What will Jamb set in Economics for 2021 UTME and what are the top hot likely questions to come out in Jamb 2021 Economics? Continue reading for important Economics Questions and Answers for Jamb 2021.
The 40 Questions and answers will cover every Chapter in Jamb Economics. However, the Likely Economics Questions will not be arranged topic by topic. You may want to click here for likely questions from Jamb Sweet Sixteen or go through over 40 Jamb Commerce Questions by clicking here.
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After all said and done, below are Questions in Jamb Economics to help you in 2021. Trust me, questions are likely to come out from there.
Jamb Economics Questions And Answers
1. The residual of production which acquires to the ownership of loans after all other expenses have been met is called ___
2. The downturn in the price of shares on stock markets is a highlight or ___
Answer: The regulatory nature of the market
3. What is the effect of decrease in supply where demand is constant?
Answer: Increase in price, decrease in quantity.
4. To control inflation, the monetary authority of a company can ___
Answer: Engage in a restrictive monetary policy.
5. Natural growth rate can be calculated by?
Answer: Natural growth rate = Death rate + Net immigration
6. In the analysis of utility theory, the basic of demand is ___ Answer: Diminishing utility
7. In the money market, money can only be borrowed for ___
Answer: Short term
8. The consumers co-operative society is owned by
Answer: Members of the society
9. Find the median of the following set of score, 8,9,6,5,10
Answer: Median is the middle number after all the numbers are arranged in ascending or descending order. Arranging, we have 5,6,8,9,10. Therefore, the media in 8
10. In a public company, entrepreneurship functions are performed by the ___
Answer: Board of directors
11. One major export crop in West Africa is ____ Answer: Cocoa
12. …… expresses relationship between the dependent and independent variable.
13. Macroeconomics was made popular by
Answer: John M. Kaynes
14. Distribution of goods and services is hindered by ____
Answer: Too many middlemen (and other factors).
15. Census of population is usually conducted every ___
Answer: 10 years
16. Which bank is known as post office bank? Answer: Merchant Bank
17. A firm’s main aim is to
Answer: Maximise profits
18. In a socialist economy, factors of production are owned and controlled by the
19. The market where buyer and sellers of currency meet is known as
Answer: Foreign exchange market
20. Taxes which are levied on a person’s expenditure are known as
Answer: Purchase tax
21. The additional revenue obtained by using one more unit of a factor is called ___
Answer: Marginal Revenue product
22. A firm’s compulsory cost is referred to as its
Answer: Fixed Cost
23. The assumption of economic analysis are …….. and …..
Answer: Rationally and other things being equal
24. A firm is at its optimum size when
Answer: It produces the greatest output at the minimum.
25. When a variable is associated with time period, it is?
Answer: A flow
26. The full meaning of OPEC is
Answer: Organization of Petroleum exporting countries.
27. State-owned enterprises are more common in Centrally planned economies
28. Commercial banks are example of joint stock banks
29. Efficiency of labour is enhanced by Improved working condition and training
30. The production strategy used in over populated country is Labour intensive.
31. Internal trade has general effect on ….. of a country.
32. West African economies can be described as?
33. The headquarters of the African Development Bank (ADB) was originally located in Abidjan
34. ….. is the measurement of steepness of the line or curve that emerges on the graph.
35. Banks create money by…
Answer: Lending out deposits to borrowers
36. The situation whereby government revenue is less than government expenditure is referred to as
Answer: Budget deficit
37. ….. and …. of goods and factors of production brought the existence of price
Answer: Scarcity and usefulness
38. The most common form of business in West Africa is the
Answer: Sole proprietorship
39. The terms of trade simply mean the price ratio of
Answer: export to import.
40. The tax imposed on goods produced within the country is An EXCISE TAX
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