Economics 2016 Jamb Examination
Economics 2016 Jamb Examination
Question 1
Population growth is determined by _______?
Population growth depends on the balance between individuals entering and leaving a country.
Net migration measures the difference between immigration and emigration, directly influencing changes in population size.
A positive net migration increases population, while a negative value decreases it.
Net migration measures the difference between immigration and emigration, directly influencing changes in population size.
A positive net migration increases population, while a negative value decreases it.
Not clear enough?
Question 2
Which of the following can cause oil glut in the International market?
An oil glut occurs when the global supply of oil is higher than the quantity demanded.
Excess supply over demand leads to surplus oil in the market, causing prices to fall and creating a glut situation.
Excess supply over demand leads to surplus oil in the market, causing prices to fall and creating a glut situation.
Not clear enough?
Question 3
| Price (₦) | 20 | 16 |
| Quantity demanded | 100 | 58 |
From the table above, the elasticity of supply is _____?
Elasticity measures the responsiveness of quantity to changes in price.
The change in price from 20 to 16 results in a large change in quantity from 100 to 58, showing high responsiveness.
This level of responsiveness indicates elastic supply.
The change in price from 20 to 16 results in a large change in quantity from 100 to 58, showing high responsiveness.
This level of responsiveness indicates elastic supply.
Not clear enough?
Question 4
Localization of industry is encouraged because of
When industries cluster in one location, governments and private investors are encouraged to improve infrastructure such as roads, electricity, and water supply.
This creates efficiency and reduces production costs, making localisation attractive.
This creates efficiency and reduces production costs, making localisation attractive.
Not clear enough?
Question 5
A company's expenditure on raw materials is termed as _______?
Expenditure on raw materials involves direct monetary payments by the firm.
Such payments are known as explicit costs because they are recorded and involve actual cash outflow.
Such payments are known as explicit costs because they are recorded and involve actual cash outflow.
Not clear enough?
Question 6
Which of the following is a set of measures of dispersion?
Measures of dispersion describe how data values spread around a central point.
Range and variance both measure variability, making them valid measures of dispersion.
Range and variance both measure variability, making them valid measures of dispersion.
Not clear enough?
Question 7
The slow pace of industrial growth in Nigeria can be attributed to _________?
Nigeria’s industrial growth is hindered by the heavy reliance on crude oil revenue.
This over-dependence discourages diversification and reduces investment in other productive sectors.
This over-dependence discourages diversification and reduces investment in other productive sectors.
Not clear enough?
Question 8
Consumers allocate their resources based on the ______?
Consumers make spending decisions by weighing the usefulness of goods against their exchange value.
The value in use and value in exchange principle captures this behaviour, guiding resource allocation.
The value in use and value in exchange principle captures this behaviour, guiding resource allocation.
Not clear enough?
Question 9
A country's terms of trade can be improved by ________?
Reducing demand for imported goods lowers import expenditure.
This improves the ratio of export prices to import prices, thereby strengthening the terms of trade.
This improves the ratio of export prices to import prices, thereby strengthening the terms of trade.
Not clear enough?
Question 10
A government budget proposing to spend more than its expected revenue in a year will create _______?
A deficit budget involves increased government spending.
Higher spending stimulates economic activities, increases demand for labour, and can create opportunities for full employment.
Higher spending stimulates economic activities, increases demand for labour, and can create opportunities for full employment.
Not clear enough?
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