2024 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

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