40 Jamb Economics Likely Questions and Answers

40 Jamb Economics Likely
Questions And Answers
1. The residual of production which acquires to the

ownership of loans after all other expenses have been
met is called ___
Answer: Rent
2. The downturn in the price of shares on stock markets

is a highlight or ___
Answer: The regulatory nature of the market
3. What is the effect of decrease in supply where demand

is constant?
Answer: Increase in price, decrease in quantity.

4. To control inflation, the monetary authority of a
company can ___
Answer: Engage in a restrictive monetary policy.
5. Natural growth rate can be calculated by?
Answer: Natural growth rate = Death rate + Net

immigration
6. In the analysis of utility theory, the basic of demand is

___ Answer: Diminishing utility
7. In the money market, money can only be borrowed for

___
Answer: Short term
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2
8. The consumers co-operative society is owned by
Answer: Members of the society
9. Find the median of the following set of score,

8,9,6,5,10
Answer: Median is the middle number after all the

numbers are arranged in ascending or descending order.
Arranging, we have 5,6,8,9,10. Therefore, the media in 8
10. In a public company, entrepreneurship functions are

performed by the ___
Answer: Board of directors

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11. One major export crop in West Africa is

____ Answer: Cocoa
3
12. …… expresses relationship between the dependent
and independent variable.
Answer: Functions
13. Macroeconomics was made popular by
Answer: John M. Kaynes
14. Distribution of goods and services is hindered by

____
Answer: Too many middlemen (and other factors).
15. Census of population is usually conducted every

___
Answer: 10 years
16. Which bank is known as post office bank? Answer:

Merchant Bank
17. A firm’s main aim is to

4
Answer: Maximise profits
18. In a socialist economy, factors of production are

owned and controlled by the
Answer: Government.
19. The market where buyer and sellers of currency meet

is known as
Answer: Foreign exchange market
20. Taxes which are levied on a person’s expenditure are

known as
Answer: Purchase tax
21. The additional revenue obtained by using one more

unit of a factor is called ___
Answer: Marginal Revenue product
22. A firm’s compulsory cost is referred to as its

5
Answer: Fixed Cost
23. The assumption of economic analysis are …….. and

…..
Answer: Rationally and other things being equal
24. A firm is at its optimum size when
Answer: It produces the greatest output at the

minimum.
25. When a variable is associated with time period, it is?
Answer: A flow
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26. The full meaning of OPEC is
Answer: Organization of Petroleum exporting countries.
6
27. State-owned enterprises are more common in
Centrally planned economies
28. Commercial banks are example of joint stock banks
29. Efficiency of labour is enhanced by Improved

working condition and training
30. The production strategy used in over populated

country is Labour intensive.
31. Internal trade has general effect on ….. of a country.
Answer: GDP

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32. West African economies can be described as?
Answer: Agricultural.
7
33. The headquarters of the African Development Bank
(ADB) was originally located in Abidjan
34. ….. is the measurement of steepness of the line or

curve that emerges on the graph.
Answer: Slope
35. Banks create money by…
Answer: Lending out deposits to borrowers
36. The situation whereby government revenue is less

than government expenditure is referred to as
Answer: Budget deficit
37. ….. and …. of goods and factors of production

brought the existence of price
Answer: Scarcity and usefulness
8
38. The most common form of business in West Africa is
the
Answer: Sole proprietorship
39. The terms of trade simply mean the price ratio of
Answer: export to import.

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40. The tax imposed on goods produced within the

country is An EXCISE TAX
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40 Jamb Economics Likely

Questions And Answers

1. The residual of production which acquires to the

2. The downturn in the price of shares on stock markets

Answer: The regulatory nature of the market

3. What is the effect of decrease in supply where demand

Answer: Increase in price, decrease in quantity.

Answer: Engage in a restrictive monetary policy.

5. Natural growth rate can be calculated by?

Answer: Natural growth rate = Death rate + Net

6. In the analysis of utility theory, the basic of demand is

7. In the money market, money can only be borrowed for

For Legit Jamb Assistance Call / WhatsApp

Answer: Members of the society

9. Find the median of the following set of score,

Answer: Median is the middle number after all the

10. In a public company, entrepreneurship functions are

Answer: Board of directors

For Legit Jamb Assistance Call / WhatsApp

11. One major export crop in West Africa is

13. Macroeconomics was made popular by

Answer: John M. Kaynes

14. Distribution of goods and services is hindered by

Answer: Too many middlemen (and other factors).

15. Census of population is usually conducted every

16. Which bank is known as post office bank? Answer:

17. A firm’s main aim is to

18. In a socialist economy, factors of production are

19. The market where buyer and sellers of currency meet

Answer: Foreign exchange market

20. Taxes which are levied on a person’s expenditure are

Answer: Purchase tax

21. The additional revenue obtained by using one more

Answer: Marginal Revenue product

22. A firm’s compulsory cost is referred to as its

23. The assumption of economic analysis are …….. and

Answer: Rationally and other things being equal

24. A firm is at its optimum size when

Answer: It produces the greatest output at the

25. When a variable is associated with time period, it is?

For Legit Jamb Assistance Call / WhatsApp 08148755974

26. The full meaning of OPEC is

Answer: Organization of Petroleum exporting countries.

28. Commercial banks are example of joint stock banks

29. Efficiency of labour is enhanced by Improved

30. The production strategy used in over populated

31. Internal trade has general effect on ….. of a country.

For Legit Jamb Assistance Call / WhatsApp

32. West African economies can be described as?

34. ….. is the measurement of steepness of the line or

35. Banks create money by…

Answer: Lending out deposits to borrowers

36. The situation whereby government revenue is less

Answer: Budget deficit

37. ….. and …. of goods and factors of production

Answer: Scarcity and usefulness

Answer: Sole proprietorship

39. The terms of trade simply mean the price ratio of

Answer: export to import.