2015

JAMB Economics 2015 past questions

46 questions from the 2015 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock -> All Economics years
Economics JAMB 2015 Q2
The money market provides business firms with the avenue to
A
purchase goods and services
B
purchase capital equipment's
C
obtain short- term funds
D
obtain long-term funds
Economics JAMB 2015 Q3
The optimum level of output for pure monopolist occurs where
A
P is highest
B
P=AC
C
P=MC
D
MR=MC
Economics JAMB 2015 Q4
According to the demographic transition theory, Africa can be said to be at stage
A
2 and 3
B
3 only
C
2 only
D
1 and 3
Economics JAMB 2015 Q5
The Economic Community of West African States (ECOWAS) is an example of
A
globalization
B
regional marketing board
C
economic integration
D
economic union.
Economics JAMB 2015 Q6
Given: 32, 18, 24, 17, 16, 32, 28, 68, 71 and 15, the mode of the distribution is
A
71
B
56
C
32
D
15
Economics JAMB 2015 Q7
The major determinant of income elasticity of demand is
A
government policy
B
the availability of substitutes
C
the price of the good
D
the level of consumer's income UTME 2016 ECONOMICS QUESTIONS
Economics JAMB 2015 Q8
Unit of TP AP MP labour -- K F From the table above, find the values of K and F respectively
A
13 and 27
B
27 and 13
C
10 and 27
D
27 and 10.
Economics JAMB 2015 Q9
In the theory of consumer behaviour, the sum of all marginal utilities is
A
average marginal utility
B
the initial marginal utility
C
total utility
D
diminishing marginal utility.
Economics JAMB 2015 Q10
In a pure capitalist economy, the means and forces of production are owned and controlled by the
A
public and private sectors
B
feudal lords
C
public sector
D
private sector.
Economics JAMB 2015 Q12
From the graph above, FG indicates
A
equilibrium quantity demanded
B
excess supply
C
equilibrium quantity supplied
D
Excess demand.
Economics JAMB 2015 Q13
The demand for money is referred to as the
A
amount of money in fixed deposit
B
desire to hold money intangible assets
C
need for money to invest
D
Desire to hold money in liquid form rather than investing it. [PAGE 31]
Economics JAMB 2015 Q14
In the theory of production, a producer is at equilibrium at a point where
A
isocost is above the isoquant curve
B
isoquant is below the isocost curve
C
isocost is tangent to the marginal revenue
D
isoquant is tangent to the isocost curve.
Economics JAMB 2015 Q15
Balance of trade shows the relationship between the
A
internal and external trade
B
total value visible import and Export
C
deficit and surplus balance of payments
D
total value of invisible import and export.
Economics JAMB 2015 Q16
If the cash reserve ratio is 30%, a new deposit of ₦20 million will increase supply by
A
₦57.8m
B
₦47.9m
C
₦69.78m
D
₦66.7m.
Economics JAMB 2015 Q18
Payment of interests on loans and the repayment of capital sum at a future date is
A
balance debt
B
debt servicing
C
debt relief
D
debt retaking.
Economics JAMB 2015 Q19
The most difficult measure of central tendency to determine in a grouped data is
A
range
B
variance
C
mean
D
mode.
Economics JAMB 2015 Q20
Localization of industry is mainly determined by
A
diseconomies of scale
B
population growth
C
division of labour
D
access to raw materials.
Economics JAMB 2015 Q21
Geographical distribution of a population is affected by
A
low birth rate
B
the availability of skilled manpower
C
the availability of agricultural land
D
high birth ratenomic rent
E
transfer payment.
Economics JAMB 2015 Q23
Higher income taxes can be used to control
A
demand-pull inflation
B
high interest rates
C
cost- push inflation
D
hyperinflation.
Economics JAMB 2015 Q24
[PAGE 32] From the graph above, a shift of the Supply curve from S0S0, to S1S1 will lead to
A
a decrease in price and quantity
B
no change in price and quantity
C
an increase in price and quantity
D
a decrease in price and an increase in quantity.
Economics JAMB 2015 Q25
An indifference map is made up of a set of
A
consumers' total utility
B
consumer surplus
C
budget lines
D
indifference curves.
Economics JAMB 2015 Q26
Recapitalization policy will enable commercial banks to
A
employ more qualified workers
B
open more branches
C
reduce interest rate
D
have a very strong capital base
Economics JAMB 2015 Q27
The number of persons required to form a private company ranges from
A
ten to twenty
B
two to fifty
C
two to seven
D
seven to ten.
Economics JAMB 2015 Q28
The major function of international monetary funds is the
A
provision of short-run loans to medium scale industries
B
provision of long-term loans for infrastructure
C
development of agriculture in member countries
D
maintenance of stable exchange rates
Economics JAMB 2015 Q29
One of the major activities in the upstream sector of the Nigeria petroleum industry includes
A
transportation of finished products
B
refining of crude oil
C
marketing of refined petrol
D
exploration of crude oil.
Economics JAMB 2015 Q30
The law of supply states that the
A
higher the price the higher the quantity supplied
B
quantity supplied is always equal to the quantity demanded
C
lower the price the higher the quantity supplied
D
higher the price the lower the quantity supplied.
Economics JAMB 2015 Q31
One of the features of a perfect competitive firm is
A
restrictions to entry and exit
B
price discrimination
C
absence of transportation cost
D
product differentiation.
Economics JAMB 2015 Q32
The basis for international trade is the
A
differences in natural resources endowment
B
differences in the population size
C
prevailing interest rate on multilateral loans
D
economic system in practice.
Economics JAMB 2015 Q33
Training farmers on the improved farming techniques is the major activity of [PAGE 33]
A
intermediate workers
B
middlemen
C
extension workers
D
creditors.
Economics JAMB 2015 Q34
In a free market economy, prices are determined by
A
consumers
B
producers
C
the central government
D
the forces of demand and supply.
Economics JAMB 2015 Q35
The basic economic problem of what to produce in an economy is determined by
A
the availability of labour
B
the means of distribution
C
the availability of resources
D
technological know-how.
Economics JAMB 2015 Q36
In Nigeria, a fall in the supply of petrol would generally affect the
A
import of goods and services
B
export of goods and services
C
general price level in the country
D
exchange rate of the Naira.
Economics JAMB 2015 Q37
The short-run equilibrium point of a perfectly competitive firm is attained at a point where
A
is equal to total cost
B
the demand curve is tangential to the marginal cost
C
the marginal cost curve is equal to the marginal revenue curve
D
the marginal cost is equal to the price of the firm.
Economics JAMB 2015 Q38
Government can protect consumers from exploitative prices by introducing
A
minimum price
B
price differentiation
C
price floor
D
maximum price.
Economics JAMB 2015 Q39
If a fall in the price of commodity K brought about an increase in the demand for commodity Y, the two commodities are
A
composites
B
derived in nature
C
substitutes
D
c implements.
Economics JAMB 2015 Q40
In the theory of production, the price of a factor input is determined by
A
the prevailing exchange rates
B
its elasticity of demand
C
the existence of large market
D
the prevailing interest rates.
Economics JAMB 2015 Q41
From the graph above, find the modal score
A
40
B
20
C
100
D
60.
Economics JAMB 2015 Q42
When the selling price of a monopolist is below his short-run marginal cost, he is said to be making
A
an economic profit
B
Losses
C
profit
D
supernormal profit.
Economics JAMB 2015 Q43
The overall economic performance of a country can be assessed through
A
overlooking of its agricultural sector
B
employment estimates
C
national income estimates [PAGE 34]
D
balance of payment.
Economics JAMB 2015 Q44
The supply of agricultural products is mainly determined by
A
consumers' taste
B
consumers' income
C
technology
D
consumers.
Economics JAMB 2015 Q45
Determine the median of 6 10, 5, 12, 20, 18, 20 and 4
A
11
B
9.67
C
12.56
D
12.
Economics JAMB 2015 Q46
X 10- 21- 31- 41- 51- 61- F From the table above, find the range of the distribution
A
50
B
11
C
70
D
59.
Economics JAMB 2015 Q47
The failure of the Nigeria industrial sector is mainly associated with
A
lack of raw materials
B
inadequate market for industrial goods
C
underdeveloped infrastructural facilities
D
inadequate capital.
Economics JAMB 2015 Q48
If Qd = 40-4P and P = N4, what is the quantity demanded?
A
30
B
32
C
24
D
26.
Economics JAMB 2015 Q49
The long-run total cost curve shows the cost of
A
all fixed factors of production
B
the average fixed cost
C
all factor inputs that are employed
D
variable factors of production.
Economics JAMB 2015 Q50
The supply of farm produce is mainly determined by
A
consumers' income
B
weather condition
C
population
D
consumers' taste [PAGE 35] ANSWER KEYS [PAGE 36]