JAMB TEST ON ECONOMICS
Here is a test on the jamb with answers to each question, practice and learn more.
1. The residual of production which acquires to the ownership of loans after all other expenses have been met is called _
Answer: DROP ANSWER IN THE COMMENT section
2. The downturn in the price of shares on stock markets is a highlight or _
Answer: The regulatory nature of the market
3. What is the effect of a decrease in supply where demand is constant?
Answer: Increase in price, decrease in quantity.
4. To control inflation, the monetary authority of a company can _
Answer: Engage in a restrictive monetary policy.
5. Natural growth rate can be calculated by?
Answer: Natural growth rate = Death rate + Net immigration
6. In the analysis of utility theory, the basis of demand is _ Answer: Diminishing utility
7. In the money market, money can only be borrowed for _
Answer: Short term
8. The consumer’s co-operative society is owned by
Answer: Members of the society
9. Find the median of the following set of the score, 8,9,6,5,10
Answer: Median is the middle number after all the numbers are arranged in ascending or descending order. Arranging, we have 5,6,8,9,10. Therefore, the media in 8
10. In a public company, entrepreneurship functions are performed by the _
Answer: Board of directors
11. One major export crop in West Africa is ____ Answer: Cocoa
12. …… expresses the relationship between the dependent and independent variables.
Answer: Functions
13. Macroeconomics was made popular by
Answer: John M. Keynes
14. Distribution of goods and services is hindered by ____
Answer: Too many middlemen (and other factors).
15. Census of the population is usually conducted every _
Answer: 10 years
16. Which bank is known as the post office bank? Answer: Merchant Bank
17. A firm’s main aim is to
Answer: Maximise profits
18. In a socialist economy, factors of production are owned and controlled by the
Answer: Government.
19. The market where buyer and sellers of currency meet are known as
Answer: Foreign exchange market
20. Taxes that are levied on a person’s expenditure are known as
Answer: Purchase tax
21. The additional revenue obtained by using one more unit of a factor is called _
Answer: Marginal Revenue product
22. A firm’s compulsory cost is referred to as its
Answer: Fixed Cost
23. The assumption of economic analysis are …….. and …..
Answer: Rationally and other things being equal
24. A firm is at its optimum size when
Answer: It produces the greatest output at the minimum.
25. When a variable is associated with the time period, it is?
Answer: A flow
26. The full meaning of OPEC is
Answer: Organization of petroleum exporting countries.
27. State-owned enterprises are more common in Centrally planned economies
28. Commercial banks are an example of joint-stock banks
29. Efficiency of labor is enhanced by Improved working conditions and training
30. The production strategy used in an overpopulated country is Labour intensive.
31. Internal trade has a general effect on ….. of a country.
Answer: GDP
32. West African economies can be described as?
Answer: Agricultural.
33. The headquarters of the African Development Bank (ADB) was originally located in Abidjan
34. ….. is the measurement of the steepness of the line or curve that emerges on the graph.
Answer: Slope
35. Banks create money by…
Answer: Lending out deposits to borrowers
36. The situation whereby government revenue is less than government expenditure is referred to as
Answer: Budget deficit
37. ….. and …. of goods and factors of production brought the existence of price
Answer: Scarcity and usefulness
38. The most common form of business in West Africa is the
Answer: Sole proprietorship
39. The terms of trade simply mean the price ratio of
Answer: export to import.
40. The tax imposed on goods produced within the country is An EXCISE TAX
