My info connect brings you more of the constantly updated Jamb Repeated Questions. Our focus today will be on Jamb Most repeated Economics Past Questions and Answers. Do well to take note of these likely exam questions.
If you are taking Jamb in your 2019 utme exam, here are some of the most repeated Jamb Questions and Likely Jamb questions and Answers for Economics. These questions will cover a high majority of all parts of your Economics syllabus.
If you are preparing for your jamb, do well to followup this series on Jamb Recent repeated questions and Likely Jamb Questions and Answers
Early preparation is key to success. So, take note of some of these questions because some of these questions are likely going to repeated.
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Shall we?
JAMB REPEATED ECONOMICS PAST QUESTIONS AND ANSWERS (1-15)
- International and inter-regional trade differ primarily because
Ans: Products flow easily within regions of a country
2. A major factor affecting the value of money is the?
Ans: price level
3. Cost-push inflation is caused by?
Ans: increase in factor prices
4. The expression ‘Terms of Trade’ is used to describe
Ans: The rate at which exports exchange for imports
5. If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?
Ans: 50 oranges
6. One of the major advantages of specialization is that?
Ans: the worker wastes less time between operations
7. Commercial bank reserves at the Central Bank have the effect of?
Ans: controlling credit and money supply
8. A firm achieves least-cost in production by substituting factors until?
Ans: the ratio of their marginal -physical-products equals the ratio of their prices
9. A situation in which all inputs are doubled and output also doubles is known as?
Ans: constant returns to scale
10. Under a system of freely floating exchange rates, an increase in the international value of a country’s currency will cause
Ans: its imports to rise
11. The three groups of government revenue are?
Ans: investment income, direct tax and indirect tax
12. Technical progress that leads to a reduction in costs results in
Ans: a decrease in equilibrium price and increase in equilibrium quantity
13. If P8 and P9 represent the population of West African in 1978 and 1979 respectively, and given that in 1979.
D = number of deaths, B = number of births, I = number of immigrants, E = number of Emigrants. Then the size of the population in 1979 is given by
Ans: P9 = P8 + B – D + I – E
14.A tax is defined as regressive if?
Ans: the proportion if income taen by the tax falls as income increases
15. A balance budget is defined as a condition of?
Ans: equality of planned receipts and planned expenditure
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JAMB REPEATED ECONOMICS PAST QUESTIONS AND ANSWERS (16-30)
16. In economic life, choice among alternatives depends on the?
Ans: scale of preference of the decision maker
17. Which of the following is not characteristic of a perfect competition?
Ans: supply and demand are equal
18. A commercial bank is unique in that it is only the institution that
Ans: can store peoples’ valuables
19. Which is an example of an invisible item in the trade Account of Ghana?
Ans: Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
20. A budget deficit means
Ans: That a government is spending more than in takes in taxation
21. Inferior goods are referred to in Economics as goods
Ans: Whose consumption falls when consumers’ income rises
22. When a nation is experiencing balance of payment surplus, it is in a better position to
Ans: increase her foreign exchange reserves
23. A normal good with close substitutes is likely to have its price elasticity of demand
Ans: greater than unity
24. The following is NOT a reason for the existence of small firms
Ans: Expansion brings diminishing returns
25. Demand for a factor of production is
Ans: a derived demand
26. A firm achieves least-cost in production by substituting factors until?
Ans: the ratio of their marginal -physical-products equals the ratio of their prices
27. At the point of profit maximization by a firm, marginal cost is?
Ans: Rising
28. As consumption of beer increases, its marginal utility to a drinker will
Ans: Decrease
29. If the demand of a product with perfectly elastic supply increases, there will be
Ans: An increase in quantity offered but price will remain the same
30. An increase in liquid reserve requirements by the central bank of Nigeria will result in
Ans: an increase in commercial banks excess reserves
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