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Civil and Mechanical

J Economics 24

Written by Admin September 4, 2025October 13, 2025

Economics Jamb 2024

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Question 1 of 40

1. Question

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

Deficit budget
Correct Incorrect Correct answer

Favorable budget
Correct Incorrect Correct answer

Balanced budget
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Surplus budget
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Question 2 of 40

2. Question

The satisfaction derived from the consumption of a commodity is referred to as

Consumption
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Production
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Utility
Correct Incorrect Correct answer

Demand
Correct Incorrect Correct answer

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Question 3 of 40

3. Question

The largest component of national income in developing countries consist of

Wages and salaries
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Rent
Correct Incorrect Correct answer

Profit
Correct Incorrect Correct answer

Profit and rent
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Correct

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Question 4 of 40

4. Question

The problem of "how to produce" in any economy is solved by

Combining capital and labour intensive methods of production
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Adopting the least cost method of production
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Using capital intensive method of production
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Employing the services of a manager
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Question 5 of 40

5. Question

Which of the following is NOT a function of marketing boards in Nigeria?

Grading of farm produce
Correct Incorrect Correct answer

Importation of farm produce
Correct Incorrect Correct answer

Fixing of prices for farm produce
Correct Incorrect Correct answer

Marketing of farm produce
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 40

6. Question

MPC + MPS equals

Zero
Correct Incorrect Correct answer

Multiplier
Correct Incorrect Correct answer

One
Correct Incorrect Correct answer

APS
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 40

7. Question

The formular used by the Expenditure approach to calculate National income is

Y=C+I+X-M-G
Correct Incorrect Correct answer

Y=C+I+G+X-M
Correct Incorrect Correct answer

Y=C+X-M-I+G
Correct Incorrect Correct answer

Y=C-I+X-M+G
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 40

8. Question

Which of the following is NOT associated with minimum price legislation?

Wastages of resources
Correct Incorrect Correct answer

Excess supply
Correct Incorrect Correct answer

Excess demand
Correct Incorrect Correct answer

Unemployment
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 40

9. Question

Wholesalers play an important in the distribution of goods and services because they

Are located very close to consumers
Correct Incorrect Correct answer

Pass information on from retailers to consumers
Correct Incorrect Correct answer

Sell in small units to consumers
Correct Incorrect Correct answer

Finance both producers and retailers
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 40

10. Question

Which of the following NOT among the objectives of OPEC?

To stabilize the price of oil in the world market
Correct Incorrect Correct answer

To establish petroleum refineries in all member state
Correct Incorrect Correct answer

To stabilize the revenue from oil to producing countries
Correct Incorrect Correct answer

To make sure that oil flows to all the consuming countries
Correct Incorrect Correct answer

Correct

Incorrect
Question 11 of 40

11. Question

Economics problems arise in all societies because

the services of economists are not employed
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resource are not in adequate supply
Correct Incorrect Correct answer

there is no proper planning
Correct Incorrect Correct answer

resources are mismanaged by leaders
Correct Incorrect Correct answer

Correct

Incorrect
Question 12 of 40

12. Question

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

Opportunity curve
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Utility curve
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Demand curve
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Indifference curve
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Correct

Incorrect
Question 13 of 40

13. Question

When the total product starts falling, then the marginal product is

Increasing
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Maximum
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Zero
Correct Incorrect Correct answer

Negative
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Correct

Incorrect
Question 14 of 40

14. Question

In the long-run, a firm must shut down if its average revenue is

Greater than average cost
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Equal to the average cost
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Equal to the minimum average
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Less than average variable cost
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Correct

Incorrect
Question 15 of 40

15. Question

The willingness of an individual backed up with purchasing power at a given time is

Effective demand
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Demand
Correct Incorrect Correct answer

Desire
Correct Incorrect Correct answer

Utility
Correct Incorrect Correct answer

Correct

Incorrect
Question 16 of 40

16. Question

Which of the following is NOT a function of the IMF?

Providing financial aid to members experiencing balance of payment difficulties
Correct Incorrect Correct answer

Promoting international monetary cooperation
Correct Incorrect Correct answer

Exchange rate stabilization
Correct Incorrect Correct answer

Assisting member countries in printing and issuing their currency
Correct Incorrect Correct answer

Correct

Incorrect
Question 17 of 40

17. Question

The demand for factors of production is said to be

Joint
Correct Incorrect Correct answer

Complementary
Correct Incorrect Correct answer

Derived
Correct Incorrect Correct answer

Composite
Correct Incorrect Correct answer

Correct

Incorrect
Question 18 of 40

18. Question

A downward sloping demand curve means that

Price must be lowered to sell more
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Total revenue declines as price is lowered
Correct Incorrect Correct answer

Demand falls as output increases
Correct Incorrect Correct answer

Demand falls as output falls
Correct Incorrect Correct answer

Correct

Incorrect
Question 19 of 40

19. Question

If the standard deviation of a set of numbers is 3.6, what is the variance?

12.96
Correct Incorrect Correct answer

12.69
Correct Incorrect Correct answer

12.9
Correct Incorrect Correct answer

12.98
Correct Incorrect Correct answer

Correct

Incorrect
Question 20 of 40

20. Question

In the event of bankruptcy, owners of joint-stock companies lose

Both company and private assets
Correct Incorrect Correct answer

Only the capital invested
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Only their dividends
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Their private properties
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Correct

Incorrect
Question 21 of 40

21. Question

Which of these is NOT associated with the problem of internal trade?

Bargaining
Correct Incorrect Correct answer

Market unions trade
Correct Incorrect Correct answer

Lack of specialization
Correct Incorrect Correct answer

Natural barriers
Correct Incorrect Correct answer

Correct

Incorrect
Question 22 of 40

22. Question

The middle value of an array figure arranged in descending order is referred to as the

Variance
Correct Incorrect Correct answer

Mean
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Mode
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Median
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Correct

Incorrect
Question 23 of 40

23. Question

The formular (N + 1)/2 is used to determine the

Median
Correct Incorrect Correct answer

Mean
Correct Incorrect Correct answer

Standard deviation
Correct Incorrect Correct answer

Mode
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Correct

Incorrect
Question 24 of 40

24. Question

What add funds to the circular flow?

Expenditure approach
Correct Incorrect Correct answer

Withdrawal
Correct Incorrect Correct answer

Leakages
Correct Incorrect Correct answer

Injection
Correct Incorrect Correct answer

Correct

Incorrect
Question 25 of 40

25. Question

The revolution of Cassava from ordinary food crop to export crop will lead to

Increase in production of other crops
Correct Incorrect Correct answer

Increase in the prices of cassava products
Correct Incorrect Correct answer

Decrease in production of local starch
Correct Incorrect Correct answer

Decrease In production of cassava
Correct Incorrect Correct answer

Correct

Incorrect
Question 26 of 40

26. Question

From the diagram below, moving from point A to B and from B to c is due to

Economic depression
Correct Incorrect Correct answer

Unemployment
Correct Incorrect Correct answer

Economic growth
Correct Incorrect Correct answer

Opportunity cost
Correct Incorrect Correct answer

Correct

Incorrect
Question 27 of 40

27. Question

At the equilibrium price,

demand equates supply
Correct Incorrect Correct answer

price is equal to demand only
Correct Incorrect Correct answer

demand is less than supply
Correct Incorrect Correct answer

demand is greater than supply
Correct Incorrect Correct answer

Correct

Incorrect
Question 28 of 40

28. Question

Holding money to take care of contingencies is

A precautionary motive
Correct Incorrect Correct answer

A transactional motive
Correct Incorrect Correct answer

An expansionary motive
Correct Incorrect Correct answer

A speculative motive
Correct Incorrect Correct answer

Correct

Incorrect
Question 29 of 40

29. Question

An industry operating in a perfect competitive market situation will maximum profit when

DD < SS
Correct Incorrect Correct answer

MC > AC
Correct Incorrect Correct answer

MC = MR
Correct Incorrect Correct answer

MC < AR
Correct Incorrect Correct answer

Correct

Incorrect
Question 30 of 40

30. Question

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

Stabilizing oil prices putting a production ceiling
Correct Incorrect Correct answer

Refining of petroleum products in member countries
Correct Incorrect Correct answer

Raising the revenue of member countries from oil through price increase
Correct Incorrect Correct answer

Ensuring efficient and regular supply of oil to the two market
Correct Incorrect Correct answer

Correct

Incorrect
Question 31 of 40

31. Question

An exceptional demand curve can result from

Increase in price of raw materials
Correct Incorrect Correct answer

Change in taste of consumer
Correct Incorrect Correct answer

Increase in the size of the population
Correct Incorrect Correct answer

Expectation of future price increase
Correct Incorrect Correct answer

Correct

Incorrect
Question 32 of 40

32. Question

A market situation with few sellers and many buyers is called

Duopoly
Correct Incorrect Correct answer

Monopoly
Correct Incorrect Correct answer

Perfect competition
Correct Incorrect Correct answer

Oligopoly
Correct Incorrect Correct answer

Correct

Incorrect
Question 33 of 40

33. Question

The following can be used to improve a country's balance of payment EXCEPT

Anti-dumping policies
Correct Incorrect Correct answer

Granting subsidies to export producers
Correct Incorrect Correct answer

Decreasing taxation on personal income
Correct Incorrect Correct answer

Increasing import duties
Correct Incorrect Correct answer

Correct

Incorrect
Question 34 of 40

34. Question

The following are the objectives of agricultural policies in Nigeria EXCEPT

Provision of agricultural raw materials to industrial sectors
Correct Incorrect Correct answer

Creation of rural employment
Correct Incorrect Correct answer

Provision of food
Correct Incorrect Correct answer

Increasing prices of agricultural Inputs
Correct Incorrect Correct answer

Correct

Incorrect
Question 35 of 40

35. Question

If the population of a school is 600 and 60% are In JSS, how many students are in SSS?

244
Correct Incorrect Correct answer

240
Correct Incorrect Correct answer

224
Correct Incorrect Correct answer

204
Correct Incorrect Correct answer

Correct

Incorrect
Question 36 of 40

36. Question

When an increase in the price of a commodity lead to a fall in the demand for another, the demand for the two commodities are said to be

Competitive
Correct Incorrect Correct answer

Joint
Correct Incorrect Correct answer

Composite
Correct Incorrect Correct answer

Derived
Correct Incorrect Correct answer

Correct

Incorrect
Question 37 of 40

37. Question

The use of tax and expenditure policy to regulate the economy is known as

Monetary policy
Correct Incorrect Correct answer

Physical measures
Correct Incorrect Correct answer

Deregulation
Correct Incorrect Correct answer

Fiscal policy
Correct Incorrect Correct answer

Correct

Incorrect
Question 38 of 40

38. Question

A firm's average cost decreases in the long-run because of

Increasing returns to scale
Correct Incorrect Correct answer

Diminishing average returns
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Decreasing average fixed cost
Correct Incorrect Correct answer

Decreasing marginal returns
Correct Incorrect Correct answer

Correct

Incorrect
Question 39 of 40

39. Question

Which of the following is the correct order in the chain of distribution?

Consumer → Distributor → Retailer → Producer
Correct Incorrect Correct answer

Producer → Wholesaler → Retailer → Consumer
Correct Incorrect Correct answer

Retailer → Consumer → Producer → Wholesaler
Correct Incorrect Correct answer

Producer → Consumer → Retailer → Wholesaler
Correct Incorrect Correct answer

Correct

Incorrect
Question 40 of 40

40. Question

The following determine the level of consumption EXCEPT

Level of income
Correct Incorrect Correct answer

The rate of taxes paid
Correct Incorrect Correct answer

Savings
Correct Incorrect Correct answer

The political climate
Correct Incorrect Correct answer

Correct

Incorrect

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