Economics Jamb CBT 1 Only

1.

From the table above, the average product of the 3^rd unit labour is

2. One of the reasons why Nigeria is a mono-economy is because of her

3. If the price of yams decreases from ₦15.00 per tuber to ₦13.50 and the quantity supplied decreases by 20%, what is the elasticity of supply?

4. The additional cost incurred by producing an additional unit of product is known as

5. Unemployment caused by a change in the demand pattern

6. In Nigeria, PAYE is a typical example of

7.

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

8. An important role of agriculture in Nigeria economic development is the

9. If the price of bicycle changes from ₦120 to ₦80 and quantity bought changes from 300 to 500 units the elasticity of demand for bicycle is

10.

A movement from M to T implies that three has been

11.

When there is a change from T to N, it implies that

12. When there is a change from T to N, it implies that

13. The difference between birth and death rates of the given population referred to as the

14. A discount house is a market where

15. When the marginal utility of a commodity is zero, the total utility is

16. Economic freedom is a basic feature of

17. A buyer who haggles in the market is applying the principle of

18. Environmental degradation is more associated with

19. The velocity of money is represented as

20. The demand curve for factors of production

21. Short-termed loans for investment are usually obtained through the

22. In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in a year. Determined the total population

23. If a firm doubles all inputs in the long run and the output is less than doubled this results in

24. Patents and copyrights enable monopolist _________

25. A discriminatory monopoly is characterized by

26. The function of money which makes the division of labour possible is its

27. The export promotion strategy is aimed at producing

28. If the required reserve of a bank is 20% and ₦10,000 is paid into its demand and deposit account, what is the excess reserve?

29. An upward review of the retirement age will affect the

30.

The diagram above shows a firm operating under conditions of monopolist competition. The curve W represents its

31. If the total fixed cost is the same regardless of output, the average fixed cost will be

32.

If the elasticity of demand is greater than 1 and less than infinity, demand is said to be

33.

Find the mean price of the distribution

34. Economic growth is different from economic development because economic growth

35. In economics, production takes place only when

36. One of the assumptions of ordinal utility in consumer behaviour is that

37. The role of the central bank in the economic development of Nigeria is to

38. At the maximum point of the total product curve of a firm, marginal revenue is

39. By advertising, a monopolistic competitive firm tries to shift its

40. If P = ½ (Qs + 15). What is the quantity supplied at ₦9.00?

41.

At 60 units of output, the AVC is

42.

The ATC at 30 units of outputs

43. When a union is composed of workers with the same skill, it is called

An adverse environmental impact of the petroleum industry on the economy is

45. If the labour force in a given community is 2,000,000 in the wage employment 200,000 and the unemployed are 80,000 what is the unemployment rate in the community

46. GNP is not a good measure of social welfare because there are unrecorded

47. A country’s import index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade

48. If the United Kingdom buys gold for $60 an ounce and Nigeria buy the same ounce for ₦500, what will be united kingdom’s exchange rate with Nigeria

49. The most acceptable economic measure for trade protection is to