JAMB Economics CBT

 

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#1. What is the difference between a developed country and a developing country?

A developed country is in Africa, a developing country is in Europe

A developed country has a high standard of living, a developing country has a low standard of living

A developed country has a low standard of living, a developing country has a high standard of living

A developed country and a developing country are the same

#2. What is the difference between nominal GDP and real GDP?

Nominal GDP is adjusted for inflation, real GDP is not

Nominal GDP is not adjusted for inflation, real GDP is

Nominal GDP includes exports, real GDP does not

Nominal GDP excludes imports, real GDP includes them

#3. What is the primary function of the price mechanism?

To regulate the money supply

To control inflation

To manage government spending

To allocate resources through the interaction of supply and demand

#4. What is the primary function of the commodity market?

To control inflation

To facilitate the trading of raw materials and primary products

To manage government spending

To regulate the money supply

#5. What is fiscal policy?

The use of government spending and taxation to influence the economy

The use of interest rates to influence the economy

The use of trade policies to influence the economy

The use of exchange rates to influence the economy

#6. What is the difference between a progressive tax and a regressive tax?

A progressive tax takes a larger percentage of income from high-income earners, a regressive tax takes a larger percentage from low-income earners

A progressive tax and a regressive tax are the same

A progressive tax is a flat tax, a regressive tax is a variable tax

A progressive tax takes a larger percentage of income from low-income earners, a regressive tax takes a larger percentage from high-income earners

#7. What is the primary function of money?

Store of value

Medium of exchange

All of the above

Unit of account

#8. What is the difference between a progressive tax and a proportional tax?

A progressive tax and a proportional tax are the same

A progressive tax is related to exports, a proportional tax is related to imports

A progressive tax takes a larger percentage of income from high-income earners, a proportional tax takes the same percentage from all income levels

A progressive tax takes the same percentage from all income levels, a proportional tax takes a larger percentage from high-income earners

#9. What is the primary function of the financial market?

To regulate the money supply

To control inflation

To manage government spending

To facilitate the flow of funds between savers and borrowers

#10. What is the law of demand?

As price increases, quantity demanded increases

As price increases, quantity demanded decreases

As price decreases, quantity supplied increases

As price decreases, quantity demanded decreases

#11. What is the primary goal of economic development?

To increase GDP

To increase trade

To improve the economic well-being and quality of life of a population

To reduce inflation

#12. What is the difference between a market economy and a command economy?

A market economy is related to trade, a command economy is related to production

A market economy is controlled by the government, a command economy is driven by supply and demand

A market economy and a command economy are the same

A market economy is driven by supply and demand, a command economy is controlled by the government

#13. What is the primary focus of microeconomics?

The behavior of individual consumers and firms

The overall economy

Economic growth

International trade

#14. What is the opportunity cost of a decision?

The monetary cost of a good

The cost of labor

The total cost of production

The value of the next best alternative foregone

#15. What is the difference between a direct tax and an indirect tax?

A direct tax is levied on goods and services, an indirect tax is levied on income

A direct tax is related to exports, an indirect tax is related to imports

A direct tax and an indirect tax are the same

A direct tax is levied on income, an indirect tax is levied on goods and services

#16. What is the difference between a positive externality and a negative externality?

A positive externality harms third parties, a negative externality benefits third parties

A positive externality and a negative externality are the same

A positive externality is related to production, a negative externality is related to consumption

A positive externality benefits third parties, a negative externality harms third parties

#17. What is the primary goal of development economics?

To reduce inflation in developed countries

To increase the GDP of developed countries

To increase trade between developed countries

To improve the economic well-being of people in developing countries

#18. What is the primary goal of the International Monetary Fund (IMF)?

To ensure global financial stability

To regulate international trade

To provide loans to individuals

To manage government spending

#19. What is the difference between a public sector and a private sector?

The public sector is controlled by individuals and businesses, the private sector is controlled by the government

The public sector is controlled by the government, the private sector is controlled by individuals and businesses

The public sector and the private sector are the same

The public sector is related to exports, the private sector is related to imports

#20. What is the difference between a public good and a private good?

A public good is provided by the government, a private good is provided by individuals

A public good is excludable and rivalrous, a private good is non-excludable and non-rivalrous

A public good and a private good are the same

A public good is non-excludable and non-rivalrous, a private good is excludable and rivalrous

#21. What is the multiplier effect?

The proportional amount of decrease in final income resulting from a withdrawal of spending

The proportional amount of increase in final income resulting from a withdrawal of spending

The proportional amount of increase in final income resulting from an injection of spending

The proportional amount of decrease in final income resulting from an injection of spending

#22. What is the primary function of the labor market?

To match workers with employers

To manage government spending

To regulate the money supply

To control inflation

#23. What is the primary goal of environmental economics?

To reduce unemployment

To increase trade

To increase GDP

To address environmental issues through economic policies

#24. What is the primary function of the stock market?

To facilitate the buying and selling of stocks

To manage government spending

To control inflation

To regulate the money supply

#25. What is the primary function of the World Trade Organization (WTO)?

To control inflation

To provide loans to developing countries

To regulate international trade

To manage exchange rates

#26. What is the difference between absolute advantage and comparative advantage?

Absolute advantage is the ability to produce a good at a lower opportunity cost, comparative advantage is the ability to produce more of a good with the same resources

Absolute advantage is related to trade, comparative advantage is related to production

Absolute advantage and comparative advantage are the same

Absolute advantage is the ability to produce more of a good with the same resources, comparative advantage is the ability to produce a good at a lower opportunity cost

#27. What is the difference between a trade union and a professional association?

A trade union represents individuals in a specific profession, a professional association represents workers in a specific industry

A trade union represents workers in a specific industry, a professional association represents individuals in a specific profession

A trade union and a professional association are the same

A trade union is related to exports, a professional association is related to imports

#28. What is the difference between a trade surplus and a trade deficit?

A trade surplus is related to GDP, a trade deficit is related to inflation

A trade surplus occurs when imports exceed exports, a trade deficit occurs when exports exceed imports

A trade surplus occurs when exports exceed imports, a trade deficit occurs when imports exceed exports

A trade surplus and a trade deficit are the same

#29. What is the difference between a developed economy and an emerging economy?

A developed economy and an emerging economy are the same

A developed economy is in the process of rapid growth and industrialization, an emerging economy has a high level of economic development

A developed economy is related to exports, an emerging economy is related to imports

A developed economy has a high level of economic development, an emerging economy is in the process of rapid growth and industrialization

#30. What is the law of supply?

As price increases, quantity supplied decreases

As price decreases, quantity supplied increases

As price decreases, quantity supplied decreases

As price increases, quantity supplied increases

#31. What is the equilibrium price?

The price at which quantity demanded equals quantity supplied

The price at which demand is highest

The price set by the government

The price at which supply is lowest

#32. What is the difference between a monopoly and perfect competition?

A monopoly and perfect competition are the same

A monopoly has a single seller, perfect competition has many sellers

A monopoly has many sellers, perfect competition has a single seller

A monopoly is regulated by the government, perfect competition is not

#33. What is the difference between a consumer good and a capital good?

A consumer good is related to exports, a capital good is related to imports

A consumer good is used to produce other goods, a capital good is used by individuals

A consumer good is used by individuals, a capital good is used to produce other goods

A consumer good and a capital good are the same

#34. What is the difference between a direct investment and a portfolio investment?

A direct investment involves controlling ownership in a business, a portfolio investment involves purchasing stocks or bonds

A direct investment and a portfolio investment are the same

A direct investment involves purchasing stocks or bonds, a portfolio investment involves controlling ownership in a business

A direct investment is related to exports, a portfolio investment is related to imports

#35. What is the balance of payments?

A record of all government transactions

A record of all financial transactions

A record of all economic transactions between residents of a country and the rest of the world

A record of all trade transactions

#36. What is the primary function of the central bank?

To regulate the money supply and control inflation

To regulate international trade

To manage government spending

To provide loans to individuals

#37. What is the difference between a budget deficit and a budget surplus?

A budget deficit occurs when revenue exceeds spending, a budget surplus occurs when spending exceeds revenue

A budget deficit and a budget surplus are the same

A budget deficit occurs when government spending exceeds revenue, a budget surplus occurs when revenue exceeds spending

A budget deficit occurs when exports exceed imports, a budget surplus occurs when imports exceed exports

#38. What is the primary goal of poverty alleviation programs?

To increase GDP

To increase trade

To reduce poverty and improve living standards

To reduce inflation

#39. What is the primary function of the foreign exchange market?

To facilitate the exchange of currencies

To control inflation

To regulate the money supply

To manage government spending

#40. What is the difference between a tariff and a quota?

A tariff and a quota are the same

A tariff is a tax on imports, a quota is a limit on the quantity of imports

A tariff is a subsidy for exports, a quota is a tax on exports

A tariff is a limit on the quantity of imports, a quota is a tax on imports

#41. What is inflation?

An increase in the value of money

A decrease in the value of money

A general decrease in the price level of goods and services

A general increase in the price level of goods and services

#42. What is the primary goal of monetary policy?

To increase government spending

To reduce unemployment

To control inflation and stabilize the currency

To increase exports

#43. What is the difference between a budget line and an indifference curve?

A budget line and an indifference curve are the same

A budget line is related to production, an indifference curve is related to consumption

A budget line shows the combinations of goods that give the same level of satisfaction, an indifference curve shows the combinations of goods a consumer can afford

A budget line shows the combinations of goods a consumer can afford, an indifference curve shows the combinations of goods that give the same level of satisfaction

#44. What is GDP?

The total income of a country

The total savings of a country

The total expenditure of a country

The total market value of all final goods and services produced in a country in a given period

#45. What is the difference between a recession and a depression?

A recession is a short-term economic decline, a depression is a long-term economic decline

A recession is a long-term economic decline, a depression is a short-term economic decline

A recession and a depression are the same

A recession is caused by inflation, a depression is caused by deflation

#46. What is the primary goal of trade liberalization?

To reduce international trade

To increase government spending

To reduce trade barriers and increase international trade

To increase trade barriers

#47. What is the primary goal of economic policy?

To achieve economic stability and growth

To reduce trade

To increase unemployment

To increase inflation

#48. What is the difference between a fixed exchange rate and a floating exchange rate?

A fixed exchange rate is set by the government, a floating exchange rate is determined by the market

A fixed exchange rate is used for imports, a floating exchange rate is used for exports

A fixed exchange rate and a floating exchange rate are the same

A fixed exchange rate is determined by the market, a floating exchange rate is set by the government

#49. What is the primary function of the insurance market?

To regulate the money supply

To control inflation

To provide financial protection against risks

To manage government spending

#50. What is the primary goal of economic growth?

To increase unemployment

To reduce trade

To reduce inflation

To increase the production of goods and services over time

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Topics Covered in the Economics CBT

✅ Basic Concepts in Economics
✅ Microeconomics
✅ Macroeconomics
✅ Market Structures
✅ Production and Costs
✅ Monetary and Fiscal Policy
✅ International Trade and Finance
✅ Supply and Demand
✅ Economic Development
✅ Money and Banking

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Here are a few key tips to help you pass your JAMB Economics exam with ease:

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💡 Understand Economic Theories: Be sure you understand the different schools of thought in Economics, such as Keynesian Economics, Classical Economics, and Monetarism.

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For further study tips and resources, check out these helpful links from my blog:

👉 How to Prepare for JAMB Effectively
👉 JAMB Subject Combination for Economics
👉 JAMB Economics Syllabus PDF

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Conclusion

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