2016

JAMB Economics 2016 past questions

40 questions from the 2016 JAMB UTME Economics paper. Free, with answers where available.

Practice with CBT mock -> All Economics years
Economics JAMB 2016 Q1
If the arithmetic mean of 2, 3, 5, 8, Z, 10 and 12 is 7, what is the value of Z?
A
8
B
9
C
10
D
7
Economics JAMB 2016 Q2
The most important function of agriculture to the Nigerian economy is
A
the guarantee of food security
B
technical skill development
C
technological development
D
industrial development
Economics JAMB 2016 Q3
Given that Qd=15-2P and Qs=5+3P, determine the equilibrium price.
A
N3.00
B
N5.00
C
N2.00
D
N6.00
Economics JAMB 2016 Q4
Scale of preference is referred to as the
A
choices consumers make
B
array of consumer's needs
C
consumer preference for luxurious goods
D
consumer wants in order of priority
Economics JAMB 2016 Q5
One of the basic assumptions of monopoly is
A
perfect information of the market condition
B
the ability to either control price or output
C
perfect mobility of factors of production
D
large number of buyers and sellers
Economics JAMB 2016 Q6
The major advantage of a public limited liability company over a private limited liability company's
A
limited liability enjoyed by owner
B
separate legal entity
C
easy transferability of shares
D
perpetual existence
Economics JAMB 2016 Q7
The main activity in the upstream oil sector in Nigeria is
A
marketing of petroleum products
B
distribution of petroleum products
C
extraction of crude oil
D
refining of crude oil UTME 2017 ECONOMICS QUESTIONS
Economics JAMB 2016 Q8
Given: 2, 4, 6, 8, 4 and 6, the absolute mean deviation is
A
6.00
B
1.67
C
30.00
D
0.60
Economics JAMB 2016 Q9
The precautionary demand for money is determined by
A
the level of savings
B
the rate of interest
C
general price level
D
the level of income.
Economics JAMB 2016 Q10
If the output of a firm experiencing economies of scale increases, the average cost would
A
be at minimum
B
rise
C
be at maximum
D
fall.
Economics JAMB 2016 Q11
The demand curve for a normal good is negatively sloped because
A
price is an incentive to producers
B
price is an incentive to consumers
C
demand always exceeds supply
D
price and quantity move in the same direction.
Economics JAMB 2016 Q12
The average total cost when 20 units are produced is
A
₦45.30kg
B
₦50.00kg
C
₦47.50kg
D
₦5.00kg [PAGE 37]
Economics JAMB 2016 Q13
The major role of multinational companies in the Nigerian petroleum industry is
A
oil marketing only
B
oil marketing and prospecting
C
establishment of refineries
D
oil prospecting only.
Economics JAMB 2016 Q14
Life insurance companies contribute to economic development by holding a part of their assets in
A
long-term financial instruments
B
equipment
C
cash and near money
D
money-market instruments.
Economics JAMB 2016 Q15
The wage rate is mostly related to
A
marginal productivity of labour
B
average productivity of labour
C
marginal efficiency of investment
D
total productivity of Labour.
Economics JAMB 2016 Q16
The choice of how to produce in a command economy is determined by
A
consumers
B
government
C
industries
D
labour unions.
Economics JAMB 2016 Q17
The co-efficient of price elasticity of supply is
A
% change in supply % change in price
B
% change in quantity supplied % change in price
D
% change in quantity supplied %change in income
Economics JAMB 2016 Q19
In a limited liability company, the greatest risk is borne by the
A
preference shareholders
B
debentures shareholders
C
ordinary shareholders
D
board of directors.
Economics JAMB 2016 Q21
An inflation that co-exists with high rate of unemployment is
A
hyperinflation
B
cost-push inflation
C
stagflation
D
demand-pull inflation.
Economics JAMB 2016 Q22
The growth and development of small and medium scale enterprises in Nigeria is hampered by
A
poor regulatory framework
B
poor access to credit facilities
C
poor management
D
the small size of the market.
Economics JAMB 2016 Q24
Which of the following can be used to measure the Gross National Product
A
C+I+G-F(X+M)
B
C+I+G+(X-M)
C
C+I+G+X
D
C+I+G
Economics JAMB 2016 Q26
Unit of Total Capital output(kg) From the table above, determine the average product of the 5th unit of capital
A
310.5
B
176.5
C
70.6
D
62.0
Economics JAMB 2016 Q27
The problem of what to produce is determined by
A
consumption pattern
B
the distribution pattern
C
the state of technology
D
the volume of production
Economics JAMB 2016 Q28
The main function NNPC is to
A
develop the oil producing areas
B
oversee the development of the oil sector
C
ensure regular supply of products
D
fix the prices of petroleum products
Economics JAMB 2016 Q31
The deregulation on the petroleum sector in Nigeria will bring about
A
efficiency in pricing and distribution of the products
B
fixing appropriate production quotas
C
an end to the importation of fuel
D
an end to foreign firms' dominance.
Economics JAMB 2016 Q32
One of the ways of correcting a deficit balance of payments is to
A
devalue a country's currency
B
predenominate a country's currency
C
reduce imports
D
reduce exports.
Economics JAMB 2016 Q34
Given: Qd = 30 - 3P and Qs = 9P - 15, determine the equilibrium price
A
₦12.00
B
₦3.75 [PAGE 39] From the table above, the marginal product of the 7th Unit of Capital is
C
a production possibility curve
D
an indifference curve
Economics JAMB 2016 Q35
The problem of economic development in Nigeria is that of
A
poor weather conditions
B
overpopulation
C
surplus skilled manpower
D
inadequate infrastructure.
Economics JAMB 2016 Q37
The demand for inferior goods is inversely related to change in
A
income
B
price
C
supply
D
taste.
Economics JAMB 2016 Q38
The minimum number of shareholders for partnership is
A
7
B
4
C
2
D
3
Economics JAMB 2016 Q39
When diminishing returns sets in, the total variable cost begins to
A
rise at an increasing rate
B
fall at a decreasing rate
C
rise at a decreasing rate
D
fall at an increasing rate.
Economics JAMB 2016 Q40
Unit of Total capital output(kg)
A
80kg
B
100kg
C
310kg
D
173kg
Economics JAMB 2016 Q41
Given: 32, 18, 24, 17, 16, 32, 28, 68, 71 and 15, what is the range?
A
26
B
32
C
56
D
68
Economics JAMB 2016 Q42
From the diagram above, the consumer is at equilibrium at point
A
G
B
F
C
K
D
M [PAGE 40]
Economics JAMB 2016 Q43
If P = 1/4 (Qs + 30), what is the quantity supplied at ₦18?
A
64.5
B
42.0
C
2.4
D
30.0
Economics JAMB 2016 Q44
When a consumer is at equilibrium, The MRS x is equal to the
A
product of the two prices
B
sum of the two prices
C
ratio of the two prices
D
difference of the two prices.
Economics JAMB 2016 Q45
One of the major factors militating against industrialization in Nigeria is
A
low level of foreign investment
B
frequent break-down of equipment
C
inadequacy of infrastructural facilities
D
government participation.
Economics JAMB 2016 Q46
One of the factors that is considered in the location of a cement industry is nearness to
A
market
B
raw materials
C
infrastructural facilitates
D
skilled manpower. 47.A problem facing the development of the Nigerian Petroleum industry in Nigeria is
Economics JAMB 2016 Q48
At full employment level, a contractionary monetary policy will Lead to a
A
rise in aggregate supply
B
rise in aggregate demand
C
rise in level of inflation rate
D
fall in the level of inflation 49.A country where the available population is unable to guarantee efficient utilization of available resources is experiencing
Economics JAMB 2016 Q50
One of the causes of instability in farmers' income is
A
high level of illiteracy
B
unfriendly land tenure
C
unfavourable weather condition
D
poor management of extension services [PAGE 41] ANSWER KEY [PAGE 42]