An upward movement along the same supply curve result in_____________

an increase in quantity supplied

a decrease In quantity supplied

Human wants are insatiable because wants are____________

Unlimited while means are scarce.

Unlimited and means are also unlimited

Limited and means are also limited

Unlimited while means are scarce.

Commercial bank reserves at the Central Bank____________

controlling credit and money supply

discouraging banking operations

A capital market differs from the money market in that in the former _____?

The percentage of interest charged is more

The population density of a town made up of 50 square kilometer land area and 100 million people is________

2 million people per square kilometer 

50,000 people per square kilometer

2 million people per square kilometer 

0.5 million people per square kilometer

20 million people per square kilometer

The study of Economics becomes necessary because of the______________

Large population size of the world

Opportunity cost of goods and services

Need to satisfy every desire of man

JAMB UTME - Economics - 2018 | Green Bridge CBT

Question 1 Report

From the table, how many people scored above 6?

25

24

5

30

Answer Details

number of people who scored above 6=5+4+9+6

=24

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Agriculture

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Question 2 Report

Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

N20m

N380m

N200m

N180m

Answer Details

Y = C + I
Y = 50 + 0.75 + 45
Y - 0.75 = 50 + 45
Y (1 - 0.75) = 95
0.25y = 95
Y = 95/0.25
Y = 380

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Theory Of Price Determination

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Question 3 Report

X	8	10	12	16	18	20	24
F	2	1	4	3	3	1	6

From the table, Calculate the mean?

24.0

17.0

18

27.2

Answer Details

Mean= ∑fx/∑f

=(16+10+48+48+54+20+144)/(2+1+4+3+3+1+6)

=340/20

=17.0

By calculation, the mean of the distribution is not 18

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Methods And Tools Of Economic Analysis

Theory Of Costs

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Question 4 Report

When a union is composed of workers with the same skill , it is called____________

An industrial union

A workers union

A craft union

A technical union

Answer Details

When a union is composed of workers with the same skill, it is called a craft union. This means that the union represents workers who have the same type of training or expertise in a particular craft or trade. For example, a union of electricians, plumbers, or carpenters would be considered craft unions. These workers often have specific skills that are honed through years of training and experience, and the craft union helps to protect their interests, such as negotiating better wages, benefits, and working conditions. By focusing on a specific skill, craft unions can advocate for their members' unique needs and ensure that they receive fair treatment in the workplace.

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Distributive Trade

Types And Basic Features Of Economic Systems

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Question 5 Report

A group formed to enable members adopt a common policy in labour negotiation is known as?

Employer’s association

Craft Union

Trade union

Employee’s union

Answer Details

Employer’s association is formed to enable members to adopt a common policy in labour negotiation. A good example of employers association is that of the Nigerian Employers’ Consultative Association (NECA).

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Population And Labour Market

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Question 6 Report

A country's budget allocation to various sectors of the economy is shown in the pie chart.

If the budget of the country was $7,200.00, how much is allocated to education?

$2,400.00

$2,000.00

$1,200.00

$1,000.00

Answer Details

The pie chart shows the budget allocation of a country. The total budget is $7,200.00. To find out how much is allocated to education, we need to look at the portion of the pie chart that represents education. Based on the options given, the amount allocated to education is $2,400.00. This means that out of the total budget of $7,200.00, $2,400.00 is set aside for education.

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Public Finance

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Question 7 Report

One of the major forms of migration that tends to create problem in all developing countries is that of___________

Rural-urban migration

Rural-rural migration

Urban-rural migration

Seasonal migration

Answer Details

The major form of migration that tends to create problems in developing countries is rural-urban migration. This refers to the movement of people from rural areas to urban areas in search of better economic opportunities and a higher standard of living. There are several reasons why rural-urban migration occurs. In rural areas, there may be limited job opportunities, low wages, and a lack of access to basic services such as healthcare, education, and clean water. In contrast, urban areas offer more job opportunities, higher wages, and better access to services. However, rural-urban migration can create several problems. Firstly, it can lead to overcrowding and strain on urban infrastructure, such as housing, transportation, and public services. This can result in poor living conditions for migrants and contribute to the spread of diseases. Secondly, rural-urban migration can lead to social problems such as crime, poverty, and inequality. Migrants may face discrimination and difficulty integrating into urban communities, which can exacerbate social tensions. Finally, rural-urban migration can have negative impacts on rural areas, as it can result in a loss of skilled workers and a decline in agricultural productivity. This can have serious consequences for food security and rural development. Overall, while rural-urban migration can provide benefits for migrants in terms of economic opportunities and access to services, it can also create significant challenges for both urban and rural areas.

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Population

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Question 8 Report

From the graph above the consumer will attain equilibrium at point_______________

J

K

M

L

The Theory Of Production

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Question 9 Report

The ultimate objectives of economics is to_________?

decide under what circumstances that government should intervene in the economy

Organize production at the lowest cost

Make the best use of scarce resources

make efforts to understands how the economy works

Answer Details

The ultimate objective of economics is to make the best use of scarce resources. This means that economics seeks to understand how people, businesses, and societies allocate limited resources such as land, labor, capital, and technology in order to satisfy unlimited wants and needs. The goal is to ensure that resources are used in the most efficient and effective way possible, so that people can enjoy a higher standard of living and greater economic prosperity.

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Economics As A Science

Economic Systems

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Question 10 Report

Occupational distribution of information is mainly influenced by___________

economic factor

religious factor

geographical factor

social factor

Answer Details

Occupational distribution of population refers to the classification of the working population into different types of work they engage in. The occupational distribution in any population is influenced by factors which includes: The level of education, Availability of natural resources, The level of technology, The type of production activities.

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International Trade

Population

Market Structure

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Question 11 Report

Which of the following is an advantage of localization of industry?

Development of subsidiary firms

creation of parallel market

development of slums

attraction of foreign capital

Answer Details

Localization of industries refers to the concentration of firms or industries producing similar product in one area. As major firms concentrate in one area, other subsidiary firms that assist the major firms in the production of goods usually emerge.

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Industry And Industrialization

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Question 12 Report

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

International monetary Fund

Countries with comparative advantage

Countries with superlative advantage

Countries producing same or identical goods

Answer Details

The formation of cartels or monopolies in order to obtain better bargaining or deals from other countries is characteristic of countries producing the same or identical goods. When multiple countries produce the same or very similar goods, they may face competition from each other in the global marketplace. This competition can lead to lower prices and lower profits for all the countries involved. To avoid this, these countries may form a cartel or monopoly by agreeing to work together to limit production or fix prices. By doing so, they can increase their bargaining power and negotiate better deals with other countries or buyers. For example, the Organization of the Petroleum Exporting Countries (OPEC) is a cartel made up of oil-producing countries that work together to regulate the supply and price of oil in the global market. By working together, they can maintain higher prices for their oil and negotiate better deals with buyers. Overall, the formation of cartels or monopolies can be a way for countries producing similar goods to gain more control over the market and secure better economic outcomes for themselves.

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International Trade

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Question 13 Report

Concentrating industries in one place is advantageous because there are gains in terms of_____________

cost economies

economies of scale

internal economies

external economies

Answer Details

External economies of scale are economies of scale which a firm enjoys by virtue of being in an industry or environment where for instance, similar firms are located, as this question asks about. They are still economies of scale though, so technically B could also be correct. This is one of those tricky questions.

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Theory Of Consumer Behaviour

Theory Of Production

Market Structures

Market Structure

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Question 14 Report

In an open economy, the GNP is measured as_____________?

C + 1 + G(X-M)

C + 1 + G

C + 1 + G + X

C + 1 + G + M

Answer Details

In an open economy, GNP (Gross National Product) is measured as: C + I + G + (X - M), where: - C represents private consumption expenditures by individuals and households. - I represents gross investment by businesses, such as spending on capital goods like machinery, buildings, and equipment. - G represents government spending on goods and services. - X represents exports, which are goods and services produced domestically and sold to foreign countries. - M represents imports, which are goods and services produced in foreign countries and purchased domestically. The formula above takes into account both domestic and foreign economic activities. The net difference between exports (X) and imports (M) is included to determine the impact of international trade on the economy. Therefore, by using the formula C + I + G + (X - M) to measure GNP in an open economy, we can get a better understanding of the overall economic activity, including the impact of international trade on the economy.

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National Income

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Question 15 Report

Taxes and government expenditures are instruments of____________

Monetary policy

Tax policy

Economic policy

Fiscal policy

Answer Details

Taxes and government expenditures are instruments of fiscal policy. Fiscal policy refers to the government's use of its spending and taxation powers to influence the economy. By adjusting the level of taxes and government spending, the government can influence the level of economic activity and control inflation. For example, if the government wants to stimulate economic growth, it may lower taxes and increase government spending. This increases consumer spending and investment, which can boost economic activity. On the other hand, if the government wants to slow down inflation, it may raise taxes and decrease government spending, which can reduce consumer spending and slow down economic growth. In summary, fiscal policy is a crucial tool used by governments to manage their economies and maintain economic stability.

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Public Finance

Economic Development And Planning

Economic Systems

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Question 16 Report

An ad valorem tax is imposed on_____?

Exports

Imports

The Value of a Commodity

Special Commodities

Answer Details

An ad valorem tax is imposed on the value of a commodity. This type of tax is calculated as a percentage of the value of a product, rather than a fixed amount. For example, if a product is worth $100 and the ad valorem tax rate is 10%, the tax would be $10. The word "ad valorem" is Latin for "according to value". Ad valorem taxes are commonly used on consumer goods, such as clothing or electronics, and are applied at the point of sale. The purpose of this tax is to raise revenue for the government and to potentially regulate certain products by making them more expensive.

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Economic Systems

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Question 17 Report

The economic term used to refer to human wants, desires or needs is known as?

Ends

Alternative means

Scarce

Means

Answer Details

The economic term used to refer to human wants, desires, or needs is "Ends". In economics, ends refer to the goals or objectives that individuals or society aims to achieve. These are the things that people want or need, such as food, shelter, clothing, entertainment, or education. Ends are considered to be unlimited because there are always new wants or needs that arise as people's tastes and preferences change, as well as advances in technology and innovation. However, the resources to satisfy these ends are limited, which creates a problem of scarcity. To achieve these ends, individuals must use alternative means, or resources, such as labor, capital, or natural resources. Therefore, the correct option is "Ends".

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Factors Of Production And Their Theories

International Trade

The Theory Of Demand

Economics As A Science

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Question 18 Report

The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

Volume of trade between countries

direction of international trade

commodity terms of trade

volume of imports

Answer Details

Term of trade refer to the rate at which a country’s exports exchange for its import. It is expressed as a relation between the prices a country receives for its export and the prices it pay for import. Term of trade is usually measured by this mathematical formula:

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Methods And Tools Of Economic Analysis

International Trade And Balance Of Payments

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Question 19 Report

The two major types of international trade are Bilateral trade and?

Internal trade

Multilateral trade

Dilateral trade

Trilateral trade

Answer Details

The two major types of international trade are bilateral trade and multilateral trade. Bilateral trade refers to the exchange of goods and services between two countries. It involves the negotiation and agreement of terms and conditions between two parties, and it usually results in a trade surplus or deficit for each country. On the other hand, multilateral trade involves the exchange of goods and services among three or more countries. This type of trade is governed by international trade agreements, such as the World Trade Organization, and aims to promote free trade and economic cooperation among member countries. In summary, bilateral trade involves trade between two countries, while multilateral trade involves trade among three or more countries and is governed by international trade agreements.

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International Trade

Economic Integration

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Question 20 Report

The money paid per hour for work done is_________

cost

salary

bonus

wage rate

Answer Details

The money paid per hour for work done is called a "wage rate". Wage rate is the amount of money an employee is paid for each hour of work. It's a basic unit of pay that reflects the compensation an employee receives for the time and effort they put into their job. The wage rate can be influenced by various factors, including the employee's experience, qualifications, and the type of work they do. It's important to note that wage rate is different from salary, which is a fixed amount of money paid to an employee for a set period of time, usually annually or monthly. A bonus, on the other hand, is an additional payment made to an employee in recognition of good work or as a reward for achieving a specific goal.

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Theory Of Price Determination

Theory Of Costs

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Question 21 Report

From the table, Calculate the median___________

24.0

17.0

18

16

Answer Details

When a group data is involved, cumulative frequency is used. The formula will be:

Median=[(N+1)/2]th

For member of odd number items. That is, where N is odd

Median=([N/2[N/2+1]th)/2

For member of odd number items. That is, where N is odd

Solution:

X	8	10	12	16	18	20	24
F	2	1	4	3	3	1	6
Cumulative Frequency	2	3	7	10	13	14	20

When a group data is involved, cumulative frequency is used. The formula will be:

Median=[(N+1)/2]th

For member of odd number items. That is, where N is odd

Median=([N/2[N/2+1]th)/2

For member of odd number items. That is, where N is odd

Solution:

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Methods And Tools Of Economic Analysis

Definition And Scope Of Economics

Basic Tools Of Economic Analysis

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Question 22 Report

The main concern of economists is to________

Control the growth of population

Redistribute income between the rich and poor

Satisfy all human wants

Allocate scarce resources to satisfy human wants

Answer Details

Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.

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International Trade

Business Organizations

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Question 23 Report

If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

only the quantity will increase

The prices will remain constant

the equilibrium price and quantity will increase

only the price will increase

The Theory Of Demand

Economics As A Science

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Question 24 Report

The Economic Commission for Africa was set up by the_________

UNO

ECOWAS

OAU

IMF

Answer Details

The Economic Commission for Africa (ECA) was set up by the United Nations (UN) in 1958. The ECA is one of the UN's five regional commissions and it was established to promote economic and social development in Africa. The ECA's primary objective is to provide research and policy analysis, as well as technical assistance, to African governments, with the goal of supporting their efforts to achieve sustainable and inclusive economic growth. The ECA also works to promote regional integration and cooperation among African countries, as well as to foster partnerships with other regions of the world. Therefore, the correct answer is the UNO.

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International Economic Organizations

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Question 25 Report

A limited liability company is owned by________________

a bank

an individual

two or more partners

share holders

Factors Of Production And Their Theories

Business Organizations

Market Structures

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Question 26 Report

The reward for capital is___________

Interest

Rent

Risk

Premium

Answer Details

The reward for capital is interest. Capital refers to the money or assets that are used to invest in a business or enterprise. When someone invests their capital into a business, they expect to earn a return on their investment. The return on investment for capital is called interest. Interest is the amount of money paid by the borrower to the lender for the use of their capital. This can be in the form of regular interest payments or a lump sum at the end of the investment period. The interest rate is determined by various factors such as market conditions, inflation, and risk. Therefore, interest is the primary reward for capital.

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The Theory Of Production

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Question 27 Report

The privatization exercise in Nigeria is a move towards a____________

command economy

mixed economy

subsistence economy

market economy

Answer Details

The privatization exercise in Nigeria is a move towards a market economy. A market economy is a type of economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand. In a market economy, resources are owned and controlled by individuals and private enterprises, rather than the government. In Nigeria's case, the privatization exercise involves the transfer of ownership and control of state-owned enterprises (SOEs) to private individuals or companies. This shift from state ownership and control to private ownership and control is a characteristic feature of a market economy. By reducing the role of the government in the economy, the privatization exercise in Nigeria is aimed at promoting competition, encouraging innovation, and improving efficiency in the management of these formerly state-owned enterprises.

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Economic Systems

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Question 28 Report

Which of the following is not a direct tax?

capital gains tax

purchase tax

personal income tax

capital tax

Public Finance

Financial Institutions

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Question 29 Report

The effects on the demand for product A caused by a change in the price of product B is Called____________

Joint demand

cross-elasticity of demand

elasticity of supply

competitive demand

The Theory Of Demand

Demand

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Question 30 Report

In a developing economy, productivity is measured by the____________

output - labour ratio

capital - output ratio

output growth rate

Output per capital

The Theory Of Supply

The Theory Of Production

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Question 31 Report

An economy in which both the public and private sectors contribute to economic growth is a__________?

socialist economy

feudal economy

mixed economy

capitalist economy

Answer Details

The correct answer is a mixed economy. A mixed economy is an economic system that combines elements of both the public (government) and private sectors. In a mixed economy, the government and private businesses work together to create economic growth and promote social welfare. In a mixed economy, the government is responsible for providing essential services such as healthcare, education, and infrastructure. The private sector, on the other hand, is responsible for creating goods and services that meet the demands of the market. This type of economy allows for the benefits of both capitalism (private enterprise) and socialism (public enterprise) to coexist. It allows the government to regulate and control certain aspects of the economy, while still allowing the private sector to operate and innovate freely. Many modern economies around the world are considered mixed economies, including the United States, Canada, and the United Kingdom.

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Question 32 Report

Which of the following is an invisible item?

Petroleum services

Processed rice

Processed milk

Banking services

Answer Details

The invisible item in the list is "Banking services". In economics, visible items are tangible goods that can be physically seen and touched, while invisible items are intangible services that cannot be physically seen or touched. Petroleum services, processed rice, and processed milk are all visible items because they are tangible goods that can be seen, touched, and measured. On the other hand, banking services are intangible and cannot be physically seen or touched. Examples of banking services include providing loans, managing savings accounts, facilitating transactions, and offering financial advice. Therefore, banking services are considered an invisible item because they are intangible and cannot be physically seen or touched.

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Banking

Money And Inflation

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Question 33 Report

If the standard deviation of a given data is 8.2, find its variance_______________

82.0

91.8

67.2

4.1

Answer Details

The variance of a given data is the square of the standard deviation. Therefore, if the standard deviation of a given data is 8.2, the variance can be calculated as follows: Variance = Standard deviation^2 Variance = 8.2^2 Variance = 67.24 So, the variance of a given data with a standard deviation of 8.2 is 67.24.

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Methods And Tools Of Economic Analysis

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Question 34 Report

The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________

deductive reasoning

positive reasoning

normative reasoning

inductive reasoning

Economics As A Science

Economic Systems

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Question 35 Report

The form of capital that is required for the day-to-day running of production activities is called?

Fixed capital

Social Capital

Circulating capital

Liquid capital

Answer Details

Liquid or current capital is the type of capital that is required for the day-to-day running of production activities. They are also changed from one form to another examples are finished goods and money.

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The Theory Of Production

Theory Of Production

Demand

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Question 36 Report

Import duty and tariffs is an instrument used for international trade restriction and so is __________?

Preferential duties

Preferential treatment

Entreport

Trade license

Answer Details

In other to encourage or discourage the importation of certain goods from certain countries discriminate duties are charged on these goods.

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International Trade

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Question 37 Report

The basic economic problems of society include___________

scarcity, for whom to produce and where

what to produce, how and for whom

how to produce and sell

Answer Details

The basic economic problems of society refer to the fundamental challenges that arise from the limited availability of resources and the unlimited wants and needs of individuals and society as a whole. The three main economic problems are scarcity, choice, and opportunity cost. Scarcity refers to the limited availability of resources, such as land, labor, and capital, relative to the unlimited wants and needs of individuals and society. This means that choices must be made about what to produce, how to produce it, and for whom it should be produced. The second economic problem is choice. Because resources are scarce, individuals and societies must make choices about what goods and services to produce and consume. This requires answering questions like "what to produce," "how much to produce," "how to produce it," and "for whom to produce it." These choices have important consequences for the allocation of resources and the distribution of income and wealth. The third economic problem is opportunity cost. This refers to the cost of choosing one option over another, as measured by the value of the best alternative foregone. In other words, every time we make a choice, we give up the opportunity to do something else with those resources. This means that the cost of any choice is not only the direct cost of producing or consuming a good, but also the opportunity cost of not using those resources in some other way. In summary, the basic economic problems of society include scarcity, choice, and opportunity cost. These problems arise from the limited availability of resources relative to the unlimited wants and needs of individuals and society, and require making choices about what to produce, how to produce it, and for whom it should be produced.

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Economics As A Science

Economic Systems

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Question 38 Report

The labour force of a country is determined by the___________

geographical distribution of the population

age structure of the population

number of people available for work

sex distribution of the population

Population And Labour Market

Population

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Question 39 Report

The mean is the best measure of central tendency because it__________

can be calculated from incomplete data

is a balancing point in an observation

is a midpoint value in an array of data

is not affected by extreme values in a data

Answer Details

The mean is considered the best measure of central tendency because it is a balancing point in an observation. Central tendency refers to the tendency of data to cluster around a particular value in a distribution. The three measures of central tendency are mean, median, and mode. The mean is the arithmetic average of a set of data and is calculated by summing all of the values and dividing by the number of values in the set. The mean is the balancing point in an observation because it takes into account all the values in a set of data and calculates their average. It is the sum of all the values in the set divided by the total number of values. Because the mean is based on all the values in the data set, it is less likely to be affected by extreme values (outliers) than other measures of central tendency, such as the median or mode. In addition to being a balancing point in an observation, the mean has several other advantages as a measure of central tendency. For example, it is easy to calculate and is a useful tool for comparing different data sets. It can also be calculated from incomplete data, which is not the case with other measures of central tendency. Overall, the mean is the best measure of central tendency because it is a balancing point in an observation and takes into account all the values in a data set, making it less likely to be influenced by extreme values.

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Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

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Question 40 Report

The reward for capital is___________

Interest

Rent

Risk

Premium

Answer Details

The reward for capital refers to the return or compensation that an investor receives for providing their money as an investment in a business or project. This reward can take various forms, but some common ones are interest, rent, and dividends. Interest is a reward for lending money, and it is usually expressed as a percentage of the amount borrowed. For example, if you lend $1,000 to a company that promises to pay you 5% interest, you will receive $50 in interest payments each year. Rent is another form of reward for capital, and it is often associated with real estate. If you own a property and rent it out to tenants, you receive a regular income stream in the form of rent payments. This income can be a reward for the capital you have invested in the property. Risk is also a consideration when it comes to the reward for capital. Investments with higher risks may have the potential for higher returns, but they also have a greater chance of losing money. Therefore, investors who take on greater risk may expect a higher reward for their capital. Premium refers to an additional payment made to investors above and beyond their expected return. This may be offered to incentivize investment or to reward investors who are willing to take on greater risk or tie up their capital for a longer period of time. In summary, the reward for capital can take many forms, but it generally refers to the return that investors receive for putting their money to work in a business or investment. The specific form of the reward will depend on the type of investment and the risks involved.

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Factors Of Production And Their Theories

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