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See/Download 2016/2017 JAMB CBT Likely/Possible Questions & Answers On Economics

Good Evening All students of www.elitesplanetblog.com especially JAMBITES.
This year we are totally focused with the JAMBITES, Why? because we wish to get them fully prepared and also to get acquainted with all JAMB CBT questions.

We are not new in this field as we started this last 4 years which we have thousands testimony from students, last week we have been moving around with the CROWNING FAVOUR ACADEMY [JAMB Experts] collecting the possible/likely questions for this year CBT exam inorder to prepare students.

If you can remember we have posted up to 5 subjects questions for serious JAMBITES to study and solve on their own.

Todays questions now is now on Economics as we all know that almost 50% of students will write Economics in JAMB This year.

Meanwhile if you missed our previous subjects questions, click the link that leads to your subjects to get the questions.
See 2016/2017 JAMB CBT Possible/Likely Objectives Questions & Answers For Physics Students

JAMB 2016/2017 CBT Possible/Likely Objectives Questions & Answers For Government Students

Exam: JAMB UTME 2016/2017 Possible/Likely Objectives Questions And Answers In Biology



Then for those who need a special JAMB tutorial lessons or need more of this questions can contact the CROWNING FAVOUR ACADEMY by Calling [2347039418217]

2016/2017 JAMB ECONOMICS LIKELY/POSSIBLE QUESTIONS AND ANSWERS FOR STUDENTS

1.Government’s involvement in agricultural business in Nigeria is most manifested in the
a.  formation of farmers’s cooperative society
b. establishment of farm settlements in each state of the federation
c. procurement and distribution of fertilizers
d. establishment of credit guarantee schemes for small-scale farmers   

2.  The European union was formed to
a. assist countries to achieve their economic goals
b. promote free trade within member nations
c. finance development projects in member nations
d. promote economic integration in non-member countries

3.  A black market can occur when
a. prices are set by government below the equilibrium
b. supply in excess demand
c. consumption of the commodity is restricted
d. prices are set by government above the equilibrium

4. In a textile factory, the cost of cotton used is a typical example of
a. total cost
b. a variable cost
c. an average cost
d. a fixed cost
Note: Answers To These Questions are published here Click Here To Download
5. Given a base year and price index of 175% the following year Which of the following will arise.
a. the value of money falls by 75%
b. the value of money rise by 75%
c. the cost of living decreass in that year
d. the cost leaving remains unchanged

6. The choice of how to produce in a command economy is determined by
a. labour uniouns
b. industrialists
c. government
d. consumers

7. An inflation that co-exists with high rate of unemployment is
a. cost-push inflation
b. demand-pull inflation
c. hyperinflation
d. stagflation

8. Given that Qd =40-2p and Qs=6p+24, Calculate the equilibrium price.
a. #16
b.#36
c.#4
d.#2

9. One of the characteristics of a monopolist is that, he can influence?
A. price or quantity
b. both price and quantity
c. quantity produced by other producers
d. prices charged by other producers

10. The main objective of WTO is to
a. assist developing countries to execute developmental project
b. assist countries with chronic balance of payments problem
c. ensure adequate protection for infant industry
d. provide a mechanism for tariff reduction.

11. A monopolist can bloat revenue by
a. reducing price
b. increasing price
c. adjusting both price and output upward
d. reducing total output to march the price

12. A perfect competitor will continue to expand output up to the point where?
a. MC>MR
b. MC
c. TC>TR
d. MR=AR

13. If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is?
a. tariff
b. quotas
c. excise duties
d. import duties

14. The best measure of dispersion to determine the tallest tree in a forest is
a. mean deviation
b. standard deviation
c. range
d. variance

15.Firms embark on vertical integration inorder to?
a. enjoy economies of large scale productions
b. reduce advertisement and marketing cost
c. takeover markets formally controlled by other firms
d. prevent other firm from entry the market.

16. A change in demand for a normal good implies that, there is a?
a. change in the price elasticity of demand
b. movement along a given demand curve
c. change in the quantity demanded as price change
d. shift in the demand curve.

17. Given the supply function P=1/4 [Qs+10] and P=#10. What is Qs?
a. 30
b.50
c.20
d.15

18. Short terms loans for investment are usually obtained through the
a. capital market
b. money market
c. stock market
d. development bank

19. The major determination of a floating exchange rate is
a. the forces of demand and supply
b. the system of government
c. the highest denomination of a currency
d. an act of the parliament.

20. If MPC=2/3 and investments is #100 million. The level of national income is
a. #100 million
b. #10 million
c. #303 million
d. #300 million

21. The voting power in co-operative societies is vested on?
a. the management
b. member with loan
c. the shareholders
d. members with the highest contribution.

22. A major obstacle for the development of Nigerian economy is
a. low capital formation
b. rural-urban migration
c. over dependence on oil
d. poor developmental policies

23. An advantage of large-scale farming  over peasant farming is in the area of?
a. providing research and massive employment of labour
b. re-distribution mational income to various regions of the country
c. encouraging the use of traditional implements
d. encouraging urban rural migration.

24. An accurate population census is important inorder to?
a. produce more food for growing population
b. provide employment oppurtunities for the people
c. estimate a countrys’s per capita income
d. fast tract industrial development.

25. An important role of agriculture in Nigeria’s economy development is the
a. processing of raw materials for industries
b. regulation of price system
c. provision of infratruction
d. provision of employment

26. If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is
a. unitary elastic
b. zero elastic
c. elastic
d. inelastic

27. Rent and administrative expenses are example of
a. average fixed cost
b. average variable cost
c. fixed cost
d. variable cost

28. When price is set below equilibrium this will lead to
a. an increase in the quantity supplied
b. a new equilibrium
c. a decrease in the quantity supplied
d. a fall in price

29. Given that FC=N500, and Q=50 units, find the average cost of the product.
a. N30
B. N40
C. N10
D. 20

30. Which of the following can be used to measure the Gross National Production in an open economy ?
A. c+I+G+[X+]
B. C+I+G+X
C. C+I+G
D. C+I+G+[X-M]


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