2019 JAMB Economics Past Questions

A demand which gives rise to the reverse of the law of demand is__________

If two commodities are unrelated, a change in the price of one will____________

If we move from 8 to 6, the elasticity of demand is_______

In a perfect competition, the market price is determined by _______

In the short-run, the monopoly makes_______

The demand curve facing the monopolist in the foreign market is__________

Supply is________

A rise in the supply of a commodity cause__________

The method obtained by adding all the reward of factors of production in national income is________

An economy in which the whole income is not consumed is referred to as______

The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

A method of analysis that draws conclusions from data rather than general Principles already known is________

The money market equilibrium is defined as_________

An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

The most important cost curve for the firm is_________

In the case of highly or close complementary goods, the indifference curve is_______

One of these is not an assumption of the cardinalist theory of utility?

The shape of the production possibility frontier is determined by the_________

As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

Which of the following is not a cause of unemployment_______

The demand for labour is a________

The use of government income and expenditure instrument to regulate the economy is termed______

A form of tax that is midly progressive and regressive is_______

Industrialization is the process of ___________

One of these is not a way by which government encourage industrialization?

The sector which contribute highly to the economy is___________

A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

The lands that belong to the community is referred to as__________

Among the disadvantages of the one-man business is the fact that______

The most reliable and acceptable index of economic growth is the__________

The release of a liquid petroleum hydrocarbon into the environment is_______

ECOWAS was formed for the purpose of________

Economics is a social science concerned with the proper use and______

An economy system that uses what is regarded as the “Market mechanism” is called_______

The last link in the channel of distribution is____________

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

Effective demand for a commodity is desire for that commodity backed by_______

A commodity is defined as normal when its demand changes in the same direction as______

Which of the following matters may account for changes in demand?

I – changes in consumer preferences

II – changes in real income

III – changes in distribution of incomes

IV – changes in levels of taxation

An example of a market which approaches fairly near to perfection is____________

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

An example of a vertical combination is the merger of_________

When of the following matters may account for changes in supply?

I – technological advances in an industry

II – changes in labour costs

III – changes in source of supply

IV – changes in levels of taxation

A supply curve slopes upwards from the left to the right indicating __________

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m

Indirect taxes on goods and services ₤ 8,000m

Capital consumption ₤ 6,000m

National income is__________

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m

Indirect taxes on goods and services ₤ 8,000m

Capital consumption ₤ 6,000m

Gross national expenditure at factor cost is_________

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 – 2P, find the quantity demanded when P = ₦3.

The following are measures of location except________

The term M³ comprises M¹ together with deposits on deposit account held by_______

The second equation of exchange is__________

The term “Money at call and short notice” in a bank’s assets represents the bank’s loans to______

A contractionary monetary policy is used to control__________

Consider the following figures which refer to a firm’s production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

Total variable costs incurred during the week are

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

Consider the diagram below which shows a demand curve (d).

Total expenditure on a commodity is represented by the area TUVW. Consumer’s surplus is represented by___________

Adam Smith’s Theory of value stated that the value of a commodity depended on________

Which of the following persons is engaged in “Secondary Production”?

I – a bricklayer

II – an automobile assembly-line worker

III – an accountant

IV – a cinema projectionist

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

If wage rate is less than the average revenue product, the firms would be earning________

The determination of wages in a labour market depends on the _______

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

Most of the National debts is “dead weight” in the sense that is____

The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

External economies arises essentially from__________

The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

One of these is not a problem of agriculture___________

The business risks of a public corporation are borne ultimately________

Poverty simply refers to the low level of________

The oil boom between 1970 – 1980 caused the oil sector to become____________

When a member’s currency is declared “scarce”, it is the duty of the IMF to______

The basic and essential economic problems in a community are related to choice and________

Given two substitute goods (X and Y) with demand and supply function;

Qd = 7p – 12

Qs = 4p + 9

Find the magnitude of excess demand when p = ₦18

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

A retailer is distinguished by the nature of its sales, which is in___________

The purchasing power of money depends upon the__________