Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Economics is often described as a science because it
Aadopts the use of laboratory experiments
Binvolves accurate predictions of human beings
Cmakes use of controlled experiment
Duse scientific methods to explain observed phenomena
Edeals with observation and field work
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Question 1634
jamb1997
Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year
AThe population increased by 2.25million
BThere were 2.25 million live births
CThe government have to make provisions for 2.25 million children
D2.25 million - children were born
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Question 1635
jamb1997
In the diagram below, the curve which represents firm's short-run average variable cost is curve
Al
Bll
Clll
DIV
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Question 1636
jamb1997
From the diagram above, the quantity of output is determined by the point
AM
BN
CH
DF
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Question 1637
jamb1997
The movement of curve I to ll suggests
Aan improvement in capital goods technology but not in consumer goods technology
Ba movement from unemployment to full employment
Cthat the output for the society has declined
Da gain in consumer goods technique and not in capital goods technique
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Question 1638
jamb1997
The current stage of the economy is depicted in curve 1. Point P suggests that the economy is
Areaching full employment but not full prodduction
Battaining full production but not full employment
Cunder capitalized
Dattaining both full employment and full production
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Question 1639
jamb1997
An important feature of a cartel is that?
Amembers do not reduce price below the cartel price
Beach member has a fixed output above which it is not expected to produce
Ca powerful member fixes the price at which others will sell
Dmembes fix the prices for their products
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Question 1640
jamb1997
The organization which provides credit to help countries achieve short-term balance in their balance of payment is the?
AEconomic Community of West Africa States
BInternational Monetary Fund
CInternational Bank for Reconstruction and Development
DAfrican Develoment Bank
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Question 1641
jamb1997
In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.
(ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.
Ai, ii and iii
Bi, ii and iv
Ci, ii, iii and vi
Di, ii, iii and iv
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Question 1642
jamb1997
Counter trading is an international arrangement whereby?
Agoods and services are exchanged in a manner similar to barter
Bgoods and services are sold on the counter
Ccrude oil is sold to a foreign country
Dgoods are shipped to countries on which the United Nations has placed a trade embargo
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Question 1643
jamb1997
Which of the following classes of goods accounts for largest proportion of Nigeria's imports?
AFood and animal products
BConsumers goods
CChemicals
DMachinery and transport equipment
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Question 1644
jamb1997
The most important factor ensuring economic development is the?
Aeffective mobilization of domestic savings
Bpresence of foreign capital
Cformulation of appropriate government policies
Dattraction of foreign aids and grants
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Question 1645
jamb1997
The major determinant of the total volume of output in an economy is the?
Alevel of wholesale prices
Bsize of the labour force
Clevel of total expenditure
Dcomposition of consumer spending
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Question 1646
jamb1997
Privatization of government-owned companies means the?
Arelinquishing of government equility participation to private individuals
Brecapitalization of distressed government-owned companies
Cjoint paticipation of government and private individuals
Dcommercialization and deregulation of the economy
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Question 1647
jamb1997
The total money values of all goods and services produced in a country during a certain period is measured by using the?
Aincome method
Bexpenditure method
Coutput method
Dfactor method
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Question 1648
jamb1997
Given: Investment = N100 million
C m + 0.75Y
Y = C + I
where, Y =Income, C = Consumption and where
I = Investment
What is the income level to the nearest million?
AN100 Million
BN300 Million
CN1,000 Million
DN1,200 Million
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Question 1649
jamb1997
If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by?
AN12 billion
BN15 billion
CN20 billion
DN25 billion
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Question 1650
jamb1997
One of the factors which is likely to check the growth of public debts is?
