Economics Jamb CBT 2

1. In Economics, human wants are usually described as

2. A consumer’s sales of preference is an arrangement of his

3. A typical features of the market economy is that

4. In a free market system, trading can only take place when the

5. Given 0.25, 1.25, 1.80, 1.10, 1.10, 10.20, 10.15, and 1.55 determine the range

6. Which of the following is a set measure of dispersion?

7. The main determinant of a change in the quantity of a commodity demanded is the

8. The determinants of elasticity include

9.

In the table above, the income elasticity of clothing is

10.

The graph above illustrates

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

12. Given the supply function P= 1/2 (Qs+10) when p = N10 what is Qs?

13. The most important determinant in then the supply of agricultural products is

15. Given thatQd=10-2p while Qs=5-3p, if p =N1 determine the equilibrium quantity

16. One of the functions of the price system is that it

17.

A combination of factors responsible for a shift from D₀ D₀ to D₁ D₁ are

18. Given that Qd = 40-2p and Qs = 6P + 24, calculate the equilibrium price

19.

When the price is set below equilibrium, this will lead to

20. Price mechanism determines the prices of commodities through

21. Fixing price above equilibrium will cause

22. An important function of the price system is to.

23.

Commodities I and If are in

24.

The supply of commodity II increasing from S₁S₁ to S₂S₂

25. Above full employment level, an expansionary monetary policy will lead to

26. If Government increases its expenditure on public works, the desired effects is

27. An institution that regulates trade relations among members is the

28.

From the table above, find the value of X

29. As a firm increases its output, the average fixed cost

30. In the short run, a firm’s marginal cost curve above the point of shut-down is it’s

31. An industry’s supply curve is more likely to be elastic when firms are

32. One of the characteristics of monopolistic competition is that

33. The producer in a perfectly competitive market is faced with a demand curve whose elasticity is

Hint:

34. Government capacity to raise tax revenue in Nigeria is being hampered by

35. From the table below determine the price index taking 1991 as the base year

36. Bank consolidation policy in Nigeria is a measure to increase

37. In Nigeria, the huge public debt is as a result

38. Economic growth can be accelerated through

39. Fixing the prices of agricultural products can be a problem because of

40. Legal entity means

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

42. A characteristic common to partnership and sole proprietorship is

42. A characteristic common to partnership and sole proprietorship is

44. Population growth is determined by

45. The export — promotion strategy is aimed at producing

46. The government of Nigeria can conserve foreign exchange by

47. One of the major goals of OPEC is to

48. The money paid per hour for work done is

49.
The transfer of public shareholding in corporations to private enterprises is

50.

From the table below, the unemployment rate is