2018 JAMB CBT 10th 7am ECONOMICS QUESTIONS AND ANSWERS (DAY 2)

2018 JAMB CBT 10th 7am ECONOMICS QUESTIONS AND
ANSWERS
Economics
Question
1 :- the major problem confronting agriculture in nigeria
include
CORRECT ANSWER = land tenure system
Question
2 :- In nigeria export promotion strategy is aimed at
CORRECT ANSWER = increaing the production and
exportation of new products
Question
3 :- a distinguishong feature of free enterprise economy is
that
CORRECT ANSWER = the private sector owns the means of
production
Question
4 :- the growth of private enterprise is constrained by
CORRECT ANSWER = shortage of ubskilled workers
Question
5 :- the initial deposit of a deposit bank is
500,000,calculate the total amount of credit the abnk
creates with cash raio of 20%
CORRECT ANSWER = 2,500,000
Question
6 :- which of the following represents the features of a
less developed country
CORRECT ANSWER = ii,iii,v
Question
7 :- the major factor yo be considered I the locatoion of
timber and plywood industries is
CORRECT ANSWER = raw material
Question
8 :- one of the consequences of overpopulation is
CORRECT ANSWER = inceased depency ratio
Question
9 :- the price of a commodity increase from 2.00 to
7.00,while quantity of its component decreases from 75 to
50,calculate the cross elasticity of demand
CORRECT ANSWER = 0.13
Question
10 :- a principal factor that determinees the value of
money is the
CORRECT ANSWER = supply of money
Question
11 :- govt capacit to raise tax revenue in nigeria is beign
hampered by
CORRECT ANSWER = tax evasion
Question
12 :- the reasoning process that begins from the genenral
to thr particular is
CORRECT ANSWER = deductive method
Question
13 :- from the table above how many degrees wil educatin
sector represent on a pie chart
CORRECT ANSWER = 54
Question
14 :- an increase in the price of good x from 300 to 350
per unit led to an incease in the quantity demanded of
good y from 1200units to 1500units determines the
elasticity of demand
CORRECT ANSWER = 1.5
Question
15 :- calculate the equillibrum level of income
CORRECT ANSWER = 865.25
Question
16 :- from the diagram above consumer equillibrum will
occur at point
CORRECT ANSWER = ii
Question
17 :- the above table the price elasticit of supply is
CORRECT ANSWER = unitary
Question
18 :- the producer increase his inputs by 20%and his
output inceases by 10% this is an example of
CORRECT ANSWER = decreasing retirn to scale
Question
19 :- a set of leakages in the circular flow of incone
includes
CORRECT ANSWER = savings and import
Question
20 :- the above depicts a monopolist in a position of
CORRECT ANSWER = minimum loses
Question
21 :- tax incidence from vat generally rest on
CORRECT ANSWER = consumers only
Question
22 :- if yhe price of milk rose from 150 per tin 2009 tin180
in 2010,calculate the price index
CORRECT ANSWER = 120
Question
23 :- the major determinant of consumer behaviour is
CORRECT ANSWER = cardinal utility
Question
24 :- one of the advantages of running a mixed economy
is that
CORRECT ANSWER = government regulates the activities of
the private sectors
Question
25 :- when a country receipt from export exceed her
payment for import it is said to have
CORRECT ANSWER = a favourable balance of payment
Question
26 :- a firm Is said to be technically efficient when
CORRECT ANSWER = it provides more at low cost
Question
27 :- a pure monopoly exist when there
CORRECT ANSWER = is a single seller of a commodity
without close substitutes
Question
28 :- from the information above primary stage of
production includes
CORRECT ANSWER = I and iv
Question
29 :- from the diagram above an inward shift in the
supply curve implies
CORRECT ANSWER = a change in other factors that will
affect supply
Question
30 :- the major challenge facing the minning industry in
nigeria is
CORRECT ANSWER = shortage of skilled amnpower
Question
31 :- the key objective of the african development bank is
to
CORRECT ANSWER = imprve living conditions in africa
Question
32 :- what is the total cost when output increases to
2units
CORRECT ANSWER = 22
Question
33 :- a determinant of exchange rate is
CORRECT ANSWER = inflation rate
Question
34 :- given the informtion above what are the effectiv
ways of reducing population
CORRECT ANSWER = ii and iii
Question
35 :- from the above diagram price fixed at px reprrsents
CORRECT ANSWER = maximum price privatilization
Question
36 :- the policy of govt tht encourages the private
ownership of means of production is
CORRECT ANSWER = privatilization
Question
37 :- te ease with which workers can switch careers is an
indication of
CORRECT ANSWER = industrial mobility of labour
Question
38 :- the rate of development In nigeria has mostly been
hampered by
CORRECT ANSWER = poor plan implementation
Question
39 :- from the diagra above there has been
CORRECT ANSWER = an increase in both equillibrum price
and quantity
Question
40 :- one of the factors responsible for an outward shift in
the pff of a society is the
CORRECT ANSWER = discovery of new mineral resources

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