JAMB

ECONOMICS
Past questions

Get More! For Less!!

Our past questions are FREE! We only charge for their

answers & explanation plus our online JAMB lesson.

But You Can Get the (2-in-1) Now!

Join our online JAMB lesson (for a token) and get this
past questions with answers & explanation FREE!

[CLICK HERE TO JOIN JAMB LESSON]

OR

Purchase this past questions with answers & explanation

and join our online JAMB lesson for FREE!

[CLICK HERE TO GET PAST QUESTIONS]

 JAMB ECONOMICS PAST QUESTIONS (PT.1)

1. The major implication of high 4. The marginal propensity to save

dependency ratio on an economy measures the ____
is ____
A. ratio of change in saving
A. high capital formation B. change in supply as a result of
B. vicious cycle of poverty a change in consumption
C. low cost of living C. average propensity to consume
D. high standard of living D. ratio of change in consumption
to a change in the level of income
2. One of the major problems of
agricultural sector in Nigeria is 5. Structural unemployment is
____ mainly caused by ____

A. low literacy level of farmers A. a change in the consumption

B. small size of farms pattern
C. pest attack on crops B. a change in the business cycle
D. inadequate modem farm C. decrease in the output level
implements D. seasonal variation

3. Cooperative societies are 6. One of the major problems of

characterized with ____ census in Nigeria is _____

A. divergent interest of members A. inadequate skilled personnel

B. limited liability B. high dependency ratio
C. free entry and exit C. distortion of census figures
D. unlimited size of membership D. high cost of conducting census

www.examministry.com
7. A decrease in government B. the initial marginal utility
expenditure in an economy will C. total utility
cause general price level to ____ D. diminishing marginal utility

A. remain constant 10. In a pure capitalist economy,

B. fluctuate the means and forces of
C. fall production are owned and
D. rise controlled by the ____

8. A. public and private sectors

Unit of TP AP MP B. feudal lords
labour C. public sector
1 6 6 -- D. private sector
2 14 7 8
3 K 9 13 11.
4 40 10 F

From the table above, find the

values of K and F respectively

A. 13 and 27
B. 27 and 13 From the graph above, find the
C. 10 and 27 modal score
D. 27 and 10

A. 40
9. In the theory of consumer B. 20
behaviour, the sum of all marginal C. 100
utilities is ____ D. 60

A. average marginal utility

www.examministry.com
12. When the selling price of a C. isocost is tangent to the
monopolist is below his short-run marginal revenue
marginal cost, he is said to be D. isoquant is tangent to the
making ____ isocost curve

A. an economic profit 15. Balance of trade shows the

B. Losses relationship between the ____
C. profit
D. supernormal profit A. internal and external trade
B. total value visible import and
13. The demand for money is Export
referred to as the ____ C. deficit and surplus balance of
payments
A. amount of money in fixed D. total value of invisible import
deposit and export
B. desire to hold money intangible
assets 16. A fall in the price of
C. need for money to invest ostentatious goods will ____
D. desire to hold money in liquid
form rather than investing it A. increase the quantity demanded
B. decrease the quantity
14. In the theory of production, a demanded
producer is at equilibrium at a C. decrease demand
point where ____ D. increase demand

A. isocost is above the isoquant

curve
B. isoquant is below the isocost
curve

www.examministry.com
17. A. range
x f B. variance
10-20 4 C. mean
21-30 6 D. mode
31-40 10
41-50 50 20. Localization of industry is

51-60 3 mainly determined by ____

61-70 5
A. diseconomies of scale
From the table above, find the B. population growth
range of the distribution. C. division of labour
D. access to raw materials
A. 50
B. 70.5 21. Geographical distribution of a
C. 70 population is affected by ____
D. 50.5

A. low birth rate

18. Payment of interests on loans B. the availability of skilled
and the repayment of capital sum manpower
at a future date is ____ C. the availability of agricultural
land
A. balance debt D. high birth rate
B. debt servicing
C. debt relief 22. A tax burden on a commodity
D. debt retaking will be shared equally if the
demand is ____
19. The most difficult measure of
central tendency to determine in a A. fairly elastic
grouped data is ____ B. perfectly inelastic

www.examministry.com
C. fairly inelastic B. consumer surplus
D. unitary elastic C. budget lines
D. indifference curves
23. Higher income taxes can be
used to control ____ 26. Recapitalization policy will
enable commercial banks to ____
A. demand-pull inflation
B. high interest rates A. employ more qualified workers
C. cost- push inflation B. open more branches
D. hyperinflation C. reduce interest rate
D. have a very strong capital base
24.
27. The number of persons
required to form a private
company ranges from ____

A. ten to twenty
B. two to fifty
From the diagram, the consumer is C. two to seven
at equilibrium at point ____ D. seven to ten

A. G 28. The major function of

B. F international monetary funds is the
C. K ____
D. M
A. provision of short-run loans to
25. An indifference map is made medium scale industries
up of a set of ____ B. provision of long-term loans for
A. consumers' total utility infrastructure

www.examministry.com
C. development of agriculture in A. restrictions to entry and exit
member countries B. price discrimination
D. maintenance of stable exchange C. absence of transportation cost
rates D. product differentiation

29. One of the major activities in 32. The basis for international
the upstream sector of the Nigeria trade is the ____
petroleum industry includes ____
A. differences in natural resources
A. transportation of finished endowment
products B. differences in the population
B. refining of crude oil size
C. marketing of refined petrol C. prevailing interest rate on
D. exploration of crude oil multilateral loans
D. economic system in practice
30. The law of supply states that
the ____ 33. Training farmers on the
improved farming techniques is
A. higher the price the higher the the major activity of ____
quantity supplied
B. quantity supplied is always A. intermediate workers
equal to the quantity demanded B. middlemen
C. lower the price the higher the C. extension workers
quantity supplied D. creditors
D. higher the price the lower the
quantity supplied 34. In a free market economy,
prices are determined by ____
31. One of the features of a
perfect competitive firm is ____ A. consumers

www.examministry.com
B. producers A. is equal to total cost
C. the central government B. the demand curve is tangential
D. the forces of demand and to the marginal cost
supply C. the marginal cost curve is equal
to the marginal revenue curve
35. The basic economic problem of D. the marginal cost is equal to the
what to produce in an economy is price of the firm.
determined by ____
38. Government can protect
A. the availability of labour consumers from exploitative prices
B. the means of distribution by introducing ____
C. the availability of resources
D. technological know-how A. minimum price
B. price differentiation
36. In Nigeria, a fall in the supply C. price floor
of petrol would generally affect the D. maximum price
____
39. If a fall in the price of
A. import of goods and services commodity K brought about an
B. export of goods and services increase in the demand for
C. general price level in the commodity Y, the two commodities
country are ____
D. exchange rate of the Naira
A. composites
37. The short-run equilibrium B. derived in nature
point of a perfectly competitive C. substitutes
firm is attained at a point where D. complements
____

www.examministry.com
40. In the theory of production,
the price of a factor input is
determined by ____

A. the prevailing exchange rates

B. its elasticity of demand
C. the existence of large market
D. the prevailing interest rates

GET YOUR ANSWERS

Would you like to get the correct

answers with explanation to
each of these questions and also
join our online JAMB Economics
lesson?

To Get & Join NOW!

www.examministry.com
 JAMB ECONOMICS PAST QUESTIONS (PT.2)

1. A country embarks on deficit 4. According to the demographic

financing in order to ____ transition theory, Africa can be
said to be at stage ____
A. reduce aggregate demand
B. increase revenue A. 2 and 3
C. stimulate investment B. 3 only
D. curb inflation C. 2 only
D. 1 and 3
2. The money market provides
business firms with the avenue to 5. The Economic Community of
____ West African States (ECOWAS) is
an example of ____
A. purchase goods and services
B. purchase capital equipment A. globalization
C. obtain short- term funds B. regional marketing board
D. obtain long-term funds C. economic integration
D. economic union
3. The optimum level of output for
pure monopolist occurs where 6. Given: 32, 18, 24, 17, 16, 32,
____ 28, 68, 71 and 15, the mode of the
distribution is ____
A. P is highest
B. P = AC A. 71
C. P = MC B. 56
D. MR = MC C. 32
D. 15

www.examministry.com
7. The major determinant of A. be at minimum
income elasticity of demand is B. rise
____ C. be at maximum
D. fall
A. government policy
B. the availability of substitutes 11. The demand curve for a
C. the price of the good normal good is negatively sloped
D. the level of consumer's income because ____

8. Given: 2, 4, 6, 8, 4 and 6, the A. price is an incentive to

absolute mean deviation is ____ producers
B. price is an incentive to
A. 6.00 consumers
B. 1.67 C. demand always exceeds supply
C. 30.00 D. price and quantity move in the
D. 0.60 same direction

9. The precautionary demand for 12.

money is determined by ____

A. the level of savings

B. the rate of interest
C. general price level
D. the level of income

From The image, the average total

10. If the output of a firm cost when 20 units are produced is
experiencing economies of scale ____
increases, the average cost would
____ A. ₦45.30kg

www.examministry.com
B. ₦50.00kg D. total productivity of Labour
C. ₦47.50kg
D. ₦15.00kg 16. The choice of how to produce
in a command economy is
13. The major role of multinational determined by ____
companies in the Nigerian
petroleum industry is ____ A. consumers
B. government
A. oil marketing only C. industries
B. oil marketing and prospecting D. labour unions
C. establishment of refineries
D. oil prospecting only 17. The co-efficient of price
elasticity of supply is ____
14. Life insurance companies
% change in supply
contribute to economic A.
% change in price
development by holding a part of
% change in quantity supplied
B.
their assets in ____ % change in price
% change in quantity supplied
C.
% change in income
A. long-term financial instruments
% change in quantity demanded
B. equipment D.
% change in income

C. cash and near money

D. money-market instruments 18. A change in supply of a
commodity is due to a change in
15. The wage rate is mostly
the ____
related to ____

A. price of the commodity

A. marginal productivity of labour B. cost of production
B. average productivity of labour C. price of substitute
C. marginal efficiency of D. population growth rate
investment
www.examministry.com
19. In a limited liability company, enterprises in Nigeria is hampered
the greatest risk is borne by the by ____
____
A. poor regulatory framework
A. preference shareholders B. poor access to credit facilities
B. debentures shareholders C. poor management
C. ordinary shareholders D. the small size of the market
D. board of directors
23. A major determinant of
20. A market characterized by demand is ____
absence of close substitutes of
goods and services is an example A. incentives to workers
of ____ B. level of technology
C. population
A. a monopoly D. cost of production
B. an oligopoly
C. a perfect competition 24. Which of the following can be
D. a monopolistic competition used to measure the Gross
National Product?
21. An inflation that co-exists with
high rate of unemployment is ____ A. C+I+G-F(X+M)
B. C+I+G+(X-M)
A. hyperinflation C. C+I+G+X
B. cost-push inflation D. C+I+G
C. stagflation
D. demand-pull inflation 25. Find the median of the
following set of data 35, 10, 14,
22. The growth and development 38, 15, 18, 22, 30 and 28.
of small and medium scale

www.examministry.com
A. 10 B. the distribution pattern
B. 22 C. the state of technology
C. 38 D. the volume of production
D. 35
28. The main function NNPC is to
26. ____
Unit of output Total output (Kg)

1 13 A. develop the oil producing areas

2 43 B. oversee the development of the
3 123 oil sector
4 243 C. ensure regular supply of
5 353 products
6 483 D. fix the prices of petroleum
7 563 products
8 663
29. A major feature of an
From the table above, determine underdeveloped economy is ____
the average product of the 5th unit
of capital A. low rate of population growth
B. excess capacity utilization
A. 310.5 C. low level of unemployment
B. 176.5 D. low level of standard living
C. 70.6
D. 62.0 30. A tax on land will ultimately
fall ____
27. The problem of what to
produce is determined by ____ A. partly on agents and users
B. partly on users and owners
A. consumption pattern C. entirely on owners

www.examministry.com
D. entirely on users C. depreciation exceeds
investments
31. The deregulation on the D. imports exceeds exports
petroleum sector in Nigeria will
bring about ____ 34. Given: Qd=30–3P and Qs=9P–
15, determine the equilibrium
A. efficiency in pricing and price.
distribution of the products
B. fixing appropriate production A. ₦12.00
quotas B. ₦3.75
C. an end to the importation of fuel C. ₦2.80
D. an end to foreign firms' D. ₦3.00
dominance
35. The problem of economic
32. One of the ways of correcting development in Nigeria is that of
a deficit balance of payments is to ____
____
A. poor weather conditions

A. devalue a country's currency B. overpopulation

B. predenominate a country's C. surplus skilled manpower

currency D. inadequate infrastructure

C. reduce imports
D. reduce exports 36. The combination of two
commodities that yield the same

33. A nation's net export is level of satisfaction is illustrated by

negative when her ____ ____

A. export is adjusted upwards A. a budget line

B. external reserves deplete B. an isocost curve

www.examministry.com
C. a production possibility curve 40.
D. an indifference curve Unit of output Total output (Kg)

1 13

37. The demand for inferior goods 2 43

is inversely related to change in 3 123
____ 4 243
5 353
A. income 6 483
B. price 7 563
C. supply 8 663
D. taste
From the table above, the
38. The minimum number of marginal product of the 7th Unit of
shareholders for partnership is Capital is ____
____
A. 80kg

A. 7 B. 100kg

B. 4 C. 310kg

C. 2 D. 173kg

D. 3

39. When diminishing returns sets

in, the total variable cost begins to
____

A. rise at an increasing rate

B. fall at a decreasing rate
C. rise at a decreasing rate
D. fall at an increasing rate

www.examministry.com
 JAMB ECONOMICS PAST QUESTIONS (PT.3)

1. If the arithmetic mean of 2, 3, 4. Scale of preference is referred

5, 8, Z, 10 and 12 is 7, what is the to as the ____
value of Z?
A. choices consumers make
A. 8 B. array of consumer's needs
B. 9 C. consumer preference for
C. 10 luxurious goods
D. 7 D. consumer wants in order of
priority
2. The most important function of
agriculture to the Nigerian 5. One of the basic assumptions of
economy is ____ monopoly is ____
A. perfect information of the
A. the guarantee of food security market condition
B. technical skill development B. the ability to either control price
C. technological development or output
D. industrial development C. perfect mobility of factors of
production
3. Given that Qd=15-2P and D. large number of buyers and
Qs=5+3P, determine the sellers
equilibrium price.
6. The major advantage of a public
A. ₦3.00 limited liability company over a
B. ₦5.00 private limited liability company's
C. ₦2.00 ____
D. ₦6.00
A. limited liability enjoyed by
owner

www.examministry.com
B. separate legal entity B. provide the government with
C. easy transferability of shares statistics on the prevailing interest
D. perpetual existence rate
C. reveals the cost of living
7. The main activity in the D. provides the government with
upstream oil sector in Nigeria is statistics on present size of the
____ labour force

A. marketing of petroleum 10. If the demand for palm oil is

products for the purpose of soap production
B. distribution of petroleum and cooking, the demand is said to
products be ____
C. extraction of crude oil
D. refining of crude oil A. competitive
B. complementary
8. The natural growth of C. composite
population is calculated as ____ D. derived

A. birth rate + death rate 11. The institution established to

B. labour force + dependant enhance the activities of Nigeria's
C. death rate - birth rate exports is ____
D. birth rate - death rate
A. Nigerian Export and Import
9. The study of age structure of a Bank
population is important because it B. Import-substitution strategy
____ C. Nigeria Export Promotion
Council
A. determine the exchange rate D. Bank of Industry

www.examministry.com
12. A. interest
B. rent
C. profit
D. wage

15. The type of inflation that

emanates from excess demand
over supply is ____

From the pie chart above, the

percentage contribution of A. galloping inflation

entrepreneur is ____ B. cost-push inflation

C. demand-pull inflation

A. 2.77% D. imported inflation

B. 33.33%
C. 27.70% 16. Which of the following

D. 3.33% problems is associated with

national income measurement?

13. A sustained increase in per

capita income accompanied by an A. High interest rate

increase in output is ____ B. Inflation and deflation

C. Overpopulation

A. economies of scale D. population growth

B. economic efficiency
C. economic development 17. Freedom of consumption and

D. economic growth production are characteristics of

____

14. The reward for capital as a

factor of production is ____ A. socialism
B. feudalism

www.examministry.com
C. capitalism 21. The volume of output in an
D. communism economy is determined by ____

18. Cost of raw materials in A. the foreign exchange rate

production is an example of ____ B. the standard of living of citizens
C. population density of a country
A. marginal cost D. efficiency in the use of factors
B. variable cost of production
C. total cost
D. fixed cost 22. Given Qd=30–3P, Qs=9P–18.
Determine the equilibrium
19. Foreign exchange control in quantity.
Nigeria is administered by the
____ A. 18
B. 20
A. Money deposit banks C. 25
B. Central Bank of Nigeria D. 27
C. Discount houses
D. Security and Exchange 23. In Nigeria, industrial
Commission development can be enhanced by
____
20. If Qd = 40-4P and P = ₦4,
what is the quantity demanded? A. ensuring stable prices for
manufactured goods
A. 30 B. reducing government
B. 32 expenditure on imported goods
C. 24 C. providing efficient infrastructure
D. 26 D. increasing the rate of interest

www.examministry.com
24. Given: 32, 18, 24, 17, 16, 32, A. heterogeneity
28, 68, 71 and 15, what is the B. easy availability
range? C. homogeneity
D. flexibility in value Price
A. 26
B. 32 28.
C. 56
D. 68

25. Capital gains tax is an example

of ____

A. Value Added Tax

B. purchase tax The graph above represents ____
C. sales tax
D. income tax A. a decrease in quality supplied
B. an increase in supply
26. Which of the following is NOT C. an increase in quantity supplied
a source of government revenue? D. a decrease in supply Wages

A. Taxes, fees, licenses and fines 29.

B. Interest, dividends, profits and
earnings
C. Personal income, disposable
income and transfer earnings
D. Grants, aids and borrowing

27. One of the important qualities From the diagram above, the

that money must possess is ____ arrow marked M indicates ____

www.examministry.com
A. payments made for goods and 32. One of the functions of money
services deposit banks in economic
B. payments made to factors of development is ____
production
C. the flow of capital goods A. that it is banker to the
D. the flow of economics rent government
B. the provision of credits facilities
30. A change in the quantity C. the formulation of monetary
supplied of a commodity is policies
influenced by ____ D. issuing of currency notes

A. the price of substitutes 33. One of the arguments against

B. the price of the commodity the practice of monopoly is ____
C. consumer's tastes
D. technological know-how A. merging of producers
B. competition
31. C. exploitation
Price (₦) Quantity Demanded D. non-government ownership
6 20
5 16 34. The main reason why
countries engaged in international
From the table above, calculate
trade is the ____
the elasticity of demand.

A. opportunity to earn high profit

A. 0.03
in trading
B. 0.3
B. use of capital-intensive method
C. 1.2
of productions
D. 0.04
C. difference in their endowment
of economic resources

www.examministry.com
D. difference in the population 4 18 1
structure 5 18 0

35. From the table above, it can be

Cup of Total Marginal inferred that there is ____

milk taken utility utility

1 18 18 A. diminishing returns to scale

2 24 6 B. excess of demand

3 29 5 C. diminishing marginal utility

4 X 3 D. diminishing marginal

5 34 2 productivity

6 35 1
7 35 0 37. A well conducted census is
important for ____
From the table above, what is the
value X? A. economic planning
B. providing economic
A. 32 opportunities in the rural areas
B. 35 C. distribution of educational
C. 34 materials in the cities
D. 30 D. revenue generation

36. 38. The cost-saving advantages

Quantity Total Marginal which a large firm can achieve on
consumed Utility utility its own is called ____
0 0 --
1 10 10 A. internal economies of scale
2 15 5 B. diseconomies of large scale
3 17 2 C. external diseconomies of scale

www.examministry.com
D. external economies of scale GET YOUR ANSWERS

Would you like to get the correct

39. A country uses the foreign
answers with explanation to
exchange control measure to
each of these questions and also
eliminate balance of payments
join our online JAMB Economics
deficit by ____
lesson?

A. limiting her imports to its

To Get & Join NOW!
currency value of exports
B. limiting her exports to its
currency value of imports
C. overvaluing the country's
currency
D. reducing the nation's domestic
price level

40. The role of IBRD as an

international institution is to ____

A. improve trading among member

nations
B. finance private businesses in
member nations
C. facilitate the development of
infrastructure in member nations
D. solve the problem of balance of
payments of member nations

www.examministry.com
 JAMB ECONOMICS PAST QUESTIONS (PT.4)

1. An effective way of controlling 4. Demand patterns are

inflation in a mixed economy is to determined by the market on the
_____ basis of _____

A. increase productivity A. scale of preference

B. reduce income tax B. consumer sovereignty
C. ration available output C. consumer rationality
D. increase imports D. price of the commodity

2. One of the limitations PPC 5. A consumer surplus measures

assumption is that there is _____ the _____

A. no indication of technological A. benefits derived from

development consuming a cheap commodity
B. no recognition of preferred B. excess of total expenditure over
goods for countries total utility
C. technical inefficiency C. difference between marginal
D. abundant resources utility and marginal cost
D. excess of marginal utility over
3. A major disadvantage of the price
arithmetic means is that it is ____
6. If the demand for one
A. not useful for large data commodity excludes another, it is
B. not suitable for further said to be _____
statistical analysis
C. cumbersome to determine the A. complementary demand
actual value B. competitive demand
D. affected by extreme data C. composite demand

www.examministry.com
D. derived demand 9. If demand increases without a
change in supply, equilibrium price
7. and quantity will _____
Price (₦) Quality (Kg)
1 100 A. remain unchanged
2 120 B. shift inward
3 150 C. fall
4 180 D. rise

5 200
10. In the process of production,

The graph of the schedule above total output is at maximum when

will depict _____ _____

A. a kinked demand curve A. MP = 0

B. a normal demand curve B. MP > 0

C. an abnormal demand curve C. AP = 0

D. a diminishing marginal utility D. AP > 0

curve
11.

8. The median of an odd- Price (₦) Qty/(bags)

numbered set of scores is the 1 60

_____ 2 120

A. Middle value in the set From that table above, the price
B. Highest value in the set elasticity of supply is _____
C. Arithmetic means of the set
D. Most frequent occurring score A. 4
B. 25
C. 1

www.examministry.com
D. 2 15. If a firm is faced with an elastic
supply curve, its revenue will
12. When a consumer is at _____
equilibrium, the MRSxy is equal to
the _____ A. be supplied at a higher price
B. double at a higher price
A. sum of the prices C. increase by more than the
B. product of the two prices percentage increase in price
C. ratio of the two prices D. equal percentage change in
D. difference of the two prices price

13. Minimum price legislation by 16. The optimal range of output

government will _____ for a perfectly competitive firm is
_____
A. reduce supply
B. increase supply A. AC is lowest
C. reduce demand and create B. AVC is lowest
surplus C. MC is rising
D. increase demand and create D. MC is falling
scarcity
17. A firm will experience
14. Ranking is the method use in diseconomies of scale when ____
measuring _____
A. there are difficulties in
A. marginal utility coordinating production
B. ordinal utility B. there is shortage in labour
C. cardinal utility supply
D. total utility C. the size of market is small

www.examministry.com
D. there is an increase in the price 20. If real income increases while
of raw materials nominal income remains the same,
it can be inferred that ____
18. The law of variable proportions
is applicable only _____ A. Unemployment rate has
decreased
A. in the long-run period B. General prices have fallen
B. to large-scale enterprises C. Employment rate has risen
C. to small-scale enterprises D. General prices have risen
D. in the short-run period
21. One of the characteristics of
19. oligopoly is the availability of
_____

A. few sellers
B. few buyers
C. many sellers
D. a single seller

From the Diagram above, the

Use the diagram below to
optimal point of production is
answer question 22 – 23.
_____

A. R
B. T
C. U
D. S

www.examministry.com
22. The average total cost when A. the capital base of banks
20 units are produced is _____ B. employment opportunities in
banks
A. ₦20.00 C. the number of shareholders
B. ₦23.00 D. the number of branches
C. ₦13.00
D. ₦15.00 26. An increase in the circulation
of money without a corresponding
23. When 20 units of output is increase in output will lead to
produced, TC will be _____ _____

A. ₦360 A. a rise in income levels

B. ₦300 B. stagflation
C. ₦460 C. inflation
D. ₦400 D. deflation

24. The profit of a monopolist can 27. In national income accounts,

be eliminated where price equals an item counted as part of
_____ government spending is _____

A. AFC A. salaries and wages

B. MC B. pension
C. AC C. scholarship
D. AVC D. social welfare

25. Bank consolidation policy in 28. If aggregate demand is lower

Nigeria is a measure to increase than total output in an economy
_____ national income will _____

www.examministry.com
A. be constant A. GDP gap
B. be at equilibrium B. GDP at factor cost
C. increase C. GDP at market price
D. fall D. GDP deflator

29. During the era of barter, 32. A country embarks on deficit

money was generally in the form financing in order to _____
of _____
A. increase revenue
A. notes B. reduce aggregate demand
B. precious metals C. curb inflation
C. coins D. stimulate investment
D. commodities
Use the diagram below to
30. A country achieves economic answer question 33 – 34.
development when there is _____

A. an increase in military
expenditure
B. an increase in capacity
utilization
C. a sustained increase in per
capital income
D. an even distribution of goods
33. The deflationary gap is defined
and services
by _____

31. An indicator of growth in an

A. X
economy over a period of time is
B. K
the _____
C. X + K
www.examministry.com
D. X - K A. ineffective use of stabilization
measures
34. What does X represent? B. inadequate demand
C. poor implementation of policies
A. recessionary gap D. balance of payments deficits
B. GNP gap
C. inflationary gap 38. The main function of NNPC is
D. deflationary gap to _____

35. The import-substitution A. oversee the development of the

strategy of industrialization is to oil sector
encourage _____ B. develop the oil producing area
C. fix the price of products
A. domestic production D. ensure regular supply of
B. large-scale production products
C. importation
D. exportation 39. Investing heavily in the
agricultural sector will lead to
36. Upstream oil activities involve _____
the _____
A. sufficient food production
A. management of pollution B. a vibrant commodity market
B. marketing of refined products C. capital inflow
C. exploration of crude oil D. stable export prices
D. refining of crude oil
40. Industrial development in
37. Agricultural production in Nigeria can be encouraged through
Nigeria is constrained by _____ _____

www.examministry.com
A. signing WTO treaty
B. granting subsidies
C. the provision of efficient
infrastructure
D. direct government participation

GET YOUR ANSWERS

Would you like to get the correct

answers with explanation to
each of these questions and also
join our online JAMB Economics
lesson?

To Get & Join NOW!

www.examministry.com
 JAMB ECONOMICS PAST QUESTIONS (PT.5)

1. Comparison of interpersonal
utility is impossible because _____

A. utility is measured in utility

B. marginal utility is not
observable
C. utility is subjectively
determined
D. individual income differ
3. The consumer is at equilibrium
at point _____
2. When the slope of the total
utility curve is declining, the
A. N
marginal utility of a consumer will
B. P
be increasing if he _____
C. M
D. K
A. stops consuming more of the
commodity
4. To move from point M to K, the
B. reduces the quantity consumed
consumer has to increase the
C. increases the quantity
_____
consumed
D. consumes more of another
A. consumption of X and reduce
commodity
the consumption of Y
B. expenditure on Y
Use the diagram below to
C. expenditure on X
answer question 3 – 4.
D. consumption of Y and reduce
the consumption of X

www.examministry.com
5. The supply of cocoa is A. consumers
influenced by _____ B. society
C. government
A. seasonal conditions D. producers
B. the efficacy of fertilizer used
C. the demand for beverages 9. Fixing price above equilibrium
D. the availability of close will cause _____
substitutes
A. demand and supply to remain
6. If quantity supplied is constant constant
irrespective of price changes, the B. an increase in quantity supplied
supply elasticity is _____ C. an increase in supply
D. a decrease in quantity supplied
A. unitary
B. infinity 10. An important function of the
C. fairly elastic price system is to _____
D. perfectly inelastic
A. ensure that producers' profits
7. The cost elasticity of supply is a remain high
useful instrument for measuring B. guarantee full employment of
_____ resources
C. allocate resources to most
A. profit productive uses
B. productivity D. protect the economic interests
C. national income of government
D. price index
11. If all factors are variable in the
8. The invisible hand promotes the long run, firms will experience
interests of _____ _____

www.examministry.com
A. decreasing returns to scale less than doubled, this results in
B. increasing returns to scale _____
C. diminishing returns
D. economies of scale A. diminishing returns
B. constant returns to scale
12. The equilibrium point of a firm C. increasing returns to scale
is attained at the point where the D. decreasing returns to scale
isoquant is _____
15. Patents and copyrights enable
A. greater than the isocost monopolists to _____
B. less than the isocost
C. tangent to the isocost A. determine the quality of their
D. greater than the output products
B. determine the scale of their
13. The long-run average cost products
curve touches to the short-run C. restrict information flow to new
average cost curves at the _____ firms
D. restrict entry of new firms
A. minimum points of all short run
average cost curves 16. A discriminatory monopoly is
B. declining points of all short-run characterized by _____
average cost curves
C. minimum point of only one of A. a common elasticity in different
the short-run cost curves markets
D. rising points of all short-run B. different elasticities in different
average cost curves markets
C. a finite elasticity in all markets
14. If a firm doubles all inputs in D. zero elasticity in all markets
the long run and the total output is

www.examministry.com
17. Net National Product is derived contributions of oil and
by deducting _____ manufacturing sectors?

A. net exports from GNP A. ₦11.7 billion

B. subsidies from GDP B. ₦13.3 billion
C. taxes from GDP C. ₦21.7 billion
D. depreciation from GNP D. ₦26.6 billion

Use the information below to 20. The money that commands a

answer question 18 – 19. higher market value than its face
value is called _____

A. paper money
B. standard money
C. commodity money
D. fiat money

21. If a basket of commodities

cost ₦120 in the base year and
18. The percentage contribution of
₦240 in the current year, calculate
manufacturing sector is _____.
the price index.

A. 67.5
A. 100
B. 40.0
B. 200
C. 32.4
C. 240
D. 25.0
D. 300

19. If the GDP is ₦60 billion, what

22. The minimum amount which
is the difference between the
banks are required to deposit with

www.examministry.com
the central bank is determined by 25. A huge national debt is an
the _____ indication that the gold reserves of
a nation has _____
A. liquidity ratio
B. cash reserve ratio A. appreciated
C. minimum lending rate B. decreased
D. aggregate credit ceiling C. depreciated
D. stagnated
23. The major function of money
market is to _____ 26. Rapid economic development
in Nigeria is realizable by _____
A. provide funds for long-term
financing A. continuous dependence on oil
B. provide funds short-term B. concentrating more on
financing agriculture
C. stabilize the value of the local C. developing the tourism industry
currency D. diversifying the economy
D. stabilize domestic prices
27. The primary reason for
24. An ad valorem tax is imposed desiring economic growth is to
on _____ _____

A. special commodities A. control inflation

B. exports B. reduce poverty
C. imports C. redistribute income
D. the value of a commodity D. raise standard of living

28. An emerging agricultural

export crop in Nigeria is _____

www.examministry.com
A. cassava A. technological development
B. cotton B. foreign exchange earnings
C. cocoa C. raw materials processing
D. soya beans D. labour employment

29. A strategy for improving 32. A change in the pump price of

agriculture in Nigeria will involve petrol in Nigeria has a direct effect
_____ on the _____

A. controlling the prices of A. prices of consumer goods

agricultural products B. prices of essential goods
B. ensuring self-sufficiency in food C. cost of raw materials
production D. cost of transportation
C. reducing agricultural exports
D. establishing commodity boards 33. Long-term funds for
investment projects are sourced
30. A sugar industry is best from the _____
located near the source of _____
A. money market
A. labour B. commodity market
B. raw materials C. foreign exchange market
C. power D. capital market
D. capital
34. A policy aimed at enhancing
31. An important contribution of globalization of the Nigerian
small-scale industries to the economy is _____
Nigerian economy is in the area of
_____ A. indigenization
B. deregulation

www.examministry.com
C. commercialization A. current account
D. privatization B. current and capital accounts
C. current and escrow accounts
35. The Malthusian theory was D. capital and escrow accounts
concerned about the relationship
between _____ 38. One of the functions of
ECOWAS is to _____
A. population growth rates of the
rich and the poor nations A. provide funds for infrastructural
B. population density and national development
income B. determine prices of exports
C. population growth rate and C. redistribute income among
natural resources citizens
D. age distribution of population D. provide employment for citizens
of member nations
36. In a village of 50 persons, 10
immigrated, 25 died and 5 39. The reward on machinery and
emigrated in year. Determine the equipment in the process of
total population. production is known as _____

A. 10 A. profit
B. 20 B. interest
C. 30 C. rent
D. 50 D. wages

37. A deficit balance of payments

is measured by subtracting the
debits from the credits in the
_____

www.examministry.com
40.

From this diagram, the minimum

wage OW will lead to _____.

A. full employment of resources

B. unemployment
C. inflation
D. full employment of factors of
production

GET YOUR ANSWERS

Would you like to get the correct

answers with explanation to
each of these questions and also
join our online JAMB Economics
lesson?

To Get & Join NOW!

www.examministry.com
 JAMB ECONOMICS PAST QUESTIONS (PT.6)

1. An economy in which both the D. the mode and median

public and private sectors
contribute to economic growth is 4. An advantage of the range as a
as _____ measure of dispersion is that it
_____
A. feudal economy
B. capitalist economy A. can be used to calculate open-
C. socialist economy ended distribution
D. mixed economy B. make use of all values of
observations in a distribution
2. If the standard deviation of a C. takes all values into
given data is 53, what is the consideration
variance? D. is useful for further statistical
calculation
A. 2,082
B. 2,809 5. Find the median of the following
C. 2,808 set of data 35, 10, 14, 38, 15, 18,
D. 2,209 22, 30 and 28.

3. Which of the following set of A. 10

statistical tools is used for further B. 38
economic analysis? C. 35
D. 22
A. the median and standard
deviation 6. An increase in demand without
B. the mean and mode a corresponding change in supply
C. the mean and standard will lead to _____
deviation

www.examministry.com
A. a decrease in equilibrium price C. 1.5
and increase in equilibrium D. 2.0
quantity
B. an increase in equilibrium price 9.
and quantity
C. a decrease in equilibrium price
and quantity
D. an increase in equilibrium price
and a decrease in equilibrium
quantity

7. An increase in the price of a

commodity will result in _____ From the graph above, the price
elasticity of demand is _____
A. a decrease in the quantity
demanded A. unitarily elastic
B. an increase in demand B. perfectly elastic
C. an increase in quantity C. perfectly inelastic
demanded D. fairly inelastic
D. a decrease in demand
10. One of the assumptions of the
8. If the price of a bicycle changes cardinalist approach is _____
from ₦120 to ₦80 and quantity
bought changes from 300 to 500 A. diminishing marginal rate of
units, the elasticity of demand for substitution
bicycle is _____ B. the consistency and transitivity
of choice
A. 66.7
B. 0.5

www.examministry.com
C. that total utility depends on the A. F
quantity of the commodities B. S
consumed C. M
D. unstable marginal utility of D. K
money
13. One of the major factors that
11. Utility is the satisfaction brings about changes in supply is
derived from the _____ _____.

A. distribution of goods and A. market discrimination

services B. availability of storage facilities
B. use of goods and services C. the cost of storage
C. demand of goods and services D. incentives granted to workers
D. production of goods and
1
services 14. If P = (Qs + 10). What is the
4

quantity supplied at N14?

12.

A. 14
B. 60
C. 46
D. 32

15. If the supply of a product is

elastic, a small reduction in price
will _____

From the indifference curve, A. reduce the cost of production

consumer will prefer combination B. reduce the quantity supplied
_____ C. increase the quantity supplied

www.examministry.com
D. lead to no change in the 19. In Nigeria, government can
quantity supplied reduce the cost of accommodation
by fixing rent _____
16. The supply of beverages by
firms in a monopolistic market is A. at the prevailing rate
an example of _____ B. at the equilibrium price
C. above the equilibrium price
A. derived demand D. below the equilibrium price
B. competitive supply
C. composite supply 20. If a refinery achieves a
D. joint demand reduction in cost by purchasing
and transporting crude oil in large
17. If the price of a commodity is quantities, it enjoys _____
fixed below equilibrium, this will
lead to _____ A. economies of scale
B. specialization
A. excess demand C. division of labour
B. a decrease in price D. diseconomies of scale
C. an increase in price
D. excess supply 21. An isoquant lying above to the
right of another represents _____
18. One of the criticisms of the
price mechanism is that _____ A. a higher output level
B. constant returns to scale
A. producers are sovereign C. over-capacity utilization
B. it provides low degree of D. a lower output level
freedom
C. it widens the inequitable gap
D. consumers are sovereign

www.examministry.com
 A. BC
B. OB
C. OS
D. BS

24. The total revenue of the firm

is represented by _____

22. From the graph above, R A. GHEF

represents _____ B. GHJC
C. EFJC
A. marginal cost D. GHOB
B. total cost
C. variable cost 25. A measure of national income
D. fixed cost used as comparison of standard of
living among nations is _____
Use the graph below to answer
question 23 – 24. A. net national product
B. gross domestic product
C. gross national product
D. per capita income

26. The speculative demand for

money is inversely related to the
_____

A. interest rate
B. level of income
23. The optimum level of output of
C. exchange rate
the firm is _____

www.examministry.com
D. inflation rate 30. An example of an
expansionary fiscal policy action is
27. If Mr. K obtains a ₦50.000 loan _____
from a bank for the purpose of
providing household needs, the A. decrease in the corporate profit
demand for money is said to be tax rates
_____ B. decrease in welfare payments
C. purchase of government
A. transactionary securities
B. speculative D. decrease in the bank rate
C. precautionary and speculative
D. transactional and speculative 31. A tax on land will ultimately
fall _____
28. Which of the following is used
by the Central Bank of Nigeria to A. partly on agents and users
control inflation? B. entirely on users
C. entirely on owners
A. Tariff on imports D. partly on users and owners
B. Tax rate
C. Exchange rate 32. One of the goals of
D. Discount rate development plans in Nigeria is to
_____
29. If CBN reduces money supply,
the interest rate will _____ A. increase the profitability of
multinational businesses
A. fluctuate B. improve the country's GDP
B. rise C. achieve higher standard of
C. fall living for the citizens
D. remain unchanged D. deregulate the economy

www.examministry.com
33. Life insurance companies C. over dependence on agriculture
contribute to economic for subsistence
development by holding a part of D. the use of crude implements in
their assets in _____ farming process

A. long-term financial instruments 36. The most important

B. money market instruments determinant for the location of a
C. cash and near money brick industry is the availability of
D. short-term financial _____
instruments
A. market
34. In order to add value to B. power supply
Nigeria agricultural produce, there C. water
is need to _____ D. raw materials

A. cultivate high breed crops 37. In Nigeria, efficiency in public

B. process them into finished corporations can be achieved
goods through _____
C. adopt modern storage methods
D. advertise them in European A. public offer
markets B. indigenization
C. privatization
35. The main reason for low D. nationalization
agricultural produce in West Africa
is need to _____ 38. Government participation in
the oil industry was necessitated
A. the presence of large-scale by the _____
agro-allied industries
B. high dependency ratio A. annual increase in production

www.examministry.com
B. formation of OPEC GET YOUR ANSWERS
C. high demand for crude oil
Would you like to get the correct
D. huge investment outlay
answers with explanation to
each of these questions and also
39. The deregulation of the
join our online JAMB Economics
petroleum sector in Nigeria will
lesson?
bring about _____

To Get & Join NOW!

A. efficiency in pricing and
distribution of the products
B. an end to the importation of fuel
C. an end to foreign firms'
dominance
D. fixing appropriate production
quotas

40. A distinguishing characteristic

of consumer co-operative society
is that the _____

A. the maximum number of

shareholders is 20
B. members are the owners
C. members are the workers
D. the minimum number of
shareholders is 5

www.examministry.com
 JAMB ECONOMICS PAST QUESTIONS (PT.7)

1. The best measure of dispersion 3. If the national income is 360m,

to determine the tallest tree in a the contribution of the
forest is _____ manufacturing sector is _____.

A. range A. 312m
B. variance B. 39m
C. standard deviation C. 318m
D. mean deviation D. 317m

2. 4.

A combination of factors
What is the percentage responsible for a shift from D0D0 to
contribution of services to the D1D1 are _____
national income?

A. consumer’s income and change

A. 15% in technology
B. 10% B. price of the commodity and
C. 54% weather conditions consumer’s
D. 24% income and population size
C. consumers taste and change in
price
www.examministry.com
5. Given that Qd=40-2P and D. tariff
Qs=6P+24. Calculate the
equilibrium price. 8.

A. ₦34
B. ₦32
C. ₦36
D. ₦16

6. A change in demand for a

normal goods implies that, there is From the graph above, the
a _____ consumer will attain equilibrium at
point _____
A. change in the quantity
demanded as price changes A. J
B. shift in the demand curve B. K
C. movement along a given C. L
demand curve D. M
D. change in the price elasticity of
demand 9. A rightward shift of the budget
line is caused by a _____
7. If the importation of a
commodity is limited to a definite A. fall in consumer income
quantity, the trade control B. change in consumer taste
measure imposed is _____ C. fall in the commodity relative
price
A. excise duties D. rise in the commodity relative
B. import duties price
C. quotas

www.examministry.com
10. Given the supply function C. a decrease in the quantity
1
P= (Qs+10) when P = ₦10, what supplied
4

is Qs? D. a fall in price

A. 20 13. Price mechanism determines

B. 15 the prices of commodities through

C. 50 _____

D. 30
A. auctioning

11. B. market forces

Price (₦) Quantity supplied C. the sales of treasury bills

8 20 D. government legislation

10 24
14.
From the table above, calculate Unit Total Average Marginal

the price elasticity of supply ____ of product product product

labour

1 8 8 ...
A. 0.50
2 20 10 12
B. 0.80
3 E 9 7
C. 2.00
4 28 7 F
D. 1.25
5 40 8 12

12. When price is set below

From the table above, find the
equilibrium, this will lead to ____
values of E and F respectively.

A. an increase in the quantity

A. 27 and 1
supplied
B. 68 and 12
B. a new equilibrium
C. 28 and 5
D. 12 and 19
www.examministry.com
15. The major determinant of the 18. Rent and administrative
total volume of output in an expenses are examples of _____.
economy is the _____
A. average fixed costs
A. level of total expenditure B. average variable costs
B. composition of consumer C. fixed costs
spending D. variable costs
C. number of farmers
D. size of the labour force 19. A perfect competitor will
continue to expand output up to
16. Division of labour requires the point where _____
that, the tasks in a production line
be performed _____ A. TC > TR
B. MR = AR
A. by specialists C. MC < MR
B. in stages D. MC > MR
C. by all workers
D. by unskilled labourers 20. One of the characteristics of a
monopolist is that, he can
17. Given that FC = ₦500, VC = influence _____
₦1,500, and Q = 50 units. Find the
average cost of the product. A. quantity produced by other
producers
A. ₦30 B. prices charged by other
B. ₦40 producers
C. ₦10 C. both price and quantity
D. ₦20 D. price or quantity

www.examministry.com
21. A monopolist can boost up his 24. The precautionary demand for
revenue by _____ money is determined by _____

A. adjusting both price and output A. the rate of interest

upward B. the level of savings

B. reducing total output to match C. the level of income

price D. general price level

C. increasing price
D. reducing price 25. An inflation that co-exists with
high rate of unemployment is ____

22. Which of the following can be

A. hyperinflation
used to measure the Gross
B. stagflation
National product in an open
C. demand-pull inflation
economy?
D. cost-push inflation

A. C+I+G+(X+M)
26. One of the challenges facing
B. C+I+G+X
the banking industry in Nigeria is
C. C+I+G
_____
D. C+I+G+(X-M)

A. ensuring technological security

23. If MPC = 2/3 and investment
B. providing employment
is ₦100 million, the level of
C. providing loans for investment
national income is _____
D. creating more money

A. ₦100 million
27. Short-term loans for
B. ₦10 million
investment are usually obtained
C. ₦303 million
through the _____
D. ₦300 million

A. stock market

www.examministry.com
B. development banks A. low capital formation
C. money market B. rural-urban migration
D. capital market C. over dependence on oil
D. poor developmental policies
28. Given a base year and the
price index of 175% the following 31. A major feature of an
year, which of the following year underdeveloped economy is _____
will arise?
A. excess capacity utilization
A. The cost of living decreases of B. low rate of population growth
that year C. low level of standard of living
B. The cost of living remains D. low level of unemployment
unchanged
C. The value of money rises by 32. An important role of
75% agriculture in Nigeria's economic
D. The value of money falls by development is the _____
75%
A. processing of raw materials for
29. Wage freeze is a policy industries
measure aimed at _____ B. regulation of price system
C. provision of infrastructure
A. encouraging investors D. provision of employment
B. curbing inflation
C. regulating standard of living 33. An advantage of large-scale
D. curbing deflation farming over peasant farming is in
the area of _____
30. A major obstacle to the
development of Nigeria economy is A. providing research and massive
_____ employment of labour

www.examministry.com
B. redistributing national income 36. The major contribution of
to various regions of the country OPEC to the Nigerian economy is
C. encouraging the use of the _____
traditional implements
D. encouraging urban-rural A. provision of social
migration infrastructures
B. granting of subsidies on
34. A major disadvantage of petroleum products
localization of industry is _____ C. stabilization of oil prices
D. building of refineries
A. the risk of structural
unemployment 37. The loading of crude oil at the
B. over-utilization of installed terminal is an activity in the _____
industrial capacity
C. the risk of seasonal A. downstream sector of the oil
unemployment industry
D. under-utilization of installed B. upstream and downstream
industrial capacity sector of the oil industry
C. upstream sector of the oil
35. One major factor that industry
determines the location of an D. midstream and upstream
industry is _____ sectors of the oil industry

A. tax exemption grant 38. The short-run average

B. its proximity to the market variable cost of a firm will rise
C. the capital base owing to _____
D. the social responsibility of the
firm A. the expansion of factory space
B. the building of new warehouse

www.examministry.com
C. an increase in the cost of labour
D. an increase in the salaries of
directors

39. Firms embark on vertical

integration in other to _____

A. take over markets formally

controlled by other firms
B. prevent other firms from
entering the market
C. reduce advertisement and
management cost
D. enjoy economies of large-scale
production

40. The voting power in co-

operative societies is vested on
_____

A. management
B. members without loan
C. shareholders
D. members with the highest
contribution

www.examministry.com
 DISCLAIMER
These are not JAMB expo questions for this year, but

past questions of previous years.

Study these past questions, know their correct

answers and how each answer was gotten to better

prepare for your JAMB Economics exam.

Speaking of which,

Would you like to get our JAMB Economics questions

(with answers & explanation)?

Get it now and gain FREE access to our JAMB

Economics lesson online for daily JAMB Economics

CBT practice and quality explanations from an

excellent Economics teacher.

Click on the link below...

www.examministry.com