2020 JAMB CBT ECONOMICS QUESTIONS AND ANSWERS (14th) Economics
*1. The residual of production which acquires to the ownership of loans
after all other expenses have been met is called ___*
*Answer: Rent*
*2. The downturn in the price of shares on stock markets is a highlight or
___*
*Answer: The regulatory nature of the market*
*3. What is the effect of decrease in supply where demand is constant?*
*Answer: Increase in price, decrease in quantity.*
*4. To control inflation, the monetary authority of a company can ___*
*Answer: Engage in a restrictive monetary policy.
*5. Natural growth rate can be calculated by?*
*Answer: Natural growth rate = Death rate + Net immigration*
*6. In the analysis of utility theory, the basic of demand is ___
Answer: *Diminishing utility*
*7. In the money market, money can only be borrowed for ___*
*Answer: Short term*
*8. The consumers co-operative society is owned by*
*Answer: Members of the society
*9. Find the median of the following set of score, 8,9,6,5,10*
*Answer: Median is the middle number after all the numbers are
arranged in ascending or descending order.* *(Arranging, we have
5,6,8,9,10.* *Therefore, the media in 8*
*10. In a public company, entrepreneurship functions are performed by
the ___*
*Answer: Board of directors
*11. One major export crop in West Africa is ____
Answer: Cocoa*
*12. expresses relationship between the dependent and
independent variable.*
*Answer: Functions*
*13. Macroeconomics was made popular by*
*Answer: John M. Kaynes*
*14. Distribution of goods and services is hindered by ____*
*Answer: Too many middlemen (and other factors).*
*15. Census of population is usually conducted every ___*
*Answer: 10 years*
*16. Which bank is known as post office bank?
Answer: Merchant Bank*
*17. A firm s main aim is to*
*Answer: Maximise profits*
*18. In a socialist economy, factors of production are owned and
controlled by the*
*Answer: Government.*
*19. The market where buyer and sellers of currency meet is known as*
*Answer: Foreign exchange market*
*20. Taxes which are levied on a* *person s expenditure are known as*
*Answer: Purchase tax
*21. The additional revenue obtained by using one more unit of a factor
is called* ___
*Answer: Marginal Revenue product
*22. A firm s compulsory cost is referred to as its*
*Answer: Fixed Cost*
*23. The assumption of economic analysis are .. and ..*
*Answer: Rationally and other things being equal*
*24. A firm is at its optimum size when*
*Answer: It produces the greatest output at the minimum.*
*25. When a variable is associated with time period, it is?*
*Answer: A flow*
*26. The full meaning of OPEC is*
*Answer: Organization of Petroleum exporting countries.
*27. State-owned enterprises are more common in____
Answer: Centrally planned economies*
*28. Commercial banks are example of___
Answer: joint stock banks*
*29. Efficiency of labour is enhanced by Improved____
Answer: working condition and training*
*30. The production strategy used in over populated country is__
Answer: Labour intensive.*
*31. Internal trade has general effect on .. of a country.
*Answer: GDP*
*32. West African economies can be described as?*
*Answer: Agricultural.
*33. The headquarters of the African Development Bank (ADB) was
originally located in____
Answer: Abidjan*
*34. .. is the measurement of* *steepness of the line or curve that
emerges on the graph.*
*Answer: Slope*
*35. Banks create money by*
*Answer: Lending out deposits to borrowers*
*36. The situation whereby government revenue is less than government
expenditure is referred to as*
*Answer: Budget deficit*
*37. .. and . of goods and factors of production brought the
existence of price*
*Answer: Scarcity and usefulness*
*38. The most common form of* *business in West Africa is the*
*Answer: Sole proprietorship*
*39. The terms of trade simply mean the price ratio of*
*Answer: export to import.*
*40. The tax imposed on goods produced within the country is
Answer: excise tax
NOTE:
1. YOUR NUMBER TEN(10) QUESTION CAN BE YOUR
BROTHER S NUMBER TWENTY-FIVE {25} QUESTION.
2. DON T SPREAD THIS QUESTIONS AND ANSWERS TO
ANYONE.
Two examinations are held annually. On 15 July 2013, some plans were made by the federal government of Nigeria to remove the National Examination Council (NECO) From the Nigeria Education System due to low and average passing percentage from candidates across the state in Nigeria.
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