An emerging agricultural export crop in Nigeria is
- A.cassava
- B.cotton
- C.cocoa
- D.soya beans
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Answer: D. soya beans
Soya beans is regarded as an emerging (newer, growing) agricultural export crop in Nigeria.
JAMB Economics Past Questions 2012
10 questions from the JAMB 2012 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
A change in the pump price of petrol in Nigeria has a direct effect on the
- A.prices of consumer goods
- B.prices of essential goods
- C.cost of raw materials
- D.cost of transportation
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Answer: D. cost of transportation
Changes in petrol pump prices directly raise the cost of transportation, since fuel is a major transport input.
An important function of the price system is to
- A.ensure that producers' profits remain high
- B.guarantee full employment of resources
- C.allocate resources to most productive uses
- D.protect the economic interests of government
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Answer: C. allocate resources to most productive uses
The price system's key function is to allocate scarce resources to their most productive uses.
If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be
- A.perfectly elastic
- B.inelastic
- C.elastic
- D.perfectly inelastic
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Answer: B. inelastic
An 8% price rise causing only a small (0.53%) fall in quantity demanded shows demand is inelastic.
A discriminatory monopoly is characterized by
- A.a common elasticity in different markets
- B.different elasticities in different markets
- C.a finite elasticity in all markets
- D.zero elasticity in all markets
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Answer: B. different elasticities in different markets
Price discrimination relies on charging different prices in markets with different price elasticities of demand.
The minimum amount which banks are required to deposit with the central bank is determined by the
- A.liquidity ratio
- B.cash reserve ratio
- C.minimum lending rate
- D.aggregate credit ceiling
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Answer: B. cash reserve ratio
The cash reserve ratio is the minimum proportion of deposits banks are required to keep with the central bank.
Long-term funds for investment projects are sourced from the
- A.money market
- B.commodity market
- C.foreign exchange market
- D.capital market
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Answer: D. capital market
Long-term investment funds are sourced from the capital market (e.g. stock exchange, bonds).
The primary reason for desiring economic growth is to
- A.control inflation
- B.reduce poverty
- C.redistribute income
- D.raise standard of living
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Answer: D. raise standard of living
The primary reason economies pursue growth is to raise the standard of living of their people.
The Malthusian theory was concerned about the relationship between
- A.population growth rates of the rich and the poor nations
- B.population density and national income
- C.population growth rate and natural resources
- D.age distribution of population
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Answer: C. population growth rate and natural resources
The Malthusian theory examined the relationship between population growth rate and available natural resources (food supply).
If all factors are variable in the long run,firms will experience
- A.decreasing returns to scale
- B.increasing returns to scale
- C.diminishing returns
- D.economies of scale
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Answer: D. economies of scale
With all factors variable in the long run, firms can adjust scale, typically leading to economies of scale.
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