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JAMB 2018 · Part 2 of 2

2018 JAMB Economics Past Questions — Part 2

The 2018 JAMB Economics past questions with answers: 90 objective questions from the 2018 paper in the DeeepSolve question bank, each with its answer behind "Show answer". This is part 2 of 2: questions 46 to 90. Try each question before you check, then practise the paper as a timed JAMB-style CBT.

Past questions © the examination body (JAMB/WAEC/NECO). DeeepSolve is not affiliated with them. Rights holders: see /copyright.

Questions 46–90

  1. 46.

    No of Men 1 2 3 4 5 6 7 8   Total Product(unit) 200 440 540 600 640 660 660 640 If the price per unit  is N2, what is the average revenue when 6 men are employed?

    1. A.N110
    2. B.N120
    3. C.N220
    4. D.N330
    Show answer

    Answer: C. N220

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  2. 47.

    The reward for capital is___________

    1. A.Interest
    2. B.Rent
    3. C.Risk
    4. D.Premium
    Show answer

    Answer: A. Interest

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  3. 48.

    A group formed to enable members adopt a common policy in labour negotiation is known as?

    1. A.Employer’s association
    2. B.Craft Union
    3. C.Trade union
    4. D.Employee’s union
    Show answer

    Answer: A. Employer’s association

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  4. 49.

    Utility is the satisfaction derived from____________

    1. A.Production
    2. B.Distribution
    3. C.Consumption
    4. D.Demand
    Show answer

    Answer: C. Consumption

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  5. 50.This question needs a diagram, table or passage that we don't have yet, so it isn't shown.

  6. 51.

    The two major types of international trade are Bilateral trade and?

    1. A.Internal trade
    2. B.Multilateral trade
    3. C.Dilateral trade
    4. D.Trilateral trade
    Show answer

    Answer: B. Multilateral trade

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  7. 52.

    The privatization exercise in Nigeria is a move towards a____________

    1. A.command economy
    2. B.mixed economy
    3. C.subsistence economy
    4. D.market economy
    Show answer

    Answer: D. market economy

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  8. 53.

    If the pass mark was 40, how many students passed the examination?

    1. A.100
    2. B.120
    3. C.160
    4. D.200
    Show answer

    Answer: B. 120

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  9. 54.This question needs a diagram, table or passage that we don't have yet, so it isn't shown.

  10. 55.

    Concentrating industries in one place is advantageous because there are gains in terms of_____________

    1. A.cost economies
    2. B.economies of scale
    3. C.internal economies
    4. D.external economies
    Show answer

    Answer: D. external economies

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  11. 56.

    In a developing economy, productivity is measured by the____________

    1. A.output - labour ratio
    2. B.capital - output ratio
    3. C.output growth rate
    4. D.Output per capital
    Show answer

    Answer: A. output - labour ratio

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  12. 57.

    Factors affecting size of Labour Force include the following EXCEPT?

    1. A.Level of technology
    2. B.Retirement age
    3. C.Government policies
    4. D.Trade Union activities
    Show answer

    Answer: A. Level of technology

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  13. 58.This question needs a diagram, table or passage that we don't have yet, so it isn't shown.

  14. 59.

    The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________

    1. A.Sales promotion
    2. B.Term of trade
    3. C.Export promotion
    4. D.International trade
    Show answer

    Answer: C. Export promotion

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  15. 60.

    The privatization of public enterprises will lead to the efficient management of resources in the economy. This statement can best be described as_____________

    1. A.deductive reasoning
    2. B.positive reasoning
    3. C.normative reasoning
    4. D.inductive reasoning
    Show answer

    Answer: B. positive reasoning

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  16. 61.

    If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then____________

    1. A.only the quantity will increase
    2. B.The prices will remain constant
    3. C.the equilibrium price and quantity will increase
    4. D.only the price will increase
    Show answer

    Answer: D. only the price will increase

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  17. 62.

    An ad valorem tax is imposed on_____?

    1. A.Exports
    2. B.Imports
    3. C.The Value of a Commodity
    4. D.Special Commodities
    Show answer

    Answer: C. The Value of a Commodity

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  18. 63.

    The coefficient of the price elasticity of supply is always_____________

    1. A.Constant
    2. B.Zero
    3. C.Positive
    4. D.Negative
    Show answer

    Answer: C. Positive

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  19. 64.

    A major determinant of the demand for a luxury good is____________?

    1. A.the price of other goods
    2. B.the price of the good
    3. C.tastes and fashion
    4. D.the income of consumers
    Show answer

    Answer: D. the income of consumers

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  20. 65.

    When a variable is associated with time period, it is_____________

    1. A.circular
    2. B.a flow
    3. C.static
    4. D.a stock
    Show answer

    Answer: B. a flow

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  21. 66.

    The establishment of industries in rural areas will help to reduce____________-

    1. A.Urban-Rural migration
    2. B.Rural-Urban migration
    3. C.Rural-Rural migration
    4. D.Urban-Urban migration
    Show answer

    Answer: B. Rural-Urban migration

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  22. 67.

    Given that Y = C + I, where C = 50 + 0.75Y and I = N45m, what is the equilibrium level of income?

    1. A.N20m
    2. B.N380m
    3. C.N200m
    4. D.N180m
    Show answer

    Answer: B. N380m

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  23. 68.

    The money paid per hour for work done is_________

    1. A.cost
    2. B.salary
    3. C.bonus
    4. D.wage rate
    Show answer

    Answer: D. wage rate

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  24. 69.This question needs a diagram, table or passage that we don't have yet, so it isn't shown.

  25. 70.

    The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

    1. A.Volume of trade between countries
    2. B.direction of international trade
    3. C.commodity terms of trade
    4. D.volume of imports
    Show answer

    Answer: C. commodity terms of trade

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  26. 71.

    Occupational distribution of information is mainly influenced by___________

    1. A.economic factor
    2. B.religious factor
    3. C.geographical factor
    4. D.social factor
    Show answer

    Answer: A. economic factor

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  27. 72.

    The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________

    1. A.Deflation
    2. B.Inflation
    3. C.Devaluation
    4. D.Revaluation
    Show answer

    Answer: C. Devaluation

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  28. 73.

    A limited liability company is owned by________________

    1. A.a bank
    2. B.an individual
    3. C.two or more partners
    4. D.share holders
    Show answer

    Answer: D. share holders

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  29. 74.

    In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?

    1. A.Marginal utility
    2. B.Form utility
    3. C.Place utility
    4. D.Total utility
    Show answer

    Answer: C. Place utility

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  30. 75.

    Consider the following statements:   1. Climate and availability of water largely determines the pattern of the population distribution.   2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land   Which of the statement(s) given above is/are correct

    1. A.Only 1
    2. B.Only 2
    3. C.Both 1 and 2
    4. D.Neither 1 nor 2
    Show answer

    Answer: C. Both 1 and 2

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  31. 76.

    Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?

    1. A.Partnership
    2. B.Sole proprietorship
    3. C.Public limited liability company
    4. D.Private limited liability company
    Show answer

    Answer: C. Public limited liability company

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  32. 77.

    Commercial bank reserves at the Central Bank____________

    1. A.advancing trade, prospects
    2. B.controlling credit and money supply
    3. C.reducing bank frauds
    4. D.discouraging banking operations
    Show answer

    Answer: B. controlling credit and money supply

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  33. 78.

    Mortgage banks give loans to investors on a long term basics to_____________

    1. A.Finance agriculture
    2. B.establish banks
    3. C.acquire machinery
    4. D.build houses
    Show answer

    Answer: D. build houses

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  34. 79.

    The Economic Commission for Africa was set up by the_________

    1. A.UNO
    2. B.ECOWAS
    3. C.OAU
    4. D.IMF
    Show answer

    Answer: A. UNO

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  35. 80.

    The effects on the demand for product A caused by a change in the price of product B is Called____________

    1. A.Joint demand
    2. B.cross-elasticity of demand
    3. C.elasticity of supply
    4. D.competitive demand
    Show answer

    Answer: B. cross-elasticity of demand

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  36. 81.

    The transfer of public share holding in corporations to private enterprise is___________?

    1. A.Incorporation
    2. B.Concession
    3. C.Privatization
    4. D.Commercialization
    Show answer

    Answer: C. Privatization

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  37. 82.

    Human wants are insatiable because wants are____________

    1. A.Limited while means are scarce
    2. B.Unlimited and means are also unlimited
    3. C.Limited and means are also limited
    4. D.Unlimited while means are scarce.
    Show answer

    Answer: D. Unlimited while means are scarce.

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  38. 83.

    The main concern of economists is to________-

    1. A.Control the growth of population
    2. B.Redistribute income between the rich and poor
    3. C.Satisfy all human wants
    4. D.Allocate scarce resources to satisfy human wants
    Show answer

    Answer: D. Allocate scarce resources to satisfy human wants

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  39. 84.

    The expression of cost in terms of alternative forgone is referred to as ____?

    1. A.Scarce resources
    2. B.Decision making
    3. C.Opportunity cost
    4. D.Choice
    Show answer

    Answer: C. Opportunity cost

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  40. 85.

    The following are types of capital except:___________

    1. A.Current capital
    2. B.Saving capital
    3. C.Working capital
    4. D.Social capital
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    Answer: B. Saving capital

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  41. 86.

    The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

    1. A.Revenue generation
    2. B.Economic development
    3. C.Fiscal Policy
    4. D.Taxation
    Show answer

    Answer: C. Fiscal Policy

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  42. 87.

    The factor of production that has the highest degree of mobility is__________?

    1. A.entrepreneurship
    2. B.land
    3. C.labour
    4. D.capital
    Show answer

    Answer: C. labour

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  43. 88.

    A  capital market differs from the money market in that in the former ________?

    1. A.The percentage of interest charged is more
    2. B.Loan sought is long term
    3. C.Loan repayment is guaranteed
    4. D.Loan sought is short-term
    Show answer

    Answer: B. Loan sought is long term

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  44. 89.

    The savings deposit in a commercial bank is called____________?

    1. A.near money
    2. B.call money
    3. C.capital
    4. D.fund
    Show answer

    Answer: A. near money

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  45. 90.

    In an open economy, the GNP is measured as_____________?

    1. A.C + 1 + G(X-M)
    2. B.C + 1 + G
    3. C.C + 1 + G + X
    4. D.C + 1 + G + M
    Show answer

    Answer: A. C + 1 + G(X-M)

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