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2021 Jamb Cbt Economics Likely Questions with Answers

Scarcity in economics means?

A

human wants are limitless

B

the economy has very few resources

C

the economy can scarcely produce anything

D

resources are limited in relation to wants

 

Answer

 

2

Economics is often described as a social science because?

A

laboratory experiments are performed

B

It makes use of controlled experiments

C

It uses scientific methods to explain an observed phenomenon and predict future events

D

It makes use of fieldwork

 

Answer

 

3

Which of the following is an example of an invisible item on the balance of payments account

A

shipping and aviation

B

exports and imports

C

merchandise

D

Bullion

 

Answer

 

4

A major factor affecting the value of money is the?

A

price level

B

banking habits

C

transaction motive

D

divisible nature of money

 

Answer

 

 

5

The Nigerian bank for commerce and industry is?

A

a commercial bank

B

a development bank

C

an industrial bank

D

a merchant bank

 

Answer

 

6

To control inflation, the monetary authorities of a country can

A

reduce taxes

B

advise the government to increase its expenditure

C

engage in expansive monetary policies

D

engage in restrictive monetary policies

 

Answer

 

7

Which of the following is used by the central bank to control the rate of interest

A

bill of exchange

B

banker’s order

C

fixed deposit account

D

open market operation

 

Answer

 

8

What form of market is found in an imperfect competition where there are few buyers and many sellers

A

monopoly

B

oligopoly

C

duopoly

D

oligopsony

 

Answer

 

 

9

A budget with a projected revenue in excess of its expenditure is said to be?

A

balanced

B

surplus

C

deficit

D

inflationary

 

Answer

 

10

In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demands are___

A

elastic

B

inelastic

C

perfectly elastic

D

unitary elastic

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

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A

0.20

B

0.80

C

1.25

D

2.00

 

Answer

 

12

The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?

A

frictional

B

cyclical

C

residual

D

hidden

 

Answer

 

13

Collectivism refers to the management of state enterprises in a?

A mixed economy

B co-operative organizations

C capitalist economic system

D socialist economy

 

Answer

 

14

Efficiency in production means?

A reducing the size of the work force

B producing a given output with the lowest cost of combination of factors of production

C adoption of capital intensive technology

D increasing the quantity of the fixed factors of production

 

Answer

 

 

15

In economic life, the choice among alternatives depends on the?

A income of the decision maker

B scarcity of resources

C the scale of preference of the decision-maker

D status of the decison maker

 

Answer

 

16

The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

A total utility must fall

B marginal utility must fall

C marginal utility may rise

D marginal utility may fall even though his total utility may be rising

 

Answer

 

17

Which of the following rewards is associated with entrepreneurship

A salaries

B profits

C interest

D rent

 

Answer

 

18

Which of the following is likely to be inflationary

A taxes increase

B increase in unemployment

C budget surplus

D wages increase

 

Answer

 

 

19

The relationship between the tax rate and income which is relevant to progressive tax is shown by?

A curve X

B curve Y

C curve Z

D curve X and Z

 

Answer

 

20

The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

A curve Z and Y

B curve X

C curve Z

D curve Y

Fiduciary issue is that part of?

A the issue of notes backed entirely by gold

B a country’s currency that is not negotiable

C the issue of notes not backed by gold

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D a country’s currency officially issued

 

Answer

 

22

The type of business finances that entitles the holder to a fixed rate of dividend is?

A preference stock

B common stock

C debentures

D bank loan

 

Answer

 

23

A company’s expenditure on raw materials is regarded as?

A explicit cost

B implicit cost

C prime cost

D average cost

 

Answer

 

24

Firms are often set up close to each other in order to take advantage of?

A supply of skilled labour

B agglomeration economies

C internal economies of scale

D external economies of scale

 

Answer

 

 

25

A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

A dumping

B counter trade

C bilateral trade

D C. trade liberalization

 

Answer

 

26

The problem of conducting census include

A high rate of rural-urban migration

B poor geographical distribution of population

C high birth rate in the country

D poor town planning in urban areas

 

Answer

 

27

The factor of production that has the highest degree of mobility is?

A land

B labour

C capital

D entrepreneur

 

Answer

 

28

In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

A lack of an effective agricultural policy

B employment opportunities in the agricultural sector

C rural-urban drift

D low prices of agricultural products

 

Answer

 

 

29

The most important goal of OPEC is to?

A present a united front for the purpose of raise prices of crude oil

B bring unity among the petroleum exporting countries

C ensure political stability among member states

D ensure that rules on quota production are strictly followed

 

Answer

 

30

Plywood industries are often located near the source of?

A finance

B labour

C power supply

D raw materials

When a country’s population is experiencing increasing returns, that country is said to be?

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A overpopulated

B economically poor

C over-producing goods and services

D under-populated

 

Answer

 

32

The most important attribute of money is?

A homogeneity

B relative scarcity

C divisibility

D general acceptance

 

Answer

 

33

The use of legally permissible means to reduce tax liabilities is known as tax?

A evasion

B avoidance

C relief

D exemption

 

Answer

 

34

The Economic Commission for Africa was set up by the?

A UNO

B ECOWAS

C OAU

D IMF

 

Answer

 

 

35

One of the techniques of monetary control used by the central bank of Nigeria is

A selective credit control

B budget deficit

C foreign exchange control

D monitoring the general price level

 

Answer

 

36

Crude petroleum is a good example of a

A lasting asset

B wasting asset

C synthetic product

D costless resources

 

Answer

 

37

A major effect of a long distribution chain is

A scarcity of commodities

B high retail

C low retails prices

D low producer earnings

 

Answer

 

38

One of the major criticism of the 1962 -1968 National Development Plan was that?

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A it failed to incorporate lessons gained from earlier plans to enhance its efficiency

B it came too quickly after the country’s independence

C planned expenditure was based too heavily on expected earnings from crude oil

D its execution was based largely on foregn-sourced financial resources

 

Answer

 

 

39

Utility is the satisfaction derived from?

A production

B distribution

C consumption

D demand

 

Answer

 

40

Economic growth is different from economic development because economic growth

A describes expansion and changes

B is measurable but not objective

C describes expansion and not change

D is not measurable but objective

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