Economics 2016 Jamb Examination
Economics 2016 Jamb Examination
Question 31
If Mr Wale took a loan for the purpose of investment, the demand for money is________________?
Demand for money for investment purposes is motivated by the expectation of future financial gain.
This aligns with the speculative motive, where money is held to take advantage of potential investment opportunities or favourable changes in interest rates.
This aligns with the speculative motive, where money is held to take advantage of potential investment opportunities or favourable changes in interest rates.
Not clear enough?
Question 32
The overall demand for crude oil for various uses is an example of __________?
Crude oil is used for multiple purposes such as fuel, plastics, chemicals and lubricants.
A commodity demanded for several different uses exhibits composite demand.
A commodity demanded for several different uses exhibits composite demand.
Not clear enough?
Question 33
One of the factors limiting the effectiveness of division of labour in the production process is the
Division of labour relies heavily on the availability of appropriate tools, machines and production techniques.
A low level of technology limits specialisation and reduces efficiency.
A low level of technology limits specialisation and reduces efficiency.
Not clear enough?
Question 34
One of the important features of perfect competition is_____?
In perfect competition, buyers and sellers possess perfect knowledge of prices and market conditions.
This ensures that no seller can charge above the ruling market price since consumers are fully informed.
This ensures that no seller can charge above the ruling market price since consumers are fully informed.
Not clear enough?
Question 35
What effect would a change in price of a commodity have on its supply?
A change in the price of a commodity does not shift the supply curve; it results in movement along the curve.
This movement is referred to as a change in the quantity supplied, not supply itself.
This movement is referred to as a change in the quantity supplied, not supply itself.
Not clear enough?
Question 36
From the graph above P2 in price control situation is referred
P2 is a minimum price, meaning it is set above the equilibrium price to ensure producers receive a guaranteed price.
This is typically used to protect producers from very low market prices.
This is typically used to protect producers from very low market prices.
Not clear enough?
Question 37
The additional cost incurred by producing an additional unit of output is known as
Marginal cost represents the cost of producing one more unit of output.
It is calculated from the change in total cost resulting from an incremental increase in production.
It is calculated from the change in total cost resulting from an incremental increase in production.
Not clear enough?
Question 38
One of the factors that determine the supply of agricultural produce in Nigeria is
The income level of consumers influences the willingness of farmers to supply more agricultural goods.
Higher consumer income stimulates higher demand, which encourages producers to increase supply.
Higher consumer income stimulates higher demand, which encourages producers to increase supply.
Not clear enough?
Question 39
From the graph above, fixing maximum price of garri below equilibrium prices at P1 will
A maximum price set below equilibrium makes the commodity cheaper for consumers.
This results in increased consumption because more buyers can afford the product at the lower controlled price.
This results in increased consumption because more buyers can afford the product at the lower controlled price.
Not clear enough?
Question 40
In the theory of the consumer behavior, a consumer is said to maximize utility when
A consumer maximises utility when the marginal utility derived from a commodity equals the price paid for that commodity.
This ensures efficient allocation of income to achieve maximum satisfaction.
This ensures efficient allocation of income to achieve maximum satisfaction.
Not clear enough?
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