JAMB Economics Past Questions (2007)
Q1. The reason for the law of demand can best be explained in terms of
A. supply
B. complementary
C. the rationing function of prices
D. diminishing marginal utility
Answer: D
Q2. A producer sustains a loss in the short run if?
A. marginal revenue is less than price
B. price is less than average cost
C. marginal cost is less than marginal revenue
D. average variable cost is less than average cost
Answer: B
Q3. A country where labour is not sufficient to make proper use of the natural resources is said to have an
A. active population
B. optimum population
C. over-population
D. under-population
Answer: D
Q4. Revenue is the
A. total profit made after sales
B. amount spent on purchases
C. amount of goods produced
D. total money realized from sales.
Answer: D
Q5. Which of the following institutions assists the government in managing the national debt?
A. Commercial Banks
B. The Central Bank
C. The Capital Market
D. The World Bank
Answer: B
Q6. The main objective of privatizing a government business is to
A. create additional employment
B. increase expenditure
C. source for new funds
D. increase the level of efficiency
Answer: D
Q7. Monetary control measures are coordinated by
A. development banks
B. merchant banks
C. commercial banks
D. the Central banks
Answer: D
Q8. 4Which of the following countries export cocoa?
A. Liberia and The Gambia
B. Ghana and Sierra Leone
C. Nigeria and Ghana
D. Sierra Leone and Nigeria
Answer: C
Q9. An example of a producer good is a
A. tin of milk
B. hammer
C. loaf of bread
D. shirt
Answer: C