2022 JAMB CBT ECONOMICS QUESTIONS AND ANSWERS (14th) Economics



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ID 177

2021 JAMB CBT ECONOMICS QUESTIONS AND ANSWERS (14th) Economics

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*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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Please send all daily subscription as text message and not on WhatsApp. Always note that if you really want to do well in this exam, daily subscription is never a good option because you will always be disappointed because of delay in response due to much number of chats. All our payment are now strictly on MTN airtime.. Also note that Our 2022 WAEC Midnight Answers Subscription ends on Mon 30th May 2022. Note: we don't accept calls. Please, we beg you in the name of God, do all your daily subscriptions AT LEAST a day before the exam, we may not have time to attend to you for daily subscriptions on the exam day. This is examplaza.com, we source other websites.