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Civil and Mechanical

J Economics 21

Written by Admin April 16, 2025October 13, 2025

Economics jamb 2021

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Question 1 of 40

1. Question

Petroleum 'glut' in international trade means______

Higher prices for the Consumption of petroleum.
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An Oversupply of petroleum
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A fall in petroleum production.
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A higher petroleum price offered by the buyer
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Question 2 of 40

2. Question

Division of Labour is limited by the________

Size of labour firm
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Availability of raw material
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Size of the labour force
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Absolute size of the country's population
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Question 3 of 40

3. Question

Economics may be defined as ________

The study of human behaviour in the allocation of scarce resources
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The study of money and banking
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The study of markets and prices
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The study of production and distribution
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Question 4 of 40

4. Question

A good measure of the standard of living usually used for international comparison is_______

Per capita income (PCI)
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Gross national product (GND)
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Net national income (NNI)
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Gross domestic product (GDP)
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Question 5 of 40

5. Question

Money becomes a very poor store of value in a period of _______

Harvest
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Deflation
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Recession
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Inflation
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Question 6 of 40

6. Question

The price mechanism______

Rations the consumers
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Rewards the producers
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Regulates supply and demand
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Allocates scarce resources.
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Question 7 of 40

7. Question

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is_______

Zero
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10
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2
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1
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Question 8 of 40

8. Question

Which of the following sets fully represents factors of production?

Sunlight, machinery, man, land
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Land, water, weather
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Money, market, middlemen
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Land, labour, capital, enterprise, technology
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Question 9 of 40

9. Question

Inflation can be curbed by _______

Deficit budget
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Paying higher wages
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Increased aggregate demand
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Reducing aggregate demand
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Question 10 of 40

10. Question

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

Monopoly
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Oligopoly
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Monopolistic competition
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Perfect competition
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Question 11 of 40

11. Question

Mono production economies are those that____

Produce one main commodities
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Have a rich cultural heritage.
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Specialize in agricultural industries.
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Produce only raw materials
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Question 12 of 40

12. Question

The Power Holding Company of Nigeria (PHCN) is a ________

Public limited company
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Private authority
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Public Corporation
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Public Liability company
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Question 13 of 40

13. Question

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

Government
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Management
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Owner
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Board of Directors
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Question 14 of 40

14. Question

When a nation's exports are greater than its imports,_________

The net foreign trade is zero
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A favourable balance of trade exists
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A favourable balance of payment exists
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An unfavourable balance of trade exists
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Question 15 of 40

15. Question

Which of the following is NOT a character of perfect competition?

Supply and demand are equal
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Products are identical
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There is perfect knowledge
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There is no advertising
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Question 16 of 40

16. Question

A typical corporate form of business organization is owned by ______

Shareholders
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A local government
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The president of a country
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Foreigners and citizens of the country.
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Question 17 of 40

17. Question

Inflation is likely to benefit_______

Debtors
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Persons with back savings
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Creditors
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Persons who lived on fixed pension funds
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Question 18 of 40

18. Question

By utility we mean________

Uselessness
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Power of satisfying a want
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Beneficial
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Consumable
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Question 19 of 40

19. Question

Palm oil industry is located in Old Bendel State because the state______

Land is suitable for oil
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Is a palm tree growing area
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Soil is unsuitable for other crops
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Imports raw materials for palm oil industry
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Question 20 of 40

20. Question

Surplus in balance of payments leads to ________

Government budget surplus
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Increase in foreign reserves
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Decrease in foreign reserves
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None of the above
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Question 21 of 40

21. Question

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

From the table, it can be deduced that_______

Nigeria should produce cocoa and lace
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Nigeria can benefit from producing lace only
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Austria should produce lace and Nigeria should produce cocoa
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Austria should produce cocoa and lace
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Question 22 of 40

22. Question

A firm is at its optimum size when ___________

It has a motive to increase output
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It produces the greatest output at a minimum cost
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Marginal cost equals marginal revenue
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Marginal cost is less than marginal revenue
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Question 23 of 40

23. Question

This table illustrates the law of _________

Increasing returns
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Diminishing returns
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Diminishing marginal utility
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Increasing total utility
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Question 24 of 40

24. Question

Which of these is not usually the function of a wholesaler?

Branding
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Storage
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Transport
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Advertising
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Question 25 of 40

25. Question

Which of the following countries is not a member of the Economic Community of West African States?

Sudan
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Gambia
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Togo
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Nigeria
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Question 26 of 40

26. Question

In Nigeria, cheques are not money because________

Most Nigerians cannot identity them
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They are not legal tender
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There are no banks in rural areas
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They are not generally acceptable as a medium of exchange
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Question 27 of 40

27. Question

In a free market economy. the rationing of scarce goods is done principally by_______

Consumers
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The government
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The price mechanism
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All of the above
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Question 28 of 40

28. Question

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

Availability of labour in the area
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Availability of power
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Nearness of raw material
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Access to transport facilities
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Question 29 of 40

29. Question

An economic problem arises when________

Sellers are few
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Scarcity and choices are involved
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Buyers are many
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Money is in short supply
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Question 30 of 40

30. Question

If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________

Scarce
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Normal
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Superior
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Inferior
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Question 31 of 40

31. Question

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

100 days
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30 days
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90 days
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14 days
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Question 32 of 40

32. Question

Retailers in an economy perform the function of ______

Distribution
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Exchange
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Investment
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Production
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Question 33 of 40

33. Question

The value of money depends primarily on _________

The gold backing of the currency
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The general price level
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Government decree that it is legal tender
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None of the above
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Question 34 of 40

34. Question

Full employment is a situation in which _______

Every adult is employed.
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Only the disable are not employed.
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All adults who can work are employed
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All those who are able and eligible can find employment
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Question 35 of 40

35. Question

The PAYE ( Pay As You Earn) in Nigeria is an example of ______

Flat rate Tax
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Community tax
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Regressive tax
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Progressive tax
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Question 36 of 40

36. Question

Which of these is not a cause of high population growth in Nigeria?

Improved hygiene
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Reduction in death rate
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Family planning unit of Nigeria
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Increased birth rate
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Question 37 of 40

37. Question

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

Coal deposit
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Palm oil products
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Favourable soil
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Oil deposits
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Question 38 of 40

38. Question

If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

Progressive
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Proportional
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Indirect
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Regressive
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Question 39 of 40

39. Question

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

1.5:2
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2.2
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2:1.5
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0.5:1.5
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Question 40 of 40

40. Question

Oligopoly means _________

single buyer in the market
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few buyers in the market.
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few sellers in the market
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many people in the market
Correct Incorrect Correct answer

Correct

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