2015 - JAMB Economics Past Questions and Answers - page 2
11
The quantity theory of money states that a reduction in the quantity of money in circulation would bring about
A
A constant change in price
B
A rise in prices
C
An unequal fall in prices
D
A proportionate fall in price
12
The tax levied on locally produced goods is
A
import duty
B
excise duty
C
company tax
D
value added tax
13
\(\begin{array}{c|c}
\text{Capital consumption allowance} & \text{N20,000} \\
\hline
\text{Gross domestic production} & \text{N60,000} \\
\hline
\text{Factor payment to foreigners} & \text{N10,000} \\
\hline
\text{Factor income from abroad} & \text{N15,000} \\
\end{array}\)
From the above table, calculate the Gross National Product.
A
N70,000
B
N75,000
C
N50,000
D
N60,000
14
Petroleum has the following positive contributions to the Nigerian economy except
A
Generate employment
B
Source of government revenue
C
development of mono economy
D
Infrastructure development
15
The market in which the operators are many and none of them can influence the price is
A
stock exchange market
B
imperfect market
C
perfect foreign market
D
exchange market
16
The concentration of industries in a particular geographical area is
A
localization of industries
B
roles of industrialization
C
location of industry
D
strategies of industrialization
17
\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)
The table illustrate the law of
A
admonishing returns
B
increasing returns
C
diminishing marginal utility
D
increasing marginal utility
18
All the following are the canons of taxation given by Adam Smith except
A
objective
B
economy
C
convenience
D
certainty
19
Census can be classified as
A
defacto and dejure
B
increasing and decreasing
C
over and under
D
optimum
20
A firm that charges the maximum price without attracting competition from new entrants is
A
Oil firms
B
Monopolistic competitive firm
C
Monopolistic firm
D
Perfectly competitive firm
Loading lesson…