2022 JAMB Economics Past Questions & Answers

Question 1

Which of the following is not emphasized in a product possibility curve?

Accepted Answer

B. Economic development

Answer

A. Scarcity of resources

Answer

C. Inefficiency in the use of resources

Answer

D. Unemployment of labour

Question 2

Palm oil and palm kernel are in

Accepted Answer

A. joint supply

Answer

B. competitive demand

Answer

C. competitive supply

Answer

D. complementary demand

Question 3

Commercial banks are different from development banks in that the latter

Accepted Answer

D. do not deal in foreign currencies

Answer

A. lend on short-term basis

Answer

B. pay interest on current accounts only

Answer

C. are mostly joint-stock companies

Question 4

A major function of the retailer is to

Accepted Answer

B. break bulk and sell products in small units

Answer

A. grant credit to the wholesaler

Answer

C. reduce cost of distribution

Answer

D. generate demand for products through advertisement

Question 5

In the event of bankruptcy, owners of joint-stock companies lose

Accepted Answer

C. only the capital invested

Answer

A. their private properties

Answer

B. both company and private assets

Answer

D. only their dividends

Question 6

An exceptional demand curve can result from

Accepted Answer

C. expectation of future price increase

Answer

A. increase in price of raw materials

Answer

B. increase in the size of the population

Answer

D. change in taste of consumer

Question 7

The use of the bank rate, cash ratio and open market operations constitute

Accepted Answer

B. monetary policy

Answer

A. fiscal policy

Answer

C. import policy

Answer

D. export policy

Question 8

A firm that closes down will still incur

Accepted Answer

B. fixed cost

Answer

A. variable cost

Answer

C. total cost

Answer

D. marginal cost

Question 9

Fiscal policy measures imply a change in

Accepted Answer

D. government revenue and expenditure to regulate an economy

Answer

A. only taxation to control aggregate demand

Answer

B. bank rate to infulence lending

Answer

C. only government expenditure to regulate an economy

Question 10

Positive check as envisaged by Thomas Malthus can be prevented if

Accepted Answer

A. death rate is reduced

Answer

B. moral restraint abolished

Answer

C. more hospitals are built

Answer

D. there is natural calamities

Question 11

The type of unemployment found among workers who leave their jobs in search of other jobs is termed

Accepted Answer

C. frictional unemployment

Answer

A. seasonal unemployment

Answer

B. structural unemployment

Answer

D. cyclical unemployment

Question 12

Producers operating in a free market economy are more efficient as a result of

Accepted Answer

A. the existence of competition

Answer

B. the very few number of participants

Answer

C. the commitment of the shareholders

Answer

D. government regulation of their activities

Question 13

In the long-run, a firm must shut down if its average revenue is

Accepted Answer

B. less than average variable cost

Answer

A. greater than average cost

Answer

C. equal to the minimum average revenue is

Answer

D. equal to the average cost

Question 14

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

Accepted Answer

C. 2.00

Answer

A. 0.50

Answer

B. 0.65

Answer

D. 2.50

Question 15

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

Accepted Answer

D. in competitive demand

Answer

A. in complementary demand

Answer

B. of the same quality

Answer

C. in composite demand

Question 16

Which of the following factors is not a cause of diminishing returns?

Accepted Answer

D. Technological innovations

Answer

A. Increase in variable inputs

Answer

B. Land fragmentation

Answer

C. Constant technology

Question 17

A major disadvantage of a capitalist economy is that it

Accepted Answer

D. worsens income inequality among the citizens

Answer

A. leads to low production of goods and services

Answer

B. requires large number of officials to operate

Answer

C. considers individual consumers' satisfaction

Question 18

Demand-pull inflation is likely to be caused by

Accepted Answer

D. increasingly large budget deficit

Answer

A. an increase in the cost of factor inputs

Answer

B. increase in the income tax rate

Answer

C. increase in bank lending rate

Question 19

Which of the following factors is not a reason for farmers' unstable incomes?

Accepted Answer

A. dependence on too many crops

Answer

B. poor storage facilities

Answer

C. adverse weather conditions

Answer

D. recession in the world economy

Question 20

Scale of preference shows

Accepted Answer

D. consumer's wants in order of priority

Answer

A. incomes of consumers in order of size

Answer

B. utilities enjoyed by consumers

Answer

C. opportunity cost of goods consumed

Question 21

Nation engage in external trade because of difference in

Accepted Answer

A. comparative cost

Answer

B. absolute cost

Answer

C. fixed cost

Answer

D. variable cost

Question 22

In order to increase revenue, government should tax commodities for which demand is

Accepted Answer

B. price inelastic

Answer

A. perfectly price inelastic

Answer

C. price elastic

Answer

D. unitary elastic

Question 23

Which of the following activities will not lead to economic growth?

Accepted Answer

D. Massive importation of consumer goods

Answer

A. Massive importation of capital goods

Answer

B. Intensive capital formation

Answer

C. Use of modern technology

Question 24

In perfectly elastic supply, the supply curve

Accepted Answer

B. is horizontal

Answer

A. is vertical

Answer

C. slopes upward

Answer

D. slopes downward

Question 25

The largest component of national income in developing countries consist of

Accepted Answer

D. wages and salaries

Answer

A. profit

Answer

B. profit and rent

Answer

C. rent

Question 26

Increasing national income without effective control of population size in a country can lead to

Accepted Answer

B. increase in poverty

Answer

A. higher per capita income

Answer

C. increased outflow of aid

Answer

D. underutilization of resources

Question 27

An example of commodity money is

Accepted Answer

D. silver

Answer

A. currency note

Answer

B. mobile money

Answer

C. cheques

Question 28

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

Accepted Answer

C. $ 324.00

Answer

A. $ 90.00

Answer

B. $ 180.00

Answer

D. $ 350.00

Question 29

The curve labelled x is the

Accepted Answer

A. total revenue curve

Answer

B. total product curve

Answer

C. marginal product curve

Answer

D. marginal revenue curve

Question 30

The middlemen is responsible for

Accepted Answer

D. breaking the bulk

Answer

A. providing research facilities

Answer

B. purchasing raw materials

Answer

C. designing the product

Question 31

In a free market economy, the rationing of scarce goods is done principally by?

Accepted Answer

C. the price mechanism

Answer

A. the government

Answer

B. business organizations

Answer

D. consumers

Question 32

In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

Accepted Answer

C. 1.25 million

Answer

A. 0.0045 million

Answer

B. 4.5 million

Answer

D. 16 million

Question 33

A downward sloping demand curve means that

Accepted Answer

D. price must be lowered to sell more

Answer

A. total revenue declines as price is lowered

Answer

B. demand falls as output increases

Answer

C. demand falls as output falls

Question 34

If the Central Bank increases its bank rate

Accepted Answer

C. the supply of money may be reduced

Answer

A. many banks will shut down their operations

Answer

B. customers will borrow more from banks

Answer

D. interest charges by banks will fall

Question 35

Local firms can help in reducing unemployment in a country when

Accepted Answer

B. imports of substitutes are reduced

Answer

A. land acquisition becomes centralized

Answer

C. waste in the firm is eliminated

Answer

D. subsidies to firms are decreased

Question 36

The point x inside the ppc indicate?

Accepted Answer

C. some resources are idle

Answer

A. resources are fully utilized

Answer

B. the country is poor

Answer

D. resources are not available

Question 37

The demand curve for goods of ostentation is usually

Accepted Answer

B. positively sloped

Answer

A. negatively sloped

Answer

C. vertical

Answer

D. horizontal

Question 38

What happens when the central bank increases the bank rate in an economy

Accepted Answer

A. borrowing is discouraged

Answer

B. customers increase their borrowing

Answer

C. banks can increase their lending

Answer

D. money supply increases

Question 39

Which of the following forms of economic integration is a member nation free to impose duty against non-members

Accepted Answer

B. free trade area

Answer

A. Customs union

Answer

C. Common market

Answer

D. Economic community

2022 JAMB Economics Past Questions and Answers

Questions 1–42

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2022 JAMB Economics Past Questions and Answers

Questions 1–42

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