Quizzes

QUIZ: Can You Handle These “Economics” JAMB Questions?

It’s okay if you can’t, but we’ll judge you.

Written By: Chioma Munachi

Last Updated April 24, 2024





	






	
	
	
	

	




			
					
	
	
	
	
	
	

	
		
			
				By ‘trade by barter,’ we mean:
				
							
									

						
						
						
						
						
															Trade done by people in the village													
					
									

						
						
						
						
						
															Exchange of goods for money													
					
									

						
						
						
						
						
															Exchange of goods for goods													
					
									

						
						
						
						
						
															The trade of the Middle Ages													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				What is an advantage of a sole proprietorship?
				
							
									

						
						
						
						
						
															It is always successful													
					
									

						
						
						
						
						
															Continuity is no problem													
					
									

						
						
						
						
						
															Control and supervision is under one man													
					
									

						
						
						
						
						
															Inter-generational equity is assured													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				Which of these should determine, in a planned economy how the factors of production are to be allocated among different production activities?
				
							
									

						
						
						
						
						
															Fairness													
					
									

						
						
						
						
						
															The distribution of income and wealth													
					
									

						
						
						
						
						
															Public needs which is determined by the government													
					
									

						
						
						
						
						
															The ability of an individual to make profit													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				Which of the following is NOT strictly included in the study of economics?
				
							
									

						
						
						
						
						
															The study of wants													
					
									

						
						
						
						
						
															The study of choice													
					
									

						
						
						
						
						
															Whether a particular want satisfies a good or bad purpose													
					
									

						
						
						
						
						
															The study of scarcity													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				Which of these would NOT increase the population of a country?
				
							
									

						
						
						
						
						
															Increase in death rate													
					
									

						
						
						
						
						
															Decrease in birth rate													
					
									

						
						
						
						
						
															Emigration													
					
									

						
						
						
						
						
															Migration													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				In economics, production is complete when:
				
							
									

						
						
						
						
						
															Goods are produced in the factory													
					
									

						
						
						
						
						
															Goods are sold to the wholesalers													
					
									

						
						
						
						
						
															Prices are fixed for goods and services													
					
									

						
						
						
						
						
															Goods and services finally reach the consumer													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				If the equilibrium price of an article is ₦5.00 but the government fixes the price by law at ₦4.00, the supply will be ___
				
							
									

						
						
						
						
						
															The same as equilibrium supply													
					
									

						
						
						
						
						
															Greater than equilibrium supply													
					
									

						
						
						
						
						
															Less than the equilibrium supply													
					
									

						
						
						
						
						
															None of these													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				When elasticity is zero, the demand curve is __
				
							
									

						
						
						
						
						
															Perfectly elastic													
					
									

						
						
						
						
						
															Perfectly inelastic													
					
									

						
						
						
						
						
															Concave													
					
									

						
						
						
						
						
															Downward slopping													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				Which of the following is not true about occupational distribution of the labour force of West Africa?
				
							
									

						
						
						
						
						
															A large percentage of the labour force is engaged in agriculture													
					
									

						
						
						
						
						
															Agriculture is the most important occupation in West Africa													
					
									

						
						
						
						
						
															The manufacturing sector employs a large percentage of the population													
					
									

						
						
						
						
						
															The public sector forms an important source of paid employment													
					
				
				

				
					Correct!
					Wrong!
					
				

			

					
			
				Why are bondholders treated more favorably than shareholders?
				
							
									

						
						
						
						
						
															They are not liable for the companies losses													
					
									

						
						
						
						
						
															They have a greater voice in electing the board of directors													
					
									

						
						
						
						
						
															They have a prior claim on the companies assets													
					
									

						
						
						
						
						
															None of the above													
					
				
				

				
					Correct!
					Wrong!
					
				

			

						
 

	
	

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