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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2. The downturn in the price of shares on stock markets is a highlight or ___ Answer: The regulatory nature of the market
3. What is the effect of a decrease in supply where demand is constant? Answer: Increase in price, decrease in quantity.
4. To control inflation, the monetary authority of a company can ___ Answer: Engage in a restrictive monetary policy.
5. Natural growth rate can be calculated by? Answer: Natural growth rate = Death rate + Net immigration
6. In the analysis of utility theory, the basis of demand is ___ Answer: Diminishing utility
7. In the money market, money can only be borrowed for ___ Answer: Short term
8. The consumer co-operative society is owned by Answer: Members of the society
9. 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
10. In a public company, entrepreneurship functions are performed by the ___ Answer: Board of directors For Legit
11. One major export crop in West Africa is ____ Answer: Cocoa
Answer: Maximise profits
18. In a socialist economy, factors of production are owned and controlled by the Answer: Government.
19. The market where buyers and sellers of currency meet are known as Answer: Foreign exchange market
20. Taxes that are levied on a person’s expenditure are known as Answer: Purchase tax
21. The additional revenue obtained by using one more unit of a factor is called ___ Answer: Marginal Revenue product
22. A firm’s compulsory cost is referred to as its
Answer: Fixed Cost
23. The assumption of economic analysis are …….. and ….. Answer: Rationally and other things being equal
24. A firm is at its optimum size when
Answer: It produces the greatest output at the minimum.
25. When a variable is associated with period, it is? Answer: A flow For Legit
26. The full meaning of OPEC is Answer: Organization of petroleum exporting countries
27. State-owned enterprises are more common in Centrally planned economies
28. Commercial banks are examples of a joint-stock bank
29. Efficiency of labour is enhanced by Improved working conditions and training
30. The production strategy used in populated countries is Labour intensive
. 31. Internal trade has a general effect on ….. of a country. Answer: GDP
32. West African economies can be described as? Answer: Agricultural.
33. The headquarters of the African Development Bank (ADB) was originally located in Abidjan
34. ….. is the measurement of the steepness of the line or curve that emerges on the graph.
Answer: Slope
35. Banks create money by… Answer: Lending out deposits to borrowers
36. The situation whereby government revenue is less than government expenditure is referred to as Answer: Budget deficit
37. ….. and …. of goods and factors of production brought the existence of price Answer: Scarcity and usefulness
38. The most common form of business in West Africa is the
Answer: Sole proprietorship
39. The terms of trade simply mean the price ratio of Answer: export to import
40. 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.
