2011 JAMB Economics Past Questions

An effective way of controlling inflation in a mixed economy is to

One of the limitations of PPC assumption is that there is

A major disadvantage of the arithmetic mean is that it is

Demand patterns are determined by the market on the basis of

A consumer surplus measures the

If the demand for one commodity excludes another, it is said to be

The graph of the schedule above will depict

The median of an odd-numbered set of scores is the

If demand increases without a change in supply, equilibrium price and quantity will

In the process of production, total output is at maximum when

From that table above, the price elasticity of supply is

When a consumer is at equilibrium, the MRS_xy is equal to the

Minimum price legislation by government will

Ranking is the method used in measuring

If a firm is faced with an elastic supply curve, its revenue will

The optimal range of output for a perfectly competitive firm is

A firm will experience diseconomies of scale when

The law of variable proportions is applicable only

From the Diagram above, the optimal point of production is

If real income increases while nominal income remains the same, it can be inferred that

One of the characteristics of oligopoly is the availability of

The average total cost when 20 units are produced is

When 20 units of output is produced, TC will be

The profit of a monopolist can be eliminated where price equals

Bank consolidation policy in Nigeria is a measure to increase

An increase in the circulation of money without a corresponding increase in output will lead to

In national income accounts, an item counted as part of government spending is

If aggregate demand is lower than total output in an economy national income will

During the era of barter, money was generally in the form of

A country achieves economic development when there is

An indicator of growth in an economy over a period of time is the

A country embarks on deficit financing in order to

The deflationary gap is defined by

What does X represent?

The import-substitution strategy of industrialization is to encourage

Upstream oil activities involve the

Agricultural production in Nigeria is constrained by

The main function of  NNPC is to

Investing heavily in the agricultural sector will lead to

Industrial development in Nigeria can be encouraged through

The record of a country’s transactions in international trade is her

The transfer of public shareholding in corporations to private enterprises is

A condition in which official and autonomous exchange rates coexist is

In modern economies, the Malthusian theory of population is ineffective because of

Optimum population enables an economy to attain the highest level of

A change from one industry to another by a worker is an example of

The money paid per hour for work done is

Trade takes place because of

The World Trade Organization is responsible for