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.

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

The percentage of interest charged is more

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

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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Population

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Question 2 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 3 Report

Mortgage banks give loans to investors on a long term basics to_____________

Finance agriculture

establish banks

acquire machinery

build houses

Answer Details

Mortgage banks give loans to investors on a long-term basis to build houses. When people want to buy a home, they may not have enough money to pay for it all at once. In this case, they can apply for a mortgage loan from a bank. A mortgage is a loan that is used to buy a property and is usually paid back over a period of several years. Mortgage banks specialize in giving out loans for the purpose of purchasing property, such as homes or other buildings. The loan is typically secured by the property being purchased, which means that if the borrower cannot repay the loan, the bank can take possession of the property to recoup its losses. Investors who want to build houses can also get mortgage loans from banks. In this case, the loan is used to finance the construction of the property, and the property serves as collateral for the loan. Overall, the primary purpose of mortgage banks is to give long-term loans to investors who want to buy or build houses. By providing this service, mortgage banks help to stimulate the housing market and make it easier for people to achieve their dreams of homeownership.

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Agriculture

Banking

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Question 4 Report

The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

Revenue generation

Economic development

Fiscal Policy

Taxation

Answer Details

The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as Fiscal Policy. Fiscal policy involves the use of government spending and taxation to influence the economy's performance. For example, during a recession, the government may increase its spending to stimulate economic growth and create jobs. Alternatively, during a period of high inflation, the government may reduce its spending and increase taxes to reduce the amount of money in circulation and lower inflation. Fiscal policy can be used to achieve various economic objectives, such as stabilizing the economy, promoting economic growth, and reducing income inequality. It is an essential tool for governments to manage the economy and ensure its stability and growth over the long term.

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Public Finance

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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

The number of people who are qualified to work and who offer themselves for employment is called____________?

Migrant labour

Working population

Labor turnover

Mobility of Labour

Answer Details

The term used to describe the number of people who are qualified to work and who offer themselves for employment is called the "Working Population". The working population refers to individuals who are of working age and are either employed or actively seeking employment. This group of people is considered to be the supply of labor in the economy and is an important factor in determining the overall health and stability of the labor market. It's important to note that the working population can be influenced by various factors such as migration, education levels, and the availability of job opportunities. Understanding the size and composition of the working population can provide valuable insights into the current state of the labor market and can inform decisions related to economic and labor policies.

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Population And Labour Market

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Question 7 Report

The coefficient of the price elasticity of supply is always_____________

Constant

Zero

Positive

Negative

Answer Details

The coefficient of the price elasticity of supply is positive. This means that as the price of a good or service increases, the quantity of it that is supplied will increase as well. Conversely, if the price decreases, the quantity supplied will decrease. The degree to which the quantity supplied responds to changes in price is what the coefficient of the price elasticity of supply measures. A perfectly elastic supply has an elasticity of infinity, meaning that even a small change in price will result in a large change in the quantity supplied. On the other hand, a perfectly inelastic supply has an elasticity of zero, meaning that the quantity supplied does not change in response to price changes.

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The Theory Of Supply

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Question 8 Report

An upward movement along the same supply curve result in_____________

a decrease in price

an increase

an increase in quantity supplied

a decrease In quantity supplied

Answer Details

An upward movement along the same supply curve results in an increase in quantity supplied. This means that as the price of the good increases, suppliers are willing and able to produce and sell more of the good. This is because suppliers are motivated by profit, and as the price of the good goes up, they can earn more profit per unit sold. As a result, they will be willing to produce and sell more units of the good. It is important to note that the supply curve itself does not shift as a result of an upward movement along the curve, only the quantity supplied changes.

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Factors Of Production And Their Theories

The Theory Of Supply

Theory Of Price Determination

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Question 9 Report

Efficiency of labour in a country is determined by the following except the____________

Social attitude to work

Education and training

Total population

Working conditions of workers

Answer Details

Efficiency of labour may be defined as the ability of labour to increase output without increasing the quantity of labour. Increase in efficiency is usually expressed in terms of increase in output of labour within a shorter period of time without any fall in the quality of goods and services produced. Factors which affect efficiency of labour include Education and training, attitude to work, working conditions of workers. However, total population is not a factor that affects efficiency of workers.

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Agriculture

Theory Of Consumer Behaviour

Population And Labour Market

The Theory Of Price Determination

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Question 10 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 11 Report

By utility we mean____________

beneficial

power of satisfying a want

advantageous

consumable

Theory Of Price Determination

The Theory Of Demand

Supply

Demand

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Question 12 Report

When a variable is associated with time period, it is_____________

circular

a flow

static

a stock

Methods And Tools Of Economic Analysis

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Question 13 Report

In the history of economics the concept of division of labour is usually associated With______________-

Karl Marx

Adam Smith

David Ricardo

J.M Keynes

Answer Details

The concept of division of labor is usually associated with Adam Smith, a Scottish economist who lived in the 18th century. Smith is known as the father of modern economics and his book "The Wealth of Nations" is considered a landmark in the history of economic thought. Division of labor is the process of breaking down the production of goods or services into smaller tasks, with each worker specializing in a particular task. Smith argued that this specialization allows workers to become more efficient and productive, as they become more skilled at their specific task over time. He famously used the example of a pin factory to illustrate the benefits of division of labor, showing how the productivity of the workers could be increased by breaking down the process of pin-making into smaller, specialized tasks. Smith believed that the division of labor not only increased productivity, but also led to economic growth and prosperity. By allowing each worker to focus on their specific task, and by encouraging trade and exchange between different workers and regions, the economy as a whole could become more efficient and produce more goods and services. This, in turn, would lead to greater wealth and prosperity for society as a whole. Overall, Smith's ideas about the division of labor had a profound impact on the development of modern economics and are still widely studied and discussed today.

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Economics As A Science

Types And Basic Features Of Economic Systems

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Question 14 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 15 Report

Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?

195 million people per sq km

5132 people per sq km

195 people per sq km

1.7 million people per sq km

Answer Details

To calculate the population density of Nigeria, we need to divide the total population of Nigeria by its total land area. So, Population density of Nigeria = Total population of Nigeria / Total land area of Nigeria Plugging in the values, we get: Population density of Nigeria = 180,000,000 / 923,768 sq km Solving this equation, we get: Population density of Nigeria = 195 people per sq km (rounded to the nearest whole number) Therefore, is the correct answer. Nigeria has a population density of approximately 195 people per square kilometer, which means that on average, there are 195 people living in every square kilometer of land in Nigeria. This number is relatively high compared to some other countries, but it is important to note that population density varies widely depending on factors such as geography, climate, and economic development.

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Population

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Question 16 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 17 Report

A major determinant of the demand for a luxury good is____________?

the price of other goods

the price of the good

tastes and fashion

the income of consumers

Factors Of Production And Their Theories

The Theory Of Demand

Demand

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Question 18 Report

The transfer of public share holding in corporations to private enterprise is___________?

Incorporation

Concession

Privatization

Commercialization

Answer Details

The transfer of public shareholding in corporations to private enterprise is called privatization. This means that the ownership and control of a company, which was previously held by the government or the public, is now transferred to a private company or individual. Privatization can take many forms, such as selling shares of a public company to private investors, selling off a state-owned enterprise to a private company, or outsourcing government services to private companies. The goal of privatization is usually to improve efficiency, increase competition, and reduce government spending. In summary, privatization refers to the transfer of ownership and control of public companies to private entities, which is done to improve the performance and efficiency of the organization.

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Public Finance

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Question 19 Report

Commercial bank reserves at the Central Bank____________

advancing trade, prospects

controlling credit and money supply

reducing bank frauds

discouraging banking operations

Banking

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Question 20 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 21 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 22 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 23 Report

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

an Improvement in capital goods technology but not In consumer goods technology

a movement from unemployment to full employment

that the output for the society has declined

a gain in consumer goods technique and not in capital goods technique

The Theory Of Production

Theory Of Costs

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Question 24 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 25 Report

From the diagram shown, the optional point of production is_____________?

R

T

S

U

Theory Of Production

Market Structures

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Question 26 Report

In a capitalist economy, factors of production are owned and controlled by the _____?

Citizen

Business Men

Government

Foreigners

Answer Details

Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.

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Factors Of Production And Their Theories

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Question 27 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 28 Report

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

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

Answer Details

To calculate the population density, we need to divide the total population by the land area. Population density = Total population / Land area In this case, the total population is 100 million and the land area is 50 square kilometers. So, Population density = 100 million / 50 square kilometers Simplifying the above expression, we get: Population density = 2 million people per square kilometer Therefore, the correct option is "2 million people per square kilometer".

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Population And Labour Market

Population

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Question 29 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 30 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 31 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 32 Report

The establishment of industries in rural areas will help to reduce____________-

Urban-Rural migration

Rural-Urban migration

Rural-Rural migration

Urban-Urban migration

Answer Details

The establishment of industries in rural areas will help to reduce Urban-Rural migration. Urban-Rural migration refers to the movement of people from urban (city) areas to rural (countryside) areas in search of better living conditions, employment opportunities, and a lower cost of living. This migration often leads to overcrowding, strain on urban resources, and an increase in poverty in both urban and rural areas. When industries are established in rural areas, it creates employment opportunities for people living in those areas. This leads to an improvement in the standard of living of the local population, as they can find employment opportunities near their homes and do not need to move to urban areas. As a result, people are less likely to migrate from rural areas to urban areas in search of better opportunities, which helps to reduce Urban-Rural migration. In addition, the establishment of industries in rural areas also leads to an increase in economic activity in those areas, which stimulates local economies and creates new business opportunities. This, in turn, can lead to a reduction in poverty, an improvement in infrastructure and services, and an overall improvement in the quality of life for people living in rural areas.

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Distributive Trade

Industry And Industrialization

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Question 33 Report

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

entrepreneurship

land

labour

capital

Answer Details

The factor of production that has the highest degree of mobility is labor. Labor refers to the human effort used in the production of goods and services. It includes both physical and mental work, such as the work done by factory workers, managers, doctors, and teachers. Unlike other factors of production, such as land and capital, labor is not fixed and can move from one job or industry to another. Labor mobility is the ease with which workers can move between different jobs or locations. It is influenced by factors such as education, skills, training, and the availability of job opportunities. For example, a person with a degree in computer science can easily move from one technology company to another, and a nurse can work in a hospital or a clinic. The mobility of labor is important for the efficient functioning of the economy because it allows workers to move to industries and locations where their skills are in demand, which increases their productivity and wages. It also helps businesses to find the talent they need to grow and innovate, and it enables regions to adapt to changing economic conditions. Therefore, labor mobility is an important aspect of economic growth and development.

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Factors Of Production And Their Theories

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Question 34 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 35 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 36 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 37 Report

X	2	3	4	5
F	2	5	2	1

What is the median of the distribution?

5

4

3

2

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]th + [N/2 + 1]th)/2

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

Solution:

From the table, there are 20 members as indicated by the cumulative frequency. Since the members are odd (10) the median age will be ([N/2]th + [N/2 + 1]th)/2

Median=([10/2]th + [10/2 + 1]th)/2

=(5th + 6th)/2

The 5th member is 3 and the 6th member is on 3

Median=(3 + 3)/2

=6/2

Median = 3

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Economic Development And Planning

Basic Tools Of Economic Analysis

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Question 38 Report

Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture

1:2

3:2

2:1

2:3

Answer Details

Total budget = N100,000,000

Portion of pie chart covered in degree = 360

Expenditure on manufacturing = x/N100,000,000 × 3600 = 360

3600x = 360 × N100,000,000

x = 360×N100,000,000/3600

x=N10,000,000

Therefore, the budget allocated to Manufacturing is N10,000,000

Total budget = N100,000,000

Portion of pie chart covered in degree = 720

Expenditure on Agriculture = x/N100,000,000 × 3600 = 720

3600x = 720 × N100,000,000

x = 720 × N100,000,000/3600

x = N20,000,000

Therefore, the budget allocated to Agriculture is N20,000,000

Ratio of expenditure on Manufacturing to Agriculture;

Ratio = 10,000,000:20,000,000

=1:2

View Answer

Question 39 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 40 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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