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Civil and Mechanical

J Economics 16

Written by Admin April 16, 2025October 13, 2025

Economics jamb 16

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Question 1 of 50

1. Question

The study of economics is necessary mainly because of

Unemployment
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Unlimited resources
Correct Incorrect Correct answer

Scarcity of resources
Correct Incorrect Correct answer

Overpopulation
Correct Incorrect Correct answer

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Question 2 of 50

2. Question

Public limited liability companies are owned by__________?

The federal government
Correct Incorrect Correct answer

Private and individual organizations
Correct Incorrect Correct answer

The state government
Correct Incorrect Correct answer

The federal and state governments
Correct Incorrect Correct answer

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Question 3 of 50

3. Question

One of the problems facing the Nigerian oil and gas industry is ________?

Over-capacity utilization
Correct Incorrect Correct answer

The discovery of alternative oil sources
Correct Incorrect Correct answer

Shortage of indigenous manpower
Correct Incorrect Correct answer

The excess supply of petroleum products
Correct Incorrect Correct answer

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Question 4 of 50

4. Question

The supply curve above is

Fairly inelastic
Correct Incorrect Correct answer

Perfectly inelastic
Correct Incorrect Correct answer

Unitary elastic
Correct Incorrect Correct answer

Perfectly elastic
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 50

5. Question

Which is of the following is NOT among the financial institutions in Nigeria?

Federal Mortgage Bank
Correct Incorrect Correct answer

Microfinance Banks
Correct Incorrect Correct answer

Insurance Banks
Correct Incorrect Correct answer

Federal Ministry of Finance
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 50

6. Question

Development plans fail in Nigeria mainly because of

Corruption and political instability
Correct Incorrect Correct answer

Over-dependence on foreign aid
Correct Incorrect Correct answer

High cost of plan implementation
Correct Incorrect Correct answer

Shortage of personnel
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 50

7. Question

If the marginal propensity to save is 0.8, calculate the multiplier?

1.25
Correct Incorrect Correct answer

5.00
Correct Incorrect Correct answer

1.30
Correct Incorrect Correct answer

2.25
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 50

8. Question

From the table above, the elasticity of supply is _____?

Inelastic supply
Correct Incorrect Correct answer

Perfectly elastic
Correct Incorrect Correct answer

Elastic supply
Correct Incorrect Correct answer

Unitary elastic
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 50

9. Question

A country that is over-populated will face the problem of

Low birth rate
Correct Incorrect Correct answer

Low per capita income
Correct Incorrect Correct answer

High wage rate
Correct Incorrect Correct answer

Full employment
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 50

10. Question

The demand curve faced by a monopolist is_____?

Positively sloped
Correct Incorrect Correct answer

Vertical
Correct Incorrect Correct answer

Horizontal
Correct Incorrect Correct answer

Negatively Sloped
Correct Incorrect Correct answer

Correct

Incorrect
Question 11 of 50

11. Question

The concept of marginal utility indicates the relationship between utility and _________?

Price
Correct Incorrect Correct answer

Satisfaction
Correct Incorrect Correct answer

Cost
Correct Incorrect Correct answer

Revenue
Correct Incorrect Correct answer

Correct

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Question 12 of 50

12. Question

The demand for two or more commodities to satisfy a particular want is _____?

Derived
Correct Incorrect Correct answer

Composite
Correct Incorrect Correct answer

Competitive
Correct Incorrect Correct answer

Joint
Correct Incorrect Correct answer

Correct

Incorrect
Question 13 of 50

13. Question

One of the important features of perfect competition is_____?

Adequate knowledge of existing prices
Correct Incorrect Correct answer

The influence on prices by individual economic units
Correct Incorrect Correct answer

The restriction in terms of movement of goods and services
Correct Incorrect Correct answer

The administration of a centralized price system
Correct Incorrect Correct answer

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Question 14 of 50

14. Question

Which of the following is NOT a source of government revenue?

Taxes, Fees, licenses and fines
Correct Incorrect Correct answer

Personal income, disposable income and transfer earnings
Correct Incorrect Correct answer

Interest, dividends, profits and earnings
Correct Incorrect Correct answer

Grants, aids and borrowing
Correct Incorrect Correct answer

Correct

Incorrect
Question 15 of 50

15. Question

The price elasticity of supply of perishable goods is_________?

Elastic
Correct Incorrect Correct answer

Unitary
Correct Incorrect Correct answer

Inelastic
Correct Incorrect Correct answer

Zero
Correct Incorrect Correct answer

Correct

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Question 16 of 50

16. Question

The major characteristics of an undeveloped nation is

Over-dependence on foreign products
Correct Incorrect Correct answer

Dominance of the industrial sector
Correct Incorrect Correct answer

High per capital income
Correct Incorrect Correct answer

Efficient and sensitive financial sector
Correct Incorrect Correct answer

Correct

Incorrect
Question 17 of 50

17. Question

The type of inflation that emanates from excess demand overs supply is___________?

Galloping inflation
Correct Incorrect Correct answer

Imported inflation
Correct Incorrect Correct answer

Demand-pull inflation
Correct Incorrect Correct answer

Cost-push inflation
Correct Incorrect Correct answer

Correct

Incorrect
Question 18 of 50

18. Question

Which of the following is a major determinant of price elasticity of demand?

The price of the commodity
Correct Incorrect Correct answer

Availability of factors of production Availability of factors of production
Correct Incorrect Correct answer

The prices of factors of production
Correct Incorrect Correct answer

Income of the consumers
Correct Incorrect Correct answer

Correct

Incorrect
Question 19 of 50

19. Question

A country's terms of trade can be improved by________?

Revaluation of currency
Correct Incorrect Correct answer

Collective bargaining
Correct Incorrect Correct answer

Reducing demand for imported goods
Correct Incorrect Correct answer

Imposing lower export duties
Correct Incorrect Correct answer

Correct

Incorrect
Question 20 of 50

20. Question

In Nigeria, most agricultural policies are aimed at______?

Ensuring equitable distribution of income
Correct Incorrect Correct answer

Liberalizing all sectors of the nation's economy
Correct Incorrect Correct answer

Encouraging the development of manufacturing sector
Correct Incorrect Correct answer

Achieving self-sufficiency in food production
Correct Incorrect Correct answer

Correct

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Question 21 of 50

21. Question

One of the characteristics of private enterprises is ______?

Provision of welfare to the citizens
Correct Incorrect Correct answer

That tax payers bear all the risks
Correct Incorrect Correct answer

Public ownership of shares
Correct Incorrect Correct answer

Individual funding of business activities
Correct Incorrect Correct answer

Correct

Incorrect
Question 22 of 50

22. Question

If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?

Nigeria produces cocoa more cheaply than Ghana
Correct Incorrect Correct answer

Nigeria and Ghana produce at the same level
Correct Incorrect Correct answer

Ghana produces cocoa more than Nigeria
Correct Incorrect Correct answer

Nigeria produces more cocoa than Ghana
Correct Incorrect Correct answer

Correct

Incorrect
Question 23 of 50

23. Question

From the graph above P2 in price control situation is referred

Minimum price
Correct Incorrect Correct answer

Shut-down price
Correct Incorrect Correct answer

Maximum price
Correct Incorrect Correct answer

Mark-up price
Correct Incorrect Correct answer

Correct

Incorrect
Question 24 of 50

24. Question

A company's expenditure on raw materials is termed as_______?

Prime cost
Correct Incorrect Correct answer

Explicit cost
Correct Incorrect Correct answer

Average cost
Correct Incorrect Correct answer

Implicit cost
Correct Incorrect Correct answer

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Question 25 of 50

25. Question

The additional cost incurred by producing an additional unit of output is known as

Fixed cost
Correct Incorrect Correct answer

Total cost
Correct Incorrect Correct answer

Average cost
Correct Incorrect Correct answer

Marginal cost
Correct Incorrect Correct answer

Correct

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Question 26 of 50

26. Question

Which of the following is a set of measures of dispersion?

Mean and median
Correct Incorrect Correct answer

Mean and standard deviation
Correct Incorrect Correct answer

Range and variance
Correct Incorrect Correct answer

Mode and mean
Correct Incorrect Correct answer

Correct

Incorrect
Question 27 of 50

27. Question

What effect would a change in price of a commodity have on its supply?

An increase in supply

An increase in supply
Correct Incorrect Correct answer

No change in supply
Correct Incorrect Correct answer

A decrease in supply
Correct Incorrect Correct answer

A change in the quantity supplied
Correct Incorrect Correct answer

Correct

Incorrect
Question 28 of 50

28. Question

Population growth is determined by_______?

Dependency ratio
Correct Incorrect Correct answer

Labour force
Correct Incorrect Correct answer

Per capita
Correct Incorrect Correct answer

Net migration
Correct Incorrect Correct answer

Correct

Incorrect
Question 29 of 50

29. Question

All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?

An indifference curve
Correct Incorrect Correct answer

An exceptional demand curve
Correct Incorrect Correct answer

A budget line
Correct Incorrect Correct answer

An isoquant map
Correct Incorrect Correct answer

Correct

Incorrect
Question 30 of 50

30. Question

From the graph above, fixing maximum price of garri below equilibrium prices at P1 will

Encourage the production of garri
Correct Incorrect Correct answer

Create an excess supply of garri
Correct Incorrect Correct answer

Increase the consumption of garri
Correct Incorrect Correct answer

Decrease the consumption of garri
Correct Incorrect Correct answer

Correct

Incorrect
Question 31 of 50

31. Question

The interest charged on loans is determined by the __________?

Exchange rate
Correct Incorrect Correct answer

Fiscal policy
Correct Incorrect Correct answer

Risk associated with the loan
Correct Incorrect Correct answer

Rate of production in the country
Correct Incorrect Correct answer

Correct

Incorrect
Question 32 of 50

32. Question

Public ownership of productive factors is a feature of_______?

Socialism
Correct Incorrect Correct answer

Capitalism
Correct Incorrect Correct answer

Feudalism
Correct Incorrect Correct answer

Mixed economy
Correct Incorrect Correct answer

Correct

Incorrect
Question 33 of 50

33. Question

If additional unit of a variable factor input causes a fall in the marginal product, this implies that

Total product starts declining
Correct Incorrect Correct answer

Average product has become zero
Correct Incorrect Correct answer

Diminishing returns has set in
Correct Incorrect Correct answer

Increasing returns is operating
Correct Incorrect Correct answer

Correct

Incorrect
Question 34 of 50

34. Question

One of the factors affecting change in demand for a commodity is the _______?

Supply of the commodity
Correct Incorrect Correct answer

Availability of the substitutes
Correct Incorrect Correct answer

Price of the commodity
Correct Incorrect Correct answer

Technical know-how
Correct Incorrect Correct answer

Correct

Incorrect
Question 35 of 50

35. Question

In Nigeria, unemployment can be minimized through______?

Diversification of the economy
Correct Incorrect Correct answer

Strict immigration law
Correct Incorrect Correct answer

Paying unemployment benefits
Correct Incorrect Correct answer

Restrictive fiscal policy
Correct Incorrect Correct answer

Correct

Incorrect
Question 36 of 50

36. Question

In the theory of the consumer behavior, a consumer is said to maximize utility when

Marginal utility of a commodity is equal to the price paid for it
Correct Incorrect Correct answer

Marginal utility of a commodity X is equal to the price of commodity Y
Correct Incorrect Correct answer

Average utility of a commodity is equal to the price paid for it
Correct Incorrect Correct answer

Total utility of a commodity is equal to the price paid for it
Correct Incorrect Correct answer

Correct

Incorrect
Question 37 of 50

37. Question

Which of the following can cause oil glut in the International market?

Excess demand over supply
Correct Incorrect Correct answer

Under- capacity utilization
Correct Incorrect Correct answer

Excess supply over demand
Correct Incorrect Correct answer

Economic boom
Correct Incorrect Correct answer

Correct

Incorrect
Question 38 of 50

38. Question

If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?

2.00
Correct Incorrect Correct answer

0.5
Correct Incorrect Correct answer

1.50
Correct Incorrect Correct answer

1.00
Correct Incorrect Correct answer

Correct

Incorrect
Question 39 of 50

39. Question

One major problem encountered by ECOWAS is_______?

Conflict of interest among members
Correct Incorrect Correct answer

Increasing population
Correct Incorrect Correct answer

Weakness in the trade relationship
Correct Incorrect Correct answer

Language barrier
Correct Incorrect Correct answer

Correct

Incorrect
Question 40 of 50

40. Question

One of the factors that determine the supply of agricultural produce in Nigeria is

Price of substitutes
Correct Incorrect Correct answer

Technological development
Correct Incorrect Correct answer

Consumers choice
Correct Incorrect Correct answer

Consumers income
Correct Incorrect Correct answer

Correct

Incorrect
Question 41 of 50

41. Question

The slow pace of industrial growth in Nigeria can be attributed to__________?

lack of raw materials
Correct Incorrect Correct answer

lack of market for produce
Correct Incorrect Correct answer

inadequate skilled labour
Correct Incorrect Correct answer

over-dependence on the oil sector
Correct Incorrect Correct answer

Correct

Incorrect
Question 42 of 50

42. Question

If Mr Wale took a loan for the purpose of investment, the demand for money is________________?

Precautionary motive
Correct Incorrect Correct answer

Transactionary and Precautionary motive
Correct Incorrect Correct answer

Speculative motive
Correct Incorrect Correct answer

Speculative and Transactionary motives
Correct Incorrect Correct answer

Correct

Incorrect
Question 43 of 50

43. Question

One of the factors limiting the effectiveness of division of labour in the production process is the

Prevailing wage rate
Correct Incorrect Correct answer

Level of technology
Correct Incorrect Correct answer

Unemployment rate
Correct Incorrect Correct answer

Population size
Correct Incorrect Correct answer

Correct

Incorrect
Question 44 of 50

44. Question

The overall demand for crude oil for various uses is an example of __________?

derived demand
Correct Incorrect Correct answer

competitive demand
Correct Incorrect Correct answer

composite demand
Correct Incorrect Correct answer

complementary demand
Correct Incorrect Correct answer

Correct

Incorrect
Question 45 of 50

45. Question

Law of diminishing marginal utility

Law of diminishing marginal utility
Correct Incorrect Correct answer

Value in use and value in exchange principle
Correct Incorrect Correct answer

Law of returns to scale
Correct Incorrect Correct answer

Diamond and water paradox
Correct Incorrect Correct answer

Correct

Incorrect
Question 46 of 50

46. Question

Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.

Determine the range?

10.00
Correct Incorrect Correct answer

1.55
Correct Incorrect Correct answer

1.55
Correct Incorrect Correct answer

9.95
Correct Incorrect Correct answer

Correct

Incorrect
Question 47 of 50

47. Question

Which of the following is correct?

Traditional budgeting focuses on goals and objectives
Correct Incorrect Correct answer

Zero based budgeting produces a single level of appropriation for an activity
Correct Incorrect Correct answer

Traditional budgeting starts with last years funding appropriation
Correct Incorrect Correct answer

Zero based budgeting does not systematically consider alternatives to current operations
Correct Incorrect Correct answer

Correct

Incorrect
Question 48 of 50

48. Question

One of the major uses of national income statistics in Nigeria is to

Equally distribute national income among citizens
Correct Incorrect Correct answer

Determine the total population
Correct Incorrect Correct answer

Compare population growth among nations
Correct Incorrect Correct answer

Estimate per capita income
Correct Incorrect Correct answer

Correct

Incorrect
Question 49 of 50

49. Question

A government budget proposing to spend more than its expected revenue in a year will create_______?

Opportunity for combating inflation
Correct Incorrect Correct answer

Depression in the economy
Correct Incorrect Correct answer

Shortage in money supply
Correct Incorrect Correct answer

Opportunity for full employment
Correct Incorrect Correct answer

Correct

Incorrect
Question 50 of 50

50. Question

Localization of industry is encouraged because of

Low interest charges on loans
Correct Incorrect Correct answer

High standard of living
Correct Incorrect Correct answer

Low foreign exchange rate
Correct Incorrect Correct answer

Improvements in infrastructure
Correct Incorrect Correct answer

Correct

Incorrect

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