NEW
Font size
S
M
L
XL
WorksheetsJamb Economics
Total questions: 50
Worksheet time: 38mins
Name
Class
Date
1.
Economics can be defined as
a)
education in spending in the face of competitive alternatives
b)
the study of economic aggregates like inflation and national income
c)
economic behaviour of small units like the household and the firm
d)
allocation of resources to alternative uses
2.
A change in supply is best described as a
a)
movement along the supply curve
b)
shift of the supply curve to the left or to the right
c)
shift of supply curve to the left
d)
shift of the supply curve to the right
3.
When a generalization is made based on observed facts, it is known as
a)
deductive reasoning
b)
inductive reasoning
c)
theoretical reasoning
d)
normative reasoning
4.
A major problem facing all economies is how to
a)
increase consumption of imported goods
b)
improved trade among increase nations
c)
transform from a developing to a developed economy
d)
allocate scarce resources
5.
A vertical supply curve indicates that
a)
the quantity supplied is responsive to price
b)
the same fixed quantity will be supplied no matter the price
c)
increase in price will result in an increase in the quantity supplied
d)
there is a fixed price for the commodity below which no supply will be made
6.
The diagram below shows the total utility curve. At the point M, marginal utility
a)
increases
b)
is unity
c)
diminishes
d)
is zero
7.
If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in
a)
an increase in profit by 43%
b)
a net gain
c)
a decrease in profit by 43%
d)
a net loss
8.
In a free market economy, the price system allocates resources
a)
under government’s directives
b)
to ensure general welfare
c)
to their best alternative uses
d)
to reduce poverty
9.
At consumer equilibrium, the slope of the indifference curve is
a)
half the slope of the budget constraint line
b)
equal to the slope of the budget constraint line
c)
greater than the slope of the budget constraint line
d)
less than the slope of the budget constraint line
10.
For a supply curve, an increase in the price of a commodity will result in
a)
a decrease in supply
b)
a decrease in the quantity supplied
c)
an increase in supply
d)
an increase in the quantity supplied
11.
A normal good with close substitutes is likely to have its price elasticity of demand
a)
between zero and one
b)
equal to unity
c)
less than unity
d)
greater than unit
12.
Economics is regarded as a social science because it
a)
adopts the scientific method in production
b)
is an agent of socialization
c)
adopts the scientific method in the study of human behaviour
d)
deals with social problems
13.
In a demand curve, the relationship between price and quantity is
a)
indeterminate
b)
direct
c)
nil
d)
inverse
14.
If the arithmetic mean of 1,2,5,6, x 16 and 18 is 8.0, find the value of x.
a)
7
b)
6
c)
8.5
d)
8
15.
The fixing of the price of an item above or below the equilibrium price is most likely to take place in a
a)
centrally planned economy
b)
free market economy
c)
developed economy
d)
mixed economy
16.
A consumer’s scale of preference is an arrangement of his
a)
scarce resources in order of importance
b)
needs in order of importance
c)
sources of income and their importance
d)
requirements and how to satisfy them
17.
A firm’s shut-down point is reached when the average revenue fails to cover the
a)
average variable cost
b)
marginal cost
c)
average fixed cost
d)
average total cost
18.
Internal economies of scale are expected to bring about
a)
an increase in short-run average cost
b)
an increase in long-run average cost
c)
a decrease in long-run average cost
d)
a decrease in short-run average cost
19.
In the long run, a monopolist maximizes his profit when the marginal cost equals
a)
total revenue
b)
marginal revenue
c)
average cost
d)
price
20.
The long run is a period during which a firm
a)
sells inputs to purchase fixed assets
b)
varies all its inputs
c)
sources all its inputs from within
d)
replaces all its inputs
21.
An important feature of perfect competition is that
a)
the movement of goods and services is restricted
b)
there is adequate knowledge of existing prices
c)
prices are centrally administered
d)
individual economic units can influence prices
22.
If government fixes price below the equilibrium price, what effect will it have on demand?
a)
Quantity demanded and supplied will be equal
b)
Quantity supplied will be greater than quantity demanded
c)
Quantity demanded will increase
d)
Quantity demanded will decrease
23.
An imperfect market exists where
a)
the product is homogenous
b)
there is perfect information among the few buyers and sellers
c)
both buyers and sellers have free entry into and free exit from the market
d)
the location of some sellers gives them an advantage over others
24.
A production function relates
a)
cost to output
b)
wage to profit
c)
cost to input
d)
output to input
25.
The table below shows a demand schedule for eggs. What is the equilibrium price
a)
N100
b)
N110
c)
N60
d)
N80
26.
A major advantage of specialization and division of labour is that
a)
time wastage will be minimized
b)
trade unions will be encouraged
c)
there will be a ready market for labour
d)
workers will be adequately rewarded
27.
Which of the following is an example of a fixed cost?
a)
Fuel cost
b)
Electricity bill
c)
Rent on building
d)
Transportation cost
28.
In the agricultural sector, improved extension services facilitate
a)
acquisition of techniques
b)
arable crop production
c)
mobility of labour
d)
livestock production
29.
A disadvantage of concentrating industries in an area is that it could
a)
lead to collusion among the firms
b)
result in environmental pollution
c)
bring about diseconomies of scale
d)
increase the cost of production
30.
The losses suffered by a sole proprietor are
a)
usually equal to the amount invested
b)
usually less than the amount invested
c)
limited to the amount invested
d)
not limited to the amount invested
31.
To facilitate the exportation of crude oil from Nigeria, special
a)
airstrips were constructed for jets to evacuate the oil
b)
roads were built to connect the major oil wells to the ports
c)
pipelines were laid to connect the major oil wells to the ports
d)
pipelines were laid to connect the major oil wells to the ports
32.
An industry is a
a)
company producing unrelated commodities
b)
group of firms producing related commodities
c)
group of firms producing distinct commodities
d)
firm producing differentiated commodities
33.
Public debt is composed of
a)
internal debts and World Bank loans
b)
internal and external debts
c)
money owed to local and foreign contractors
d)
loans granted by IMF and ADB
34.
A tax that increases at a higher percentage as income increases is called
a)
a proportional tax
b)
a regressive tax
c)
a progressive tax
d)
an income tax
35.
The price paid for labour services is the
a)
commission rate
b)
wage rate
c)
income rate
d)
salary rate
36.
The capital market is a market for trading of financial assets such as
a)
bankers’ acceptances
b)
treasury bills
c)
long-term securities
d)
commercial papers
37.
Determine the cross elasticity of demand
a)
1.7
b)
0.6
c)
-0.6
d)
-1.7
38.
The two commodities can be classified as
a)
complements
b)
durable and non-durable
c)
intermediate and final
d)
substitutes
39.
Which of the following is an example of derived demand?
a)
Tax relief
b)
Wage increase
c)
Labour
d)
Entertainment
40.
At the point where marginal revenue of a monopolist is equal to zero, its total revenue will be
a)
falling
b)
maximum
c)
equal to zero
d)
rising
41.
A well conducted census is important for
a)
effective defense
b)
good economic planning
c)
effective revenue generation
d)
optimum population
42.
Increased output will cause farmers revenue to decrease when market demand is
a)
elastic
b)
perfectly elastic
c)
unitary elastic
d)
inelastic
43.
Industries contribute to national economic development because they
a)
employ an increasing number of labour
b)
utilize local raw materials
c)
provide recreational facilities
d)
use modern machines which replace human labour
44.
One problem in the marketing of agricultural products in Nigeria is
a)
the seasonal nature of the commodities
b)
high price of the commodities
c)
inadequate storage facilities
d)
the changing tastes of consumers
45.
The Nigerian economy is monocultural because government revenue is derived mainly from
a)
agriculture
b)
crude oil
c)
coal
d)
manufacturing
46.
A primary industry is concerned with
a)
clearing and cultivation of land only
b)
the operation of small scale enterprises
c)
the economic activities of primary producers
d)
extraction of resources in their raw state
47.
The age distribution of a country's population determines the
a)
male - female ratio
b)
total age of all working class adults
c)
ratio of the dependent to the working group
d)
percentage of married women
48.
The slow pace of industrial growth in Nigeria can be attributed to'
a)
inadequate infrastructural facilities
b)
inadequate number of unskilled labour
c)
lack of raw materials
d)
overdependence on the oil sector
49.
A distinguishing characteristic of cooperative societies is that voting power depends on the
a)
number of shares held
b)
equality of members
c)
status of the member
d)
management's decision
50.
A persistent rise in the general level of prices implies
a)
an increase in some prices
b)
a one-time rise in prices
c)
that the higher the price level, the more the value of money
d)
a steady fall in the purchasing power of money
Reset
