40 Jamb Economics Likely Questions And Answers

1. The residual of production which acquires the ownership of loans after all other expenses have been met is called ___

Answer: Rent

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1. The downturn in the price of shares on stock markets is a highlight or ___ Answer: The regulatory nature of the market
2. What is the effect of a decrease in supply where demand is constant? Answer: Increase in price, decrease in quantity.
3. To control inflation, the monetary authority of a company can ___ Answer: Engage in a restrictive monetary policy.

4. Natural growth rate can be calculated by? Answer: Natural growth rate = Death rate + Net immigration

5. In the analysis of utility theory, the basis of demand is ___ Answer: Diminishing utility

6. In the money market, money can only be borrowed for ___ Answer: Short term

7. The consumer co-operative society is owned by Answer: Members of the society

8. Find the median of the following set of scores, 8,9,6,5,10 Answer: Median is the middle number after all the

numbers are arranged in ascending or descending order. Arranging, we have 5,6,8,9,10. Therefore, the media in 8

1. In a public company, entrepreneurship functions are performed by the ___ Answer: Board of directors For Legit

2. One major export crop in West Africa is ____ Answer: Cocoa

Answer: Maximise profits

1. In a socialist economy, factors of production are owned and controlled by the Answer: Government.

2. The market where buyers and sellers of currency meet are known as Answer: Foreign exchange market

3. Taxes that are levied on a person’s expenditure are known as Answer: Purchase tax

4. The additional revenue obtained by using one more unit of a factor is called ___ Answer: Marginal Revenue product

5. A firm’s compulsory cost is referred to as its

Answer: Fixed Cost

1. The assumption of economic analysis are …….. and ….. Answer: Rationally and other things being equal

2. A firm is at its optimum size when

Answer: It produces the greatest output at the minimum.

1. When a variable is associated with period, it is? Answer: A flow For Legit

2. The full meaning of OPEC is Answer: Organization of petroleum exporting countries

3. State-owned enterprises are more common in Centrally planned economies

4. Commercial banks are examples of a joint-stock bank

5. Efficiency of labour is enhanced by Improved working conditions and training

6. The production strategy used in populated countries is Labour intensive

. 31. Internal trade has a general effect on ….. of a country. Answer: GDP

1. West African economies can be described as? Answer: Agricultural.

2. The headquarters of the African Development Bank (ADB) was originally located in Abidjan

3. ….. is the measurement of the steepness of the line or curve that emerges on the graph.

Answer: Slope

1. Banks create money by… Answer: Lending out deposits to borrowers

2. The situation whereby government revenue is less than government expenditure is referred to as Answer: Budget deficit

3. ….. and …. of goods and factors of production brought the existence of price Answer: Scarcity and usefulness

4. The most common form of business in West Africa is the

Answer: Sole proprietorship

1. The terms of trade simply mean the price ratio of Answer: export to import

2. The tax imposed on goods produced within the country is An EXCISE TAX Hope you found this helpful? Feel free to share with your friends and don’t fail to drop your comment.