JAMB UTME - Economics - 2021 | Green Bridge CBT

If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________

Scarce

Normal

Superior.

Inferior Jibu sahihi

Maelezo ya Majibu

If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as "inferior."

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Tazama Jibu

Swali 2 Ripoti

A good measure of the standard of living usually used for international comparison is_______

Per capita income (PCI) Jibu sahihi

Gross national product (GND)

Net national income (NNI)

Gross domestic product (GDP)

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

National Income

Economics As A Science

Economic Systems

Tazama Jibu

Swali 3 Ripoti

By utility we mean________

Uselessness

Power of satisfying a want

Jibu sahihi

Beneficial

Consumable

Maelezo ya Majibu

By utility, we mean the power of satisfying a want or need.

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Tazama Jibu

Swali 4 Ripoti

In a free market economy. the rationing of scarce goods is done principally by_______

Consumers Jibu sahihi

The government

The price mechanism

All of the above

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economic Systems

Tazama Jibu

Swali 5 Ripoti

If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

Progressive

Proportional

Indirect

Regressive Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Economics As A Science

Tazama Jibu

Swali 6 Ripoti

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

1.5:2 Jibu sahihi

2:2

2:1.5

0.5:1.5

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

International Trade

Theory Of Price Determination

Tazama Jibu

Swali 7 Ripoti

Palm oil industry is located in Old Bendel State because the state______

Land is suitable for oil

Is a palm tree growing area Jibu sahihi

Soil is unsuitable for other crops

Imports raw materials for palm oil industry

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Money And Inflation

Tazama Jibu

Swali 8 Ripoti

The price mechanism______

Rations the consumers

Rewards the producers

Regulates supply and demand Jibu sahihi

Allocates scarce resources.

Maelezo ya Majibu

The price mechanism is a mechanism that allocates scarce resources by regulating supply and demand. When demand for a particular good or service increases, the price of that good or service will rise, which in turn encourages suppliers to increase the quantity of the good or service that they produce. Conversely, if demand for a good or service decreases, the price will fall, and suppliers will be less incentivized to produce that good or service. In this way, the price mechanism helps to efficiently allocate resources to their most valuable uses by providing incentives for both consumers and producers to make choices that are consistent with market conditions.

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Theory Of Price Determination

Tazama Jibu

Swali 9 Ripoti

Which of the following countries is not a member of the Economic Community of West African States?

Sudan Jibu sahihi

Gambia

Togo

Nigeria

Maelezo ya Majibu

Sudan is not a member of the Economic Community of West African States (ECOWAS).

Soma maelezo ya somo kwenye Economic Integration (WAEC)

Economic Integration

Tazama Jibu

Swali 10 Ripoti

Full employment is a situation in which _______

Every adult is employed.

Only the disable are not employed.

All adults who can work are employed.

All those who are able and eligible can find employment Jibu sahihi

Maelezo ya Majibu

Full employment is a situation in which all those who are able and eligible to work can find employment, i.e., the level of unemployment in the economy is very low, and the economy is operating at or very close to its maximum potential output. It does not necessarily mean that every adult is employed or that only the disabled are not employed, as there may be other reasons why someone may not be seeking employment, such as personal choices, retirement, or full-time education.

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Population And Labour Market

Tazama Jibu

Swali 11 Ripoti

Inflation is likely to benefit_______

Debtors Jibu sahihi

Persons with back savings

Creditors

Persons who lived on fixed pension funds

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Soma maelezo ya somo kwenye The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

Tazama Jibu

Swali 12 Ripoti

Which of these is not usually the function of a wholesaler?

Branding Jibu sahihi

Storage

Transport

Advertising

Maelezo ya Majibu

Soma maelezo ya somo kwenye Banking (JAMB)

Soma maelezo ya somo kwenye Distributive Trade (WAEC)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Banking

Distributive Trade

Economics As A Science

Tazama Jibu

Swali 13 Ripoti

The PAYE ( Pay As You Earn) in Nigeria is an example of ______

Flat rate Tax

Community tax

Regressive tax

Progressive tax Jibu sahihi

Maelezo ya Majibu

The PAYE (Pay As You Earn) in Nigeria is an example of a progressive tax. This is because the amount of tax paid is proportional to the income earned by the taxpayer. The more income earned, the higher the tax rate and the more tax paid. As a result, the tax burden falls more heavily on those with higher incomes, making it a progressive tax.

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Economics As A Science

Tazama Jibu

Swali 14 Ripoti

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

Availability of labour in the area

Availability of power

Nearness of raw material Jibu sahihi

Access to transport facilities

Maelezo ya Majibu

The most important factor influencing the location of the iron and steel industry at Ajaokuta is the nearness of raw material. Ajaokuta is located in Kogi state, which is close to large deposits of iron ore in Itakpe. This proximity to a reliable source of raw material is a crucial factor for the location of the iron and steel industry, as it reduces transportation costs and ensures a consistent supply of the necessary inputs for the production process. While the availability of labour, power, and access to transport facilities are also important factors, the proximity to raw material is considered the most significant factor in the location of the iron and steel industry at Ajaokuta.

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye National Income (WAEC)

Agriculture

National Income

Tazama Jibu

Swali 15 Ripoti

This table illustrates the law of _________

Increasing returns

Diminishing returns

Diminishing marginal utility Jibu sahihi

Increasing total utility

Maelezo ya Majibu

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

The Theory Of Production

Tazama Jibu

Swali 16 Ripoti

Division of Labour is limited by the________

Size of labour firm

Availability of raw material

Size of the labour force Jibu sahihi

Absolute size of the country's population

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economics As A Science

Economic Systems

Tazama Jibu

Swali 17 Ripoti

Oligopoly means _________

single buyer in the market

few buyers in the market.

few sellers in the market Jibu sahihi

Maelezo ya Majibu

Oligopoly means that there are few sellers in the market. This market structure is characterized by a small number of large firms that dominate the market and have the ability to influence the market price of goods or services. These firms often engage in strategic behavior, such as price-fixing or colluding, to maintain their market power and maximize their profits.

Soma maelezo ya somo kwenye Market Structure (JAMB)

Market Structure

Tazama Jibu

Swali 18 Ripoti

Which of the following is NOT a character of perfect competition?

Supply and demand are equal Jibu sahihi

Products are identical

There is perfect knowledge

There is no advertising

Maelezo ya Majibu

The option that is NOT a character of perfect competition is "Supply and demand are equal." In perfect competition, the supply and demand are not necessarily equal, but they interact to determine the market price. The other three options are characteristics of perfect competition: - Products are identical: In perfect competition, all firms sell the same product, and there are no differences in quality or features among them. - There is perfect knowledge: Buyers and sellers have complete information about the market, including prices, quality, and availability of products. - There is no advertising: In perfect competition, firms do not advertise because they sell identical products, and there is no need to differentiate their products from their competitors.

Soma maelezo ya somo kwenye Market Structures (WAEC)

Soma maelezo ya somo kwenye Industry And Industrialization (JAMB)

Market Structures

Industry And Industrialization

Tazama Jibu

Swali 19 Ripoti

Surplus in balance of payments leads to ________

Government budget surplus

Increase in foreign reserves Jibu sahihi

Decrease in foreign reserves

None of the above

Maelezo ya Majibu

An increase in foreign reserves is the correct answer. A surplus in the balance of payments means that a country is earning more from its exports and foreign investments than it is spending on imports and foreign investments. This leads to an inflow of foreign currency into the country, which increases its foreign reserves. Therefore, "Increase in foreign reserves," is the correct answer. A surplus in the balance of payments may or may not directly affect the government budget surplus, and it does not lead to a decrease in foreign reserves.

Soma maelezo ya somo kwenye International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Tazama Jibu

Swali 20 Ripoti

Economics may be defined as ________

The study of human behaviour in the allocation of scarce resources Jibu sahihi

The study of money and banking

The study of markets and prices

The study of production and distribution

Maelezo ya Majibu

Economics may be defined as the study of human behavior in the allocation of scarce resources. This includes the production, consumption, and distribution of goods and services, as well as the study of markets and prices, money and banking, and other related areas.

Tazama Jibu

Swali 21 Ripoti

Which of these is not a cause of high population growth in Nigeria?

Improved hygiene

Reduction in death rate

Family planning unit of Nigeria Jibu sahihi

Increased birth rate

Maelezo ya Majibu

Soma maelezo ya somo kwenye Population (JAMB)

Population

Tazama Jibu

Swali 22 Ripoti

Inflation can be curbed by _______

Deficit budget

Paying higher wages

Increased aggregate demand

Reducing aggregate demand Jibu sahihi

Maelezo ya Majibu

Inflation can be curbed by reducing aggregate demand.

Tazama Jibu

Swali 23 Ripoti

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

Monopoly

Oligopoly
Jibu sahihi

Monopolistic competition

Perfect competition

Maelezo ya Majibu

Pricing and output decisions of sellers are highly inter-dependent in markets known as Oligopoly. In an oligopoly market, a small number of firms dominate the market and each firm has a significant impact on the market. Therefore, the pricing and output decisions of one firm will have a significant impact on the other firms in the market. As a result, firms in an oligopoly market often engage in strategic behavior and consider the actions of their competitors when making pricing and output decisions.

Soma maelezo ya somo kwenye Market Structure (JAMB)

Market Structure

Tazama Jibu

Swali 24 Ripoti

Petroleum 'glut' in international trade means______

Higher prices for the Consumption of petroleum.

An Oversupply of petroleum. Jibu sahihi

A fall in in petroleum production.

A higher petroleum price offered by the buyer.

Maelezo ya Majibu

Petroleum 'glut' in international trade means an oversupply of petroleum.

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 25 Ripoti

When a nation's exports are greater than its imports,_________

The net foreign trade is zero

A favourable balance of trade exists Jibu sahihi

A favourable balance of payment exists

An unfavourable balance of trade exists

Maelezo ya Majibu

A favourable balance of trade exists.

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 26 Ripoti

The value of money depends primarily on _________

The gold backing of the currency

The general price level Jibu sahihi

Government decree that it is legal tender

None of the above

Maelezo ya Majibu

The value of money depends primarily on the general price level.

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Money And Inflation

Tazama Jibu

Swali 27 Ripoti

A firm is at its optimum size when ___________

It has a motive to increase output

It produces the greatest output at a minimum cost

Jibu sahihi

Marginal cost equals marginal revenue

Marginal cost is less than marginal revenue

Maelezo ya Majibu

A firm is at its optimum size when it produces the greatest output at a minimum cost. This means that the firm is operating at its most efficient level and is able to maximize its profits. While having a motive to increase output and ensuring that marginal cost is less than marginal revenue are important considerations, they do not necessarily guarantee that the firm is at its optimum size. The most important factor is to achieve the most efficient production level while minimizing costs.

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Tazama Jibu

Swali 28 Ripoti

In Nigeria, cheques are not money because________

Most Nigerians cannot identity them

They are not legal tender Jibu sahihi

There are no banks in rural areas

They are not generally acceptable as a medium of exchange

Maelezo ya Majibu

In Nigeria, cheques are not generally acceptable as a medium of exchange. While cheques can be used to transfer funds between bank accounts, they are not considered as a legal tender or widely accepted as a means of payment in Nigeria. Many businesses and individuals prefer to use cash or electronic payment options, such as bank transfers or mobile payments, for transactions. Additionally, while there may be challenges with banking access in some rural areas, the lack of banks in these areas does not directly impact the use of cheques in Nigeria.

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Money And Inflation

Tazama Jibu

Swali 29 Ripoti

The petro-chemical industries are located in Rivers State of Nigeria due to ________

Coal deposit

Palm oil products

Favourable soil

Oil deposits Jibu sahihi

Maelezo ya Majibu

The petro-chemical industries are located in Rivers State of Nigeria due to the presence of oil deposits.

Soma maelezo ya somo kwenye Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Tazama Jibu

Swali 30 Ripoti

An economic problem arises when________

Sellers are few

Scarcity and choices are involved Jibu sahihi

Buyers are many

Money is in short supply

Maelezo ya Majibu

An economic problem arises when there are scarcity and choices involved. This is because there are limited resources to meet unlimited wants and needs, and individuals, businesses, and governments must make choices about how to allocate those resources efficiently. Scarcity is a fundamental concept in economics, and it necessitates the need to make choices, trade-offs, and prioritize between various wants and needs. The other options mentioned in the question (few sellers, many buyers, and short supply of money) may be factors that influence market conditions or individual economic decisions, but they are not the fundamental cause of the economic problem.

Soma maelezo ya somo kwenye Definition And Scope Of Economics (WAEC)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

Tazama Jibu

Swali 31 Ripoti

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

100 days

30 days

90 days Jibu sahihi

14 days

Maelezo ya Majibu

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of 90 days.

Soma maelezo ya somo kwenye Economic Integration (WAEC)

Economic Integration

Tazama Jibu

Swali 32 Ripoti

Mono production economies are those that____

Produce one main commodities Jibu sahihi

Have a rich cultural heritage.

Specialize in agricultural industries.

Produce only raw materials.

Maelezo ya Majibu

Mono production economies are those that produce one main commodity, often to the exclusion of other types of economic activity. This can lead to a heavy dependence on a single product, making the economy vulnerable to fluctuations in demand and prices for that commodity. Examples of mono production economies include countries that heavily rely on oil or other natural resources as their primary source of income.

Soma maelezo ya somo kwenye Agriculture (WAEC)

Agriculture

Tazama Jibu

Swali 33 Ripoti

Money becomes a very poor store of value in a period of _______

Harvest

Deflation

Recession

Inflation Jibu sahihi

Maelezo ya Majibu

Money becomes a very poor store of value in a period of inflation, as the value of money decreases over time due to the increase in the general price level of goods and services.

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Money And Inflation

Tazama Jibu

Swali 34 Ripoti

The Power Holding Company of Nigeria (PHCN) is a ________

Public limited company

Private authority

Public Corporation Jibu sahihi

Public Liability company

Maelezo ya Majibu

The Power Holding Company of Nigeria (PHCN) is a Public Corporation.

Soma maelezo ya somo kwenye Public Finance (JAMB)

Public Finance

Tazama Jibu

Swali 35 Ripoti

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

From the table, it can be deduced that_______

Nigeria should produce cocoa and lace

Nigeria can benefit from producing lace only

Austria should produce lace and Nigeria should produce cocoa Jibu sahihi

Austria should produce cocoa and lace

Maelezo ya Majibu

From the table, it can be deduced that Nigeria should produce cocoa and Austria should produce lace. This is because Nigeria has a comparative advantage in producing cocoa since its opportunity cost of producing cocoa is lower than that of Austria, while Austria has a comparative advantage in producing lace since its opportunity cost of producing lace is lower than that of Nigeria. Therefore, each country should specialize in producing the good in which it has a comparative advantage and then trade with each other to maximize their total output and welfare.

Tazama Jibu

Swali 36 Ripoti

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______

Zero

2 Jibu sahihi

Maelezo ya Majibu

The elasticity of demand can be calculated using the formula: Elasticity of Demand = % Change in Quantity Demanded / % Change in Price We can calculate the percentage change in quantity demanded as: % Change in Quantity Demanded = ((New Quantity Demanded - Old Quantity Demanded) / Old Quantity Demanded) x 100% % Change in Quantity Demanded = ((30 - 20) / 20) x 100% % Change in Quantity Demanded = 50% We can calculate the percentage change in price as: % Change in Price = ((New Price - Old Price) / Old Price) x 100% % Change in Price = ((5 - 4) / 4) x 100% % Change in Price = 25% Substituting these values in the formula, we get: Elasticity of Demand = 50% / 25% Elasticity of Demand = 2 Therefore, the elasticity of demand is 2.

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Tazama Jibu

Swali 37 Ripoti

Which of the following sets fully represents factors of production?

Sunlight, machinery, man, land

Land, water, weather

Money, market, middlemen

Land, labour, capital, enterprise, technology Jibu sahihi

Maelezo ya Majibu

The set that fully represents factors of production is: "Land, labour, capital, enterprise, technology". This set includes all the factors that are necessary to produce goods and services. - Land refers to natural resources such as soil, minerals, and water that are used in the production process. - Labour refers to the human effort that is used in the production process. - Capital includes all man-made goods that are used to produce other goods and services, such as machinery, tools, and buildings. - Enterprise refers to the management and organization of resources to produce goods and services. - Technology refers to the knowledge and techniques used in the production process. The other sets listed do not fully represent all the factors of production. - Sunlight, machinery, man, land: This set includes land and machinery (capital), but it does not include labour, enterprise, or technology. - Land, water, weather: This set includes land and water, which are natural resources, but it does not include labour, capital, enterprise, or technology. - Money, market, middlemen: This set includes financial resources, markets, and intermediaries, but it does not include any of the other factors of production.

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Factors Of Production And Their Theories

Tazama Jibu

Swali 38 Ripoti

In a sole proprietorship, the decisions are made by the ______

Government

Management

Owner Jibu sahihi

Board of Directors

Maelezo ya Majibu

In a sole proprietorship, the decisions are made by the owner. Since a sole proprietorship is a business owned and operated by a single individual, the owner has complete control over all decisions related to the business, including management, finances, and operations. There is no board of directors or management team to share decision-making responsibilities with the owner, and the government is not involved in the day-to-day decisions of the business.

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Soma maelezo ya somo kwenye Market Structures (WAEC)

Business Organizations

Market Structures

Tazama Jibu

Swali 39 Ripoti

A typical corporate form of business organization is owned by ______

Shareholders Jibu sahihi

A local government

The president of a country

Foreigners and citizens of the country.

Maelezo ya Majibu