An upward movement along the same supply curve result in_____________

an increase in quantity supplied

a decrease In quantity supplied

Human wants are insatiable because wants are____________

Unlimited while means are scarce.

Unlimited and means are also unlimited

Limited and means are also limited

Unlimited while means are scarce.

Commercial bank reserves at the Central Bank____________

controlling credit and money supply

discouraging banking operations

The population density of a town made up of 50 square kilometer land area and 100 million people is________

2 million people per square kilometer 

50,000 people per square kilometer

2 million people per square kilometer 

0.5 million people per square kilometer

20 million people per square kilometer

Which of the following is an advantage of localization of industry?

Development of subsidiary firms

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

Countries producing same or identical goods

Countries with comparative advantage

Countries with superlative advantage

Countries producing same or identical goods

The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

Volume of trade between countries

direction of international trade

The mean is the best measure of central tendency because it__________

is a balancing point in an observation

can be calculated from incomplete data

is a balancing point in an observation

is a midpoint value in an array of data

is not affected by extreme values in a data

The study of Economics becomes necessary because of the______________

Large population size of the world

Opportunity cost of goods and services

Need to satisfy every desire of man

JAMB UTME - Economics - 2018 | Green Bridge CBT

Question 1 Report

Utility is the satisfaction derived from____________

Production

Distribution

Consumption

Demand

Answer Details

Utility is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service.

Read lesson note on The Theory Of Demand (JAMB)

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The Theory Of Demand

Economics As A Science

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Question 2 Report

The economic term used to refer to human wants, desires or needs is known as?

Ends

Alternative means

Scarce

Means

Answer Details

The economic term used to refer to human wants, desires, or needs is "Ends". In economics, ends refer to the goals or objectives that individuals or society aims to achieve. These are the things that people want or need, such as food, shelter, clothing, entertainment, or education. Ends are considered to be unlimited because there are always new wants or needs that arise as people's tastes and preferences change, as well as advances in technology and innovation. However, the resources to satisfy these ends are limited, which creates a problem of scarcity. To achieve these ends, individuals must use alternative means, or resources, such as labor, capital, or natural resources. Therefore, the correct option is "Ends".

Read lesson note on Factors Of Production And Their Theories (JAMB)

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Factors Of Production And Their Theories

International Trade

The Theory Of Demand

Economics As A Science

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Question 3 Report

Taxes and government expenditures are instruments of____________

Monetary policy

Tax policy

Economic policy

Fiscal policy

Answer Details

Taxes and government expenditures are instruments of fiscal policy. Fiscal policy refers to the government's use of its spending and taxation powers to influence the economy. By adjusting the level of taxes and government spending, the government can influence the level of economic activity and control inflation. For example, if the government wants to stimulate economic growth, it may lower taxes and increase government spending. This increases consumer spending and investment, which can boost economic activity. On the other hand, if the government wants to slow down inflation, it may raise taxes and decrease government spending, which can reduce consumer spending and slow down economic growth. In summary, fiscal policy is a crucial tool used by governments to manage their economies and maintain economic stability.

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Public Finance

Economic Development And Planning

Economic Systems

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Question 4 Report

The need to construct a scale of preference is necessitated by____________

scarcity and the need for choice

The needs to satisfy wants

Non - availability of factors of production

Scarcity of resources

Answer Details

The need to construct a scale of preference is necessitated by scarcity and the need for choice. Resources are limited, but human wants and needs are unlimited. This creates a situation of scarcity, where people must make choices about how to allocate their resources to satisfy their most pressing needs and wants. A scale of preference is a tool that helps individuals to prioritize their wants and needs, so that they can make informed choices about how to allocate their limited resources. For example, imagine you have a limited amount of money to spend on groceries for the week. You have a long list of items you want to buy, but you can't afford to buy them all. By constructing a scale of preference, you can prioritize the items on your list according to how important they are to you. You might decide that buying bread, milk, and vegetables are your top priorities, while buying luxury items like chocolates and wine are lower on your list. This allows you to make the most of your limited resources and satisfy your most pressing needs first. Therefore, the need to construct a scale of preference is necessitated by scarcity and the need for choice, as it helps individuals to allocate their limited resources in a way that best satisfies their wants and needs.

Read lesson note on The Theory Of Demand (JAMB)

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The Theory Of Demand

Economics As A Science

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Question 5 Report

Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

N20m

N380m

N200m

N180m

Answer Details

Y = C + I
Y = 50 + 0.75 + 45
Y - 0.75 = 50 + 45
Y (1 - 0.75) = 95
0.25y = 95
Y = 95/0.25
Y = 380

Read lesson note on Theory Of Price Determination (WAEC)

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Theory Of Price Determination

The Theory Of Demand

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Question 6 Report

The privatization exercise in Nigeria is a move towards a____________

command economy

mixed economy

subsistence economy

market economy

Answer Details

The privatization exercise in Nigeria is a move towards a market economy. A market economy is a type of economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand. In a market economy, resources are owned and controlled by individuals and private enterprises, rather than the government. In Nigeria's case, the privatization exercise involves the transfer of ownership and control of state-owned enterprises (SOEs) to private individuals or companies. This shift from state ownership and control to private ownership and control is a characteristic feature of a market economy. By reducing the role of the government in the economy, the privatization exercise in Nigeria is aimed at promoting competition, encouraging innovation, and improving efficiency in the management of these formerly state-owned enterprises.

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Economic Systems

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Question 7 Report

From the table, how many people scored above 6?

25

24

5

30

Answer Details

number of people who scored above 6=5+4+9+6

=24

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Agriculture

Population And Labour Market

Population

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Question 8 Report

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

a decrease in profit by 43%

an increase in profit by 43%

a net loss

a net gain

Theory Of Price Determination

The Theory Of Demand

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Question 9 Report

A limited liability company is owned by________________

a bank

an individual

two or more partners

share holders

Factors Of Production And Their Theories

Business Organizations

Market Structures

View Answer

Question 10 Report

From the diagram shown, the optional point of production is_____________?

R

T

S

U

Theory Of Production

Market Structures

View Answer

Question 11 Report

Consider the following statements:

1. Climate and availability of water largely determines the pattern of the population distribution.

2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

Which of the statement(s) given above is/are correct

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Answer Details

Both statements are correct. Climate and availability of water are important factors that can affect where people choose to live. Areas with a favorable climate and a reliable source of water are often more attractive to people, leading to higher population densities in those regions. On the other hand, areas with harsh climates or limited access to water may have lower population densities. Density of population refers to the number of people living in a given area. By understanding the population density in different regions, we can get a better understanding of how densely populated an area is and how the population is distributed over the land. This information is useful in a variety of fields, including urban planning, resource management, and public health.

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Population And Labour Market

Population

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Question 12 Report

A major determinant of the demand for a luxury good is____________?

the price of other goods

the price of the good

tastes and fashion

the income of consumers

Factors Of Production And Their Theories

The Theory Of Demand

Demand

View Answer

Question 13 Report

If the standard deviation of a given data is 8.2, find its variance_______________

82.0

91.8

67.2

4.1

Answer Details

The variance of a given data is the square of the standard deviation. Therefore, if the standard deviation of a given data is 8.2, the variance can be calculated as follows: Variance = Standard deviation^2 Variance = 8.2^2 Variance = 67.24 So, the variance of a given data with a standard deviation of 8.2 is 67.24.

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Methods And Tools Of Economic Analysis

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Question 14 Report

The form of capital that is required for the day-to-day running of production activities is called?

Fixed capital

Social Capital

Circulating capital

Liquid capital

Answer Details

Liquid or current capital is the type of capital that is required for the day-to-day running of production activities. They are also changed from one form to another examples are finished goods and money.

Read lesson note on The Theory Of Production (JAMB)

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The Theory Of Production

Theory Of Production

Demand

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Question 15 Report

The ultimate objectives of economics is to_________?

decide under what circumstances that government should intervene in the economy

Organize production at the lowest cost

Make the best use of scarce resources

make efforts to understands how the economy works

Answer Details

The ultimate objective of economics is to make the best use of scarce resources. This means that economics seeks to understand how people, businesses, and societies allocate limited resources such as land, labor, capital, and technology in order to satisfy unlimited wants and needs. The goal is to ensure that resources are used in the most efficient and effective way possible, so that people can enjoy a higher standard of living and greater economic prosperity.

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Economics As A Science

Economic Systems

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Question 16 Report

The money paid per hour for work done is_________

cost

salary

bonus

wage rate

Answer Details

The money paid per hour for work done is called a "wage rate". Wage rate is the amount of money an employee is paid for each hour of work. It's a basic unit of pay that reflects the compensation an employee receives for the time and effort they put into their job. The wage rate can be influenced by various factors, including the employee's experience, qualifications, and the type of work they do. It's important to note that wage rate is different from salary, which is a fixed amount of money paid to an employee for a set period of time, usually annually or monthly. A bonus, on the other hand, is an additional payment made to an employee in recognition of good work or as a reward for achieving a specific goal.

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Theory Of Price Determination

Theory Of Costs

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Question 17 Report

When a union is composed of workers with the same skill , it is called____________

An industrial union

A workers union

A craft union

A technical union

Answer Details

When a union is composed of workers with the same skill, it is called a craft union. This means that the union represents workers who have the same type of training or expertise in a particular craft or trade. For example, a union of electricians, plumbers, or carpenters would be considered craft unions. These workers often have specific skills that are honed through years of training and experience, and the craft union helps to protect their interests, such as negotiating better wages, benefits, and working conditions. By focusing on a specific skill, craft unions can advocate for their members' unique needs and ensure that they receive fair treatment in the workplace.

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Distributive Trade

Types And Basic Features Of Economic Systems

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Question 18 Report

A group formed to enable members adopt a common policy in labour negotiation is known as?

Employer’s association

Craft Union

Trade union

Employee’s union

Answer Details

Employer’s association is formed to enable members to adopt a common policy in labour negotiation. A good example of employers association is that of the Nigerian Employers’ Consultative Association (NECA).

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Population And Labour Market

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Question 19 Report

The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

The activities of multinationals

inadequate personnel at the secretariat

political instability

inadequate international support

Answer Details

Frequent change of leadership of member state creates a difference in ideology and this is a major problem of ECOWAS

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Economic Integration

Market Structure

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Question 20 Report

Concentrating industries in one place is advantageous because there are gains in terms of_____________

cost economies

economies of scale

internal economies

external economies

Answer Details

External economies of scale are economies of scale which a firm enjoys by virtue of being in an industry or environment where for instance, similar firms are located, as this question asks about. They are still economies of scale though, so technically B could also be correct. This is one of those tricky questions.

Read lesson note on Theory Of Consumer Behaviour (WAEC)

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Theory Of Consumer Behaviour

Theory Of Production

Market Structures

Market Structure

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Question 21 Report

One of the major forms of migration that tends to create problem in all developing countries is that of___________

Rural-urban migration

Rural-rural migration

Urban-rural migration

Seasonal migration

Answer Details

The major form of migration that tends to create problems in developing countries is rural-urban migration. This refers to the movement of people from rural areas to urban areas in search of better economic opportunities and a higher standard of living. There are several reasons why rural-urban migration occurs. In rural areas, there may be limited job opportunities, low wages, and a lack of access to basic services such as healthcare, education, and clean water. In contrast, urban areas offer more job opportunities, higher wages, and better access to services. However, rural-urban migration can create several problems. Firstly, it can lead to overcrowding and strain on urban infrastructure, such as housing, transportation, and public services. This can result in poor living conditions for migrants and contribute to the spread of diseases. Secondly, rural-urban migration can lead to social problems such as crime, poverty, and inequality. Migrants may face discrimination and difficulty integrating into urban communities, which can exacerbate social tensions. Finally, rural-urban migration can have negative impacts on rural areas, as it can result in a loss of skilled workers and a decline in agricultural productivity. This can have serious consequences for food security and rural development. Overall, while rural-urban migration can provide benefits for migrants in terms of economic opportunities and access to services, it can also create significant challenges for both urban and rural areas.

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Population

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Question 22 Report

Which of the following is an invisible item?

Petroleum services

Processed rice

Processed milk

Banking services

Answer Details

The invisible item in the list is "Banking services". In economics, visible items are tangible goods that can be physically seen and touched, while invisible items are intangible services that cannot be physically seen or touched. Petroleum services, processed rice, and processed milk are all visible items because they are tangible goods that can be seen, touched, and measured. On the other hand, banking services are intangible and cannot be physically seen or touched. Examples of banking services include providing loans, managing savings accounts, facilitating transactions, and offering financial advice. Therefore, banking services are considered an invisible item because they are intangible and cannot be physically seen or touched.

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Banking

Money And Inflation

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Question 23 Report

Import duty and tariffs is an instrument used for international trade restriction and so is __________?

Preferential duties

Preferential treatment

Entreport

Trade license

Answer Details

In other to encourage or discourage the importation of certain goods from certain countries discriminate duties are charged on these goods.

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International Trade

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Question 24 Report

The basic economic problems of society include___________

scarcity, for whom to produce and where

what to produce, how and for whom

how to produce and sell

Answer Details

The basic economic problems of society refer to the fundamental challenges that arise from the limited availability of resources and the unlimited wants and needs of individuals and society as a whole. The three main economic problems are scarcity, choice, and opportunity cost. Scarcity refers to the limited availability of resources, such as land, labor, and capital, relative to the unlimited wants and needs of individuals and society. This means that choices must be made about what to produce, how to produce it, and for whom it should be produced. The second economic problem is choice. Because resources are scarce, individuals and societies must make choices about what goods and services to produce and consume. This requires answering questions like "what to produce," "how much to produce," "how to produce it," and "for whom to produce it." These choices have important consequences for the allocation of resources and the distribution of income and wealth. The third economic problem is opportunity cost. This refers to the cost of choosing one option over another, as measured by the value of the best alternative foregone. In other words, every time we make a choice, we give up the opportunity to do something else with those resources. This means that the cost of any choice is not only the direct cost of producing or consuming a good, but also the opportunity cost of not using those resources in some other way. In summary, the basic economic problems of society include scarcity, choice, and opportunity cost. These problems arise from the limited availability of resources relative to the unlimited wants and needs of individuals and society, and require making choices about what to produce, how to produce it, and for whom it should be produced.

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Economics As A Science

Economic Systems

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Question 25 Report

As a factor of production, the reward for land is?

Profit

Interest

Rent

Wage

Answer Details

The reward for land as a factor of production is rent. Rent is the payment made by a tenant or user of land to the owner of the land in exchange for the right to use the land. Land, as a factor of production, refers to the natural resources such as water, air, forests, minerals, and other resources that are used in the production process. Unlike labor and capital, land is considered to have a fixed supply, which means that its availability is limited. Therefore, the price of land is determined by the demand for it, which is influenced by factors such as location, natural resources, and economic activity. In summary, the reward for land is rent, which is the payment made by a tenant or user of land to the owner of the land in exchange for the right to use the land.

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Factors Of Production And Their Theories

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Question 26 Report

In a capitalist economy, factors of production are owned and controlled by the _____?

Citizen

Business Men

Government

Foreigners

Answer Details

Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.

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Factors Of Production And Their Theories

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Question 27 Report

A capital market differs from the money market in that in the former _____?

The percentage of interest charged is more

Loan sought is long term

Loan repayment is guaranteed

Loan sought is short-term

Answer Details

A capital market differs from the money market in that in the former, the loans sought are long term, whereas in the money market, the loans sought are short term. A capital market refers to the financial market where companies and governments can raise long-term funds by issuing and selling securities such as stocks, bonds, and other financial instruments. Investors who buy these securities are essentially lending money to the issuing entity for a longer duration, with the expectation of receiving interest payments and eventual repayment of the principal amount. The securities traded in the capital market have longer maturities, typically longer than a year. On the other hand, the money market is a financial market where short-term financial instruments such as treasury bills, commercial paper, and certificates of deposit are traded. The loans in the money market are typically for a duration of less than a year, with the purpose of meeting short-term funding needs. The interest rates on these loans are generally lower than in the capital market, given their short-term nature. In summary, while both markets deal with financial instruments, the primary difference between them is the duration of the loans sought, with the capital market focusing on long-term funding needs and the money market on short-term funding needs.

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Theory Of Consumer Behaviour

Theory Of Price Determination

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Question 28 Report

Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture

1:2

3:2

2:1

2:3

Answer Details

Total budget = N100,000,000

Portion of pie chart covered in degree = 360

Expenditure on manufacturing = x/N100,000,000 × 3600 = 360

3600x = 360 × N100,000,000

x = 360×N100,000,000/3600

x=N10,000,000

Therefore, the budget allocated to Manufacturing is N10,000,000

Total budget = N100,000,000

Portion of pie chart covered in degree = 720

Expenditure on Agriculture = x/N100,000,000 × 3600 = 720

3600x = 720 × N100,000,000

x = 720 × N100,000,000/3600

x = N20,000,000

Therefore, the budget allocated to Agriculture is N20,000,000

Ratio of expenditure on Manufacturing to Agriculture;

Ratio = 10,000,000:20,000,000

=1:2

View Answer

Question 29 Report

From the table, Calculate the median___________

24.0

17.0

18

16

Answer Details

When a group data is involved, cumulative frequency is used. The formula will be:

Median=[(N+1)/2]th

For member of odd number items. That is, where N is odd

Median=([N/2[N/2+1]th)/2

For member of odd number items. That is, where N is odd

Solution:

X	8	10	12	16	18	20	24
F	2	1	4	3	3	1	6
Cumulative Frequency	2	3	7	10	13	14	20

When a group data is involved, cumulative frequency is used. The formula will be:

Median=[(N+1)/2]th

For member of odd number items. That is, where N is odd

Median=([N/2[N/2+1]th)/2

For member of odd number items. That is, where N is odd

Solution:

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Methods And Tools Of Economic Analysis

Definition And Scope Of Economics

Basic Tools Of Economic Analysis

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Question 30 Report

The transfer of public share holding in corporations to private enterprise is___________?

Incorporation

Concession

Privatization

Commercialization

Answer Details

The transfer of public shareholding in corporations to private enterprise is called privatization. This means that the ownership and control of a company, which was previously held by the government or the public, is now transferred to a private company or individual. Privatization can take many forms, such as selling shares of a public company to private investors, selling off a state-owned enterprise to a private company, or outsourcing government services to private companies. The goal of privatization is usually to improve efficiency, increase competition, and reduce government spending. In summary, privatization refers to the transfer of ownership and control of public companies to private entities, which is done to improve the performance and efficiency of the organization.

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Public Finance

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Question 31 Report

The expression of cost in terms of alternative forgone is referred to as ____?

Scarce resources

Decision making

Opportunity cost

Choice

Answer Details

The expression of cost in terms of alternative forgone is referred to as "Opportunity cost". Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action or decision. In other words, it is the value of the next best alternative that you have to give up in order to choose a certain option. For example, if you have $100 and you can either buy a new book or go to a concert, the opportunity cost of buying the book is the value you would have received from going to the concert (and vice versa). If you choose to buy the book, you give up the experience of going to the concert, and if you choose to go to the concert, you give up the value you would have received from the book. Opportunity cost is an important concept in decision making, economics, and business, because it helps us understand the trade-offs that we make when we make choices with limited resources. By considering the opportunity cost of different options, we can make more informed and rational decisions about how to allocate our resources.

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Theory Of Costs

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Question 32 Report

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

an Improvement in capital goods technology but not In consumer goods technology

a movement from unemployment to full employment

that the output for the society has declined

a gain in consumer goods technique and not in capital goods technique

The Theory Of Production

Theory Of Costs

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Question 33 Report

In the long run, all production factors are____________

variable

fixed

semi-variable

semi-fixed

Answer Details

In the long run, all production factors are variable. This means that in the long run, a firm can adjust all of its inputs, including labor, capital, and resources, to produce the level of output it desires. Unlike the short run, where some production factors are fixed and cannot be changed, the long run allows firms to make changes to all of their inputs, such as investing in new technology or equipment, hiring or firing employees, and even moving to a new location. For example, in the short run, a bakery may only be able to increase its production by hiring more workers or working longer hours, as its oven and baking equipment are fixed. But in the long run, the bakery could invest in new, larger equipment to increase its production capacity, as well as relocate to a larger facility or even open new stores. Therefore, in the long run, all production factors can be adjusted, making them variable, while in the short run, some factors are fixed, making them less adaptable to changes in production levels.

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The Theory Of Production

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Question 34 Report

An economy in which both the public and private sectors contribute to economic growth is a__________?

socialist economy

feudal economy

mixed economy

capitalist economy

Answer Details

The correct answer is a mixed economy. A mixed economy is an economic system that combines elements of both the public (government) and private sectors. In a mixed economy, the government and private businesses work together to create economic growth and promote social welfare. In a mixed economy, the government is responsible for providing essential services such as healthcare, education, and infrastructure. The private sector, on the other hand, is responsible for creating goods and services that meet the demands of the market. This type of economy allows for the benefits of both capitalism (private enterprise) and socialism (public enterprise) to coexist. It allows the government to regulate and control certain aspects of the economy, while still allowing the private sector to operate and innovate freely. Many modern economies around the world are considered mixed economies, including the United States, Canada, and the United Kingdom.

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Question 35 Report

The effects on the demand for product A caused by a change in the price of product B is Called____________

Joint demand

cross-elasticity of demand

elasticity of supply

competitive demand

The Theory Of Demand

Demand

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Question 36 Report

X	8	10	12	16	18	20	24
F	2	1	4	3	3	1	6

From the table, Calculate the mean?

24.0

17.0

18

27.2

Answer Details

Mean= ∑fx/∑f

=(16+10+48+48+54+20+144)/(2+1+4+3+3+1+6)

=340/20

=17.0

By calculation, the mean of the distribution is not 18

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Methods And Tools Of Economic Analysis

Theory Of Costs

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Question 37 Report

By utility we mean____________

beneficial

power of satisfying a want

advantageous

consumable

Theory Of Price Determination

The Theory Of Demand

Supply

Demand

View Answer

Question 38 Report

The coefficient of the price elasticity of supply is always_____________

Constant

Zero

Positive

Negative

Answer Details

The coefficient of the price elasticity of supply is positive. This means that as the price of a good or service increases, the quantity of it that is supplied will increase as well. Conversely, if the price decreases, the quantity supplied will decrease. The degree to which the quantity supplied responds to changes in price is what the coefficient of the price elasticity of supply measures. A perfectly elastic supply has an elasticity of infinity, meaning that even a small change in price will result in a large change in the quantity supplied. On the other hand, a perfectly inelastic supply has an elasticity of zero, meaning that the quantity supplied does not change in response to price changes.

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The Theory Of Supply

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Question 39 Report

The following are types of capital except:___________

Current capital

Saving capital

Working capital

Social capital

Answer Details

The different types of capital include: Fixed capital, which are assets not used up in the course of production. Circulatory or Working capitals are assets which are used up in the process of production Eg. Raw materials, fuel etc Social capital is the assets provided by the government that aid production. Examples include electricity, water etc.

Saving capital is not a type of capital

Read lesson note on Factors Of Production And Their Theories (JAMB)

Factors Of Production And Their Theories

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Question 40 Report

The main concern of economists is to________

Control the growth of population

Redistribute income between the rich and poor

Satisfy all human wants

Allocate scarce resources to satisfy human wants

Answer Details

Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.

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