2018 JAMB CBT ECONOMICS 3PM QUESTIONS AND ANSWERS

ECONOMICS – 3PM (DAY 1)
1 :-
the effect of an expansionary monetary system above full
employment level is a
CORRECT ANSWER = rise in the inflation rate
2 :- the maimumum amount of money a company is
allowed to raise b issuing shares to the public is
CORRECT ANSWER = authorised capital
3 :- the value of money will apppreciate if
CORRECT ANSWER = price decrease
4 :- in noigeria ,government can ensure continos supply of
agricultural produce in al the seasons by
CORRECT ANSWER = provide adequate and efficient
storage facilities
5 :- from the above table calculat the ccoefficient of
elasticity of demand
CORRECT ANSWER = 0.75
6 :- the reduction of high fertility rate is a measure of
population control designed
CORRECT ANSWER = make growth I population
8 :- capital accumulation for low income earners is btter
done through
CORRECT ANSWER = credit and thrift societies
9 :- the government of nigeria can conserve foreign
exchange by
CORRECT ANSWER = restricting import through imprt
quotas
10 :- the minimum number of persons who are legally
allowed to operate in a partnership business is between
CORRECT ANSWER = 2 and 20
11 :- from the above diagram,given the existing resources
in the economy,a movement from h o f will lead to the
production
CORRECT ANSWER = more cotton and less coal
12 :- gnp is not a good measure of social welfare because
they are unrecorded
CORRECT ANSWER = transfer payment
13 :- one of the major goals of opec is to
CORRECT ANSWER = ensure that quota production is
strictly followed
14 :- one of the factors considered in the determinant of
wages is
CORRECT ANSWER = the rise involved I n an occupation
15 :- if government expenditure exceeds its revenue,this
will give rise to a
CORRECT ANSWER = budget deficit
16 :- from the above diagram at which point is the total
utility higher
CORRECT ANSWER = f
17 :- the demand curve for a firm operating u nder
perfect competition is
CORRECT ANSWER = perfectly elastic
18 :- terms of trade is expressed as the
CORRECT ANSWER = rate at which export are exchanged
for import
19 :- from the above what is the mean of ghe distribution
CORRECT ANSWER = 16
20 :- the typical feature of a market economy is that
CORRECT ANSWER = consumer soverignty exists
21 :- given that qd=40-4p and qs=12p=24,determine the
equillibrum price
CORRECT ANSWER = 1 naira
22 :- petro chemical industries are located in the river
state of nigeria because of
CORRECT ANSWER = crude oil deposit
23 :- in an imperfect market the monopolist can influence
CORRECT ANSWER = price and quality
24 :- from the above table,the medium of the distribution
is
CORRECT ANSWER = 18
25 :- in the production process,the law of diminishing
returns begins to set in when
CORRECT ANSWER = marginal product begins to fall
26 :- the most unique quality of money is its
CORRECT ANSWER = acceptability
27 :- the u shaped of the long run average cost curve is
explained by
CORRECT ANSWER = increasing return
28 :- in nigeria import substitution industralization
strategy is faced with the problem of
CORRECT ANSWER = over dependence on imported
component
29 :- from the above table,the mode of distribution is
CORRECT ANSWER = 0
30 :- a cosmetic dealer sourcing for cpital to expand his
business will approach
CORRECT ANSWER = bank of industry
31 :- freom the above diagram,the movement from point n
to point m implies that
CORRECT ANSWER = more of commodity x is consumed
than that of of commodity y
32 :- one of yhe advantages of using labour intensive
strategy of production is that if
CORRECT ANSWER = provides more employment
opportunities
33 :- a business organisation in wich thwere is limitation
to the amount of loses a shareholder can sustain in the
event of business by law is
CORRECT ANSWER = limited liability company
34 :- rural-urban migraytion is influenced by
CORRECT ANSWER = the availability of employment
opportunities
35 :- fram the above diagram the supply curve for
agricultural products is illustrated by
CORRECT ANSWER = 1
36 :- the demand curve for a perfectly competitive firm is
CORRECT ANSWER = INFINITELY ELASTIC
37 :- which of yhe following is a direct tax
CORRECT ANSWER = PROPERTY TAX
38 :- froam the above graph,the equillibrum price and
quantity is represented at points
CORRECT ANSWER = POQO
39 :- the most important determinant in the supply of
agricultural products is
CORRECT ANSWER = WEATHER
40 :- the marginal propensity to consume measures the
relationship between
CORRECT ANSWER = CHANGE IN INCOME AND CHANGE I
N CONSUMPTION

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