Jamb 2005 Economics Past Questions And Answers
If elasticity of demand is greater than I and less than infinity, demand is said to be
- A. elastic
- B. perfectly inelastic
- C. inelastic
- D. perfectly elastic
The terms of trade of a country is defined as
- A. \(\frac{\text{Index of import prices}}{\text{Index of export prices}}\) x 100
- B. \(\frac{\text{Index of exportable}}{\text{Index of importable}}\) x 100
- C. \(\frac{\text{Index of visible imports}}{\text{Index of visible exports}}\) x 100
- D. \(\frac{\text{Index of export prices}}{\text{Index of import prices}}\) x 100
In economics, production takes place only when
- A. producers sell to retailers
- B. value has been added to a commodity
- C. modern equipment is used
- D. consumption has taken place
\(\begin{array}{c|c}
\text{Age group(years)} & \text{Distribution(%)} \\ \hline
\text{Above 60} & 30 \\
\hline
15 - 60 & 45 \\
\hline
0 - 14 & 25 \\
\end{array}\)
The estimated dependency ratio of the population distribution shown here is
- A. 11:9
- B. 9:11
- C. 7:3
- D. 3:7
Idle cash balances are held for
- A. planned purchases
- B. the purchase of bonds
- C. the purchase of shares
- D. unplanned purchases
The monetization policy of the Nigerian government is aimed at
- A. encouraging public servants to retire early and become self-employed
- B. transferring government's properties to retired public servants
- C. reducing government's burden on the provision of fringe benefits to public servants
- D. helping government recover properties held by public servants
Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income?
- A. N380m
- B. N20m
- C. N180m
- D. N200m
\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)
What is the percentage increase in GNP between year 1 and year 2?
- A. 3.5.0%
- B. 14.0%
- C. 20.0%
- D. 35.0%
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
- A. the price-quantity ratios are equal
- B. equal amounts of X and Y are consumed
- C. less of Y and more of X are consumed
- D. less of X and more of Y are consumed
Elasticity of demand is an effective tool in the hand of a producer in that it enables him
- A. rise his profits and lower his, costs
- B. discourage buyers from cheating
- C. determine what he will produce
- D. set his price to maximize his profit