2014 JAMB Economics Past Questions

The problem of choice is created by

In capitalist economies, questions about what to produce are ultimately answered by

The best measure of dispersion to determine the tallest tree in a forest is

What is the percentage contribution of services to the national income?

If the national income is 60 m, the contribution of the manufacturing sector is

A combination of factors responsible for a shift from D₀D₀ to D₁D₁ are:

Given that Qd = 40 – 2P and Qs = 6P + 24

Calculate the equilibrium price

A change in demand for a normal good implies that there is a

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

From the graph above, the consumer will attain equilibrium at point _____

A rightward shift of the budget line is caused by a

Given the supply function  \( \scriptsize P = \normalsize \frac{1}{4} \left(\scriptsize Q_s \; + \; 10 \right) \)

when P = N10, what is Q_s?

From the table above, calculate the price elasticity of supply.

When price is set below equilibrium, this will lead to

Price mechanism determines the prices of commodities through

From the table above, find the values of E and F respectively

If the production of a large firm is higher than that of a small firm, it is experiencing

Division of labour requires that, the tasks in a production line be performed

Given that FC = ₦500, VC = ₦1,500, and Q = 50 units. Find the average cost of the product.

Rent and administrative expenses are examples of

A perfect competitor will continue to expand output up to the point where

One of the characteristics of a monopolist is that he can influence

A monopolist can boost up his revenue by

Which of the following can be used to measure the Gross National product in an open economy?

If MPC = \(\frac{2}{3}\) and investment is ₦100 million, the level of national income is

The precautionary demand for money is determined by

An inflation that co-exists with high rate of unemployment is

One of the challenges facing the banking industry in Nigeria is

Short-term loans for investment are usually obtained through the

Given a base year and the price index of 175% the following year, which of the following year will arise?

Wage freeze is a policy measure aimed at

A major obstacle to the development of Nigeria economy is

A major feature of an underdeveloped economy is

An important role of agriculture in Nigeria’s economic development is the

An advantage of large-scale farming over peasant farming is in the area of

A major disadvantage of localization of industry is

One major factor that determines the location of an industry is

The major contribution of OPEC to the Nigerian economy is the

The loading of crude oil at the terminal is an activity in the

The short-run average variable cost of a firm will rise owing to

Firms embark on vertical integration in order to

The voting power in co-operative societies is vested on

An accurate census figure is an important tool for planners in:

A major determinant of floating exchange rate is

If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is

The main objective of WTO is to

The major determinant of the total volume of output in an economy is the

The labour force of a country is determined by the