JAMB Economics Past Questions (2005)
Q1. An economy which exhibits features of both private and State enterprises is known as a
A. capitalist economy
B. mixed economy
C. communist economy
D. socialist economy
Answer: B
Q2. Farming, mining and fishing are
A. primary production
B. secondary production
C. tertiary production
D. intermediate production
Answer: A
Q3. ln a capitalist system, goods are produced for those who
A. want them most but cannot pay for them
B. can pay for them but do not want them
C. want them and can also pay for them
D. are dependent on the labour force
Answer: C
Q4. Price control refers to
A. the ways of making more goods available in the market
B. a policy of ensuring stable price in the market
C. a general reduction in the price level
D. effective working of the forces of demand and supply
Answer: B
Q5. A group of firms producing similar commodities for the same market constitute
A. a cartel
B. an industry
C. a co-operative
D. wholesalers
Answer: B
Q6. information about new goods is passed on to buyers through
A. advertising
B. retail trade
C. the manufacturer
D. wholesale trade
Answer: A
Q7. ln calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of
A. double counting
B. price fluctuations
C. price differentiation
D. price discrimination
Answer: A
Q8. The Economic Community of West African State (ECOWAS) is an example of
A. bilateral trade
B. economic integration
C. regional marketing board
D. international competition
Answer: B
Q9. Mono-product economies are those that
A. produce one main commodity
B. produce only raw materials
C. depend on the export of their raw materials
D. specialize in agricultural industries
Answer: A
Q10. Amount of goods offered to the market at respective prices and presented in a table is called
A. price schedule
B. supply schedule
C. scale of preference
D. demand schedule
Answer: B
Q11. Economic activities are undertaken to solve the problem of
A. consumption
B. opportunity cost
C. production
D. scarcity
Answer: B
Q12. lf elasticity of demand for a commodity is less than one, demand is
A. unitary elastic
B. inelastic
C. infinitely elastic
D. zero elastic
Answer: B
Q13. When all factor inputs are reduced by half, the production possibility curve will shift
A. outwards
B. inwards
C. downwards
D. upwards
Answer: B
Q14. Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. lf Messrs Bala and Jatau pay $80.00 and $120.00 respectively as taxes, the tax system is
A. progressive
B. regressive
C. proportional
D. ad-valorem
Answer: C
Q15. The transfer of ownership of a public enterprise to individuals and firms is called
A. commercialization
B. nationalization
C. privatization
D. restructuring
Answer: C