Model past questions and answer (Economics 2023)

Jamb Economics (2023) Questions and Answers 1 - 10

1. In the circular flow of income model, the outflow variables represent _____

2. A reduction in the bank rate encourages commercial banks to creat money by _____

3. A persistent rise in the prices of input will lead to _____

4. The production possibility curve can be used to explain the underlying concepts of _____

5. Given that Qd = 20 - 4P and Qs = 6P + 12. Determine the equilibrium quantity

6. If the price is increased to 3 naira, how much is the excess supply?

7. As long as marginal utility is positive, total utility must be _____

8. A cummulative frequency graph is _____

9. A supply curve is positively slope because _____

10. In a regulated market, price is determined by _____

Jamb Economics (2023) Questions and Answers 11 - 20

11. A decrease in supply without a corresponding change in demand will lead to _____

12.In the circular flow of income, an increase in savings causes _____

13. If MPC is 0.7 while government expenditure increased by #150M, the equilibrium national income is _____

14. By buying treasury bills, the Central Bank of Nigeria intends to _____

15. If real income increases while nominal income remains the same, it can be inferred that _____

16. In modern economics, the Malthusian theory of population is ineffective because of _____

17. The speculative demand for money is inversely related to the _____

18. Given the cost function C = 160 + 36Q, what is the average cost at 20 units of outpus?

19. Economic growth is different from economic development because economic growth _____

20. Devaluation is effective when _____

Jamb Economics (2023) Question and Answers 21 - 30

21. If national income rises by 6% and population rises by 3%, per capita income will _____

22. The demand for money which involves making provision for rainy day is known as _____

23. The function of money which makes it possible for someone to provide for old ages is _____

24. Differentiated product is a feature is _____

25. The burden of tax on a commodity whose demand is infinitely inelastic _____

26. Disposable income equals _____

27. Which of the following is NOT a measure for controlling inflation?

28. Which of the following is not a direct tax?

29. The principle of comparative advantage is not based on one of the following assumptions

30. Tax which takes a higher percentage from higher income is _____

Jamb Economics (2023) Question and Answers 31 -

31. A normal good with close substitutes is likely to have its price elasticity of demand _____

32. A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade

33. Exclusions that make Gross National Product a poor measure of welfare are _____

34. An increase in money supply, other things being equal will _____

35. A persistent rise in the general price level implies _____

36. If the labour in a given community is 2,000,000 wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?

37. The technical relationship between input combination and maximum attainable output is called

38. A buyer who haggles in the market is applying the principle of _____

39. A major advantage of industrialization is that is _____

40. Given that Y=C+I and C = a + by where b = 0.8, what is the multiplier?

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