2018 JAMB Economics Past Questions & Answers

Question 1

By utility we mean____________

Accepted Answer

B. power of satisfying a want

Answer

A. beneficial

Answer

C. advantageous

Answer

D. consumable

Question 2

X 2 3 4 5 F 2 5 2 1   What is the median of the distribution?

Accepted Answer

C. 3

Answer

A. 5

Answer

B. 4

Answer

D. 2

Question 3

Which of the following is an invisible item?

Accepted Answer

D. Banking services

Answer

A. Petroleum services

Answer

B. Processed rice

Answer

C. Processed milk

Question 4

In the history of economics the concept of division of labour is usually associated With______________-

Accepted Answer

B. Adam Smith

Answer

A. Karl Marx

Answer

C. David Ricardo

Answer

D. J.M Keynes

Question 5

The minimum number of share holders for joint stock companies is_______________

Accepted Answer

B. 2

Answer

A. 4

Answer

C. 7

Answer

D. 3

Question 6

The full meaning of NNPC is?

Accepted Answer

B. Nigerian National Petroleum Corporation

Answer

A. Nigerian National Population commission

Answer

C. National Number of Petroleum Companies

Answer

D. None of the above

Question 7

The type of business finance that entitles the holder to a fixed rate of dividend is______________--

Accepted Answer

C. preferred stock

Answer

A. bank load

Answer

B. debenture

Answer

D. semi-fixed

Question 8

Which of the following is not a direct tax?

Accepted Answer

B. purchase tax

Answer

A. capital gains tax

Answer

C. personal income tax

Answer

D. capital tax

Question 9

When elasticity is zero, the demand curve is_____________

Accepted Answer

C. perfectly inelastic

Answer

A. circular

Answer

B. downward sloping

Answer

D. concave

Question 10

The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

Accepted Answer

C. political instability

Answer

A. The activities of multinationals

Answer

B. inadequate personnel at the secretariat

Answer

D. inadequate international support

Question 11

The number of people who are qualified to work and who offer themselves for employment is called____________?

Accepted Answer

B. Working population

Answer

A. Migrant labour

Answer

C. Labor turnover

Answer

D. Mobility of Labour

Question 12

The need to construct a scale of preference is necessitated by____________

Accepted Answer

A. scarcity and the need for choice

Answer

B. The needs to satisfy wants

Answer

C. Non - availability of factors of production

Answer

D. Scarcity of resources

Question 13

One of the major forms of migration that tends to create problem in all developing countries is that of___________

Accepted Answer

A. Rural-urban migration

Answer

B. Rural-rural migration

Answer

C. Urban-rural migration

Answer

D. Seasonal migration

Question 14

The economic term used to refer to human wants, desires or needs is known as?

Accepted Answer

A. Ends

Answer

B. Alternative means

Answer

C. Scarce

Answer

D. Means

Question 15

Which of the following is an advantage of localization of industry?

Accepted Answer

A. Development of subsidiary firms

Answer

B. creation of parallel market

Answer

C. development of slums

Answer

D. attraction of foreign capital

Question 16

The basic economic problems of society include___________

Accepted Answer

B. what to produce, how and for whom

Answer

A. scarcity, for whom to produce and where

Answer

C. scarcity, when to produce and how

Answer

D. how to produce and sell

Question 17

Efficiency of labour in a country is determined by the following except the____________

Accepted Answer

C. Total population

Answer

A. Social attitude to work

Answer

B. Education and training

Answer

D. Working conditions of workers

Question 18

The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?

Accepted Answer

B. Central bank

Answer

A. Commercial bank

Answer

C. Mortgage bank

Answer

D. Merchant bank

Question 19

As a factor of production, the reward for land is?

Accepted Answer

C. Rent

Answer

A. Profit

Answer

B. Interest

Answer

D. Wage

Question 20

The study of Economics becomes necessary because of the______________

Accepted Answer

B. Scarcity of resources

Answer

A. Large population size of the world

Answer

C. Opportunity cost of goods and services

Answer

D. Need to satisfy every desire of man

Question 21

The ultimate objectives of economics is to_________?

Accepted Answer

C. Make the best use of scarce resources

Answer

A. decide under what circumstances that government should intervene in the economy

Answer

B. Organize production at the lowest cost

Answer

D. make efforts to understands how the economy works

Question 22

In a capitalist economy, factors of production are owned and controlled by the _____?

Accepted Answer

A. Citizen

Answer

B. Business Men

Answer

C. Government

Answer

D. Foreigners

Question 23

The form of capital that is required for the day-to-day running of production activities is called?

Accepted Answer

C. Circulating capital

Answer

A. Fixed capital

Answer

B. Social Capital

Answer

D. Liquid capital

Question 24

If the standard deviation of a given data is 8.2, find its variance_______________

Accepted Answer

C. 67.2

Answer

A. 82.0

Answer

B. 91.8

Answer

D. 4.1

Question 25

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

Accepted Answer

D. a net gain

Answer

A. a decrease in profit by 43%

Answer

B. an increase in profit by 43%

Answer

C. a net loss

Question 26

Taxes and government expenditures are instruments of____________

Accepted Answer

D. Fiscal policy

Answer

A. Monetary policy

Answer

B. Tax policy

Answer

C. Economic policy

Question 27

An economy in which both the public and private sectors contribute to economic growth is a__________?

Accepted Answer

C. mixed economy

Answer

A. socialist economy

Answer

B. feudal economy

Answer

D. capitalist economy

Question 28

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

Accepted Answer

C. 1.25

Answer

A. 0.50

Answer

B. 0.40

Answer

D. 0.80

Question 29

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

Accepted Answer

D. Countries producing same or identical goods

Answer

A. International monetary Fund

Answer

B. Countries with comparative advantage

Answer

C. Countries with superlative advantage

Question 30

The labour force of a country is determined by the___________

Accepted Answer

B. age structure of the population

Answer

A. geographical distribution of the population

Answer

C. number of people available for work

Answer

D. sex distribution of the population

Question 31

The full meaning of NAPEP is?

Accepted Answer

A. National Poverty Eradication Programme

Answer

B. National Agency for Poverty and Education Program

Answer

C. National Air Pollution and Environmental Purification

Answer

D. None of the above

Question 32

The mean is the best measure of central tendency because it__________

Accepted Answer

B. is a balancing point in an observation

Answer

A. can be calculated from incomplete data

Answer

C. is a midpoint value in an array of data

Answer

D. is not affected by extreme values in a data

Question 33

The population density of a town made up of 50 square kilometer land area and 100 million people is________

Accepted Answer

B. 2 million people per square kilometer 

Answer

A. 50,000 people per square kilometer

Answer

C. 0.5 million people per square kilometer

Answer

D. 20 million people per square kilometer

Question 34

Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?

Accepted Answer

D. 2:3

Answer

A. 1:2

Answer

B. 3:2

Answer

C. 2:1

Question 35

In the long run, all production factors are____________

Accepted Answer

A. variable

Answer

B. fixed

Answer

C. semi-variable

Answer

D. semi-fixed

Question 36

Import duty and tariffs is an instrument used for international trade restriction and so is __________?

Accepted Answer

D. Trade license

Answer

A. Preferential duties

Answer

B. Preferential treatment

Answer

C. Entreport

Question 37

An upward movement along the same supply curve result in_____________

Accepted Answer

C. an increase in quantity supplied

Answer

A. a decrease in price

Answer

B. an increase

Answer

D. a decrease In quantity supplied

Question 38

When a union is composed of workers with the same skill , it is called____________

Accepted Answer

C. A craft union

Answer

A. An industrial union

Answer

B. A workers union

Answer

D. A technical union

Question 39

Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?

Accepted Answer

C. 195 people per sq km

Answer

A. 195 million people per sq km

Answer

B. 5132 people per sq km

Answer

D. 1.7 million people per sq km

Question 40

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

Accepted Answer

B. a movement from unemployment to full employment

Answer

A. an Improvement in capital goods technology but not In consumer goods technology

Answer

C. that the output for the society has declined

Answer

D. a gain in consumer goods technique and not in capital goods technique

2018 JAMB Economics Past Questions

Questions 1–45

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2018 JAMB Economics Past Questions

Questions 1–45

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