Jamb 2004 Economics Past Questions And Answers
1
The difference between payments and receipts for visible trade is called
- A. bilateral trade
- B. current balance
- C. balance of payments
- D. balance of trade
2
Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?
- A. N720.00
- B. N216.00
- C. N44.00
- D. N880.00
3
One of the causes of the present high rate of inflation in Nigeria is
- A. increasing budget surplus
- B. increasing factor costs
- C. exchange rate appreciation
- D. high capacity utilization
4
One of the assumptions of ordinal utility in consumer behaviour is that
- A. consumers are irrational
- B. marginal utility rises continuously
- C. utility is measurable
- D. utility can only be ranked
5
In an open economy, the GNP is measured as
- A. C+I+G+X
- B. C+I+G+(X-M)
- C. C+I+G+M
- D. C+I+G
6
The final stage in the production process of any commodity involves its movement from the
- A. retailer to the wholesaler
- B. producer to the wholesaler
- C. retailer to the consumer
- D. wholesaler to the retailer
7
By advertising, a monopolistic competitive firm tries to shift its
- A. supply curve to the right
- B. demand curve to the right
- C. supply curve to the left
- D. demand curve to the left
8
In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to
- A. increase price
- B. reduce output
- C. reduce price
- D. retain price
9
How are credit sales by a department treated?
- A. the same way as normal debtors' transactions
- B. in a different way from normal debtors' transactions
- C. as an addition to the production manager's account
- D. as an addition to the production managers' account
10
If budget deficits are financed by borrowing, the crowing-out effect can be offset by an increase in
- A. government expenditure
- B. savings
- C. interest rates
- D. exchange rates