JAMB TEST ON ECONOMICS

Here is a test on 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: Rent

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 which 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 labour is enhanced by Improved working condition and training

30. The production strategy used in overpopulated country is Labour intensive.

31. Internal trade has 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