Answer: C
One of the major problems of census in Nigeria is
A
inadequate skilled personnel
B
high dependency ratio
C
distortion of census figures
D
High cost of conducting census.
Economics JAMB 2014 Q8 ✓ Answer: D
Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.
A
₦34
B
₦32
C
₦36
D
₦16
Economics JAMB 2014 Q13 ✓ Answer: A
Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?
A
20
B
15
C
50
D
30
Economics JAMB 2014 Q14 ✓ Answer: B
Price Quantity (₦) supplied From the table above, Calculate the price elasticity of supply
A
0.50
B
0.80
C
2.00
D
1.25
Economics JAMB 2014 Q15 ✓ Answer: D
When price is set below equilibrium, this will lead to
A
an increase in the quantity supplied
B
a new equilibrium
C
a decrease in the quantity supplied
D
a fall in price
Economics JAMB 2014 Q17 ✓ Answer: C
Unit Total Average Marginal of product product product labour -- E F From the table above, find the values of E and F respectively
A
27 and 1
B
68 and 12
C
28 and 5
D
12 and 19
Economics JAMB 2014 Q18 ✓ Answer: C
If the production of a large firm is higher than that of a small firm, it is experiencing.
A
external economies of scale
B
external diseconomies of scale
C
internal economies of scale
D
internal diseconomies of scale
Economics JAMB 2014 Q19 ✓ Answer: B
Division of labour requires that, the tasks in a production line be performed
A
by specialists
B
in stages
C
by all workers
D
by unskilled labourers of commodities through
Economics JAMB 2014 Q20 ✓ Answer: D
Given that FC = ₦500, VC = ₦1,500, and Q = 50 units. Find the average cost of the product.
A
₦30
B
₦40
C
₦10
D
₦20
Economics JAMB 2014 Q21 ✓ Answer: D
Rent and administrative expenses are examples of
A
average fixed costs
B
average variable costs
C
fixed costs
D
variable costs
Economics JAMB 2014 Q23 ✓ Answer: C
One of the characteristics of a monopolist is that, he can influence
A
quantity produced by other producers
B
prices charged by other producers
C
both price and quantity
D
price or quantity
Economics JAMB 2014 Q25 ✓ Answer: C
Which of the following can be used to measure the Gross National product in an open economy?
A
C+I+G+(X+M)
B
C+I+G+X
C
C+I+G
D
C+I+G+(X-M)
Economics JAMB 2014 Q26 ✓ Answer: D
If MPC = 2/3 and investment is ₦100 million, the level of national income is
A
₦100 million
B
₦10 million
C
₦303 million
D
₦300 million
Economics JAMB 2014 Q27 ✓ Answer: A
The precautionary demand for money is determined by
A
the rate of interest
B
the level of savings
C
the level of income
D
general price level
Economics JAMB 2014 Q28 ✓ Answer: A
An inflation that co-exists with high rate of unemployment is
A
hyperinflation
B
stagflation
C
demand-pull inflation
D
cost-push inflation
Economics JAMB 2014 Q29 ✓ Answer: C
One of the challenges facing the banking industry in Nigeria is
A
ensuring technological security
B
providing employment
C
providing loans for investment
D
creating more money
Economics JAMB 2014 Q30 ✓ Answer: B
Short-term loans for investment are usually obtained through the
A
stock market
B
development banks
C
money market
D
capital market
Economics JAMB 2014 Q31 ✓ Answer: A
Given a base year and the price index of 175% the following year, which of the following year will arise?
A
The cost of living decreases of that year
B
The cost of living remains unchanged
C
The value of money rises by 75% [PAGE 27]
D
The value of money falls by 75%
Economics JAMB 2014 Q32 ✓ Answer: B
Wage freeze is a policy measure aimed at
A
encouraging investors
B
curbing inflation
C
regulating standard of living
D
curbing deflation
Economics JAMB 2014 Q35 ✓ Answer: D
An important role of agriculture in Nigeria's economic development is the
A
processing of raw materials for industries
B
regulation of price system
C
provision of infrastructure
D
provision of employment
Economics JAMB 2014 Q36 ✓ Answer: A
An advantage of large-scale farming over peasant farming is in the area of
A
providing research and massive employment of labour
B
redistributing national income to various regions of the country
C
encouraging the use of traditional implements
D
encouraging urban-rural migration
Economics JAMB 2014 Q38 ✓ Answer: B
One major factor that determines the location of an industry is
A
tax exemption grant
B
its proximity to the market
C
the capital base
D
the social responsibility of the firm
Economics JAMB 2014 Q39 ✓ Answer: C
The major contribution of OPEC to the Nigerian economy is the
A
provision of social infrastructures
B
granting of subsidies on petroleum products
C
stabilization of oil prices
D
building of refineries
Economics JAMB 2014 Q40 ✓ Answer: B
The loading of crude oil at the terminal is an activity in the
A
downstream sector of the oil industry
B
upstream and downstream sector of the oil industry
C
upstream sector of the oil industry
D
midstream and upstream sectors of the oil industry
Economics JAMB 2014 Q41 ✓ Answer: C
The short-run average variable cost of a firm will rise owing to
A
the expansion of factory space
B
the building of new warehouse
C
an increase in the cost of labour
D
an increase in the salaries of directors
Economics JAMB 2014 Q42 ✓ Answer: D
Firms embark on vertical integration in other to
A
take over markets formally controlled by other firms
B
prevent other firms from entering the market
C
reduce advertisement and management cost [PAGE 28]
D
enjoy economies of large- scale production
Economics JAMB 2014 Q43 ✓ Answer: C
The voting power in co-operative societies is vested on
A
management
B
members without loan
C
shareholders
D
members with the highest contribution
Economics JAMB 2014 Q44 ✓ Answer: C
An accurate census figure is an important tool for planners in
A
providing employment
B
siting industries
C
providing social amenities
D
allocating resources
Economics JAMB 2014 Q45 ✓ Answer: D
An accurate population census is important in other to
A
produce more food for the growing population
B
provide employment opportunities for the people
C
estimate a country's per capita income
D
fast track industrial development 46.A major determinant of floating exchange rate is
Economics JAMB 2014 Q47 ✓ Answer: A
If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is
A
excise duties
B
import duties
C
quotas
D
tariff
Economics JAMB 2014 Q48 ✓ Answer: D
The main objective of WTO is to
A
ensure adequate protection of infant industries
B
provide a mechanism for tariff reduction
C
assist countries with chronic balance of payments problem
D
assist developing countries to execute developmental projects
Economics JAMB 2014 Q49 ✓ Answer: A
The major determinant of the total volume of output in an economy is the
A
level of total expenditure
B
composition of consumer spending
C
number of farmers
D
size of the labour force
Economics JAMB 2014 Q50 ✓ Answer: B
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 [PAGE 29]