2021 - JAMB Economics Past Questions & Answers - page 1

1

A firm is at its optimum size when ___________

A
It has a motive to increase output
B
It produces the greatest output at a minimum cost
C
Marginal cost equals marginal revenue
D
Marginal cost is less than marginal revenue
CORRECT OPTION: b
2

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

A
100 days
B
30 days
C
90 days
D
14 days
CORRECT OPTION: c
3

The petro-chemical industries are located in Rivers State of Nigeria due to ________

A
Coal deposit
B
Palm oil products
C
Favourable soil
D
Oil deposits
CORRECT OPTION: d
4

Units of Quality Consumes Total Utility Marginal Utility

0

1

2

3

4

5

-

10

15

17

18

18

-

10

5

2

1

0

This table illustrates the law of _________

A
Increasing returns
B
Diminishing returns
C
Diminishing marginal utility
D
Increasing total utility
CORRECT OPTION: c
5

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

A
Monopoly
B
Oligopoly
C
Monopolistic competition
D
Perfect competition
CORRECT OPTION: b
6

Full employment is a situation in which _______

A
Every adult is employed.
B
Only the disable are not employed.
C
All adults who can work are employed.
D
All those who are able and eligible can find employment
CORRECT OPTION: d
7

Mono production economies are those that____

A
Produce one main commodities
B
Have a rich cultural heritage.
C
Specialize in agricultural industries.
D
Produce only raw materials.
CORRECT OPTION: a
8

Petroleum 'glut' in international trade means______

A
Higher prices for the Consumption of petroleum.
B
An Oversupply of petroleum.
C
A fall in in petroleum production.
D
A higher petroleum price offered by the buyer.
CORRECT OPTION: b
9

Retailers in an economy perform the function of ______

A
Distribution.
B
Exchange
C
Investment
D
Production
CORRECT OPTION: a
10

In a sole proprietorship, the decisions are made by the ______

A
Government
B
Management
C
Owner
D
Board of Directors
CORRECT OPTION: c
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