2024 JAMB Economics Past Questions & Answers

Question 1

Which of the following is NOT a factor that brings about changes in demand?

Accepted Answer

A. the price of the good or service

Answer

B. a change in real income

Answer

C. government policy

Answer

D. increase in population

Question 2

Persistent fall In the general price level is known as

Accepted Answer

A. deflation

Answer

B. devaluation

Answer

C. general price Increase

Answer

D. inflation

Question 3

Wholesalers play an important in the distribution of goods and services because they

Accepted Answer

D. finance both producers and retailers

Answer

A. are located very close to consumers

Answer

B. pass information on from retailers to consumers

Answer

C. sell in small units to consumers

Question 4

An industry operating in a perfect competitive market situation will maximum profit when

Accepted Answer

C. MC = MR

Answer

A. DD < SS

Answer

B. MC > AC

Answer

D. MC < AR

Question 5

Economic problem arises as a result of

Accepted Answer

D. scarcity

Answer

A. money cost

Answer

B. opportunity cost

Answer

C. choice

Question 6

One of the function of united nation conference on trade and development (UNTAD) is to

Accepted Answer

B. increase share of less developed countries in world trade

Answer

A. transfer technology from developed to less developed countries

Answer

C. increase impact of developed countries over less developed countries

Answer

D. make goods available in developed countries

Question 7

At the equilibrium price,

Accepted Answer

A. demand equates supply

Answer

B. price is equal to demand only

Answer

C. demand is less than supply

Answer

D. demand is greater than supply

Question 8

Which of the following is a disadvantage of localization of industries?

Accepted Answer

A. Creating structural unemployment

Answer

B. Reducing cost of production

Answer

C. Encouraging the growth of skilled labour

Answer

D. Encouraging subsidiary industries

Question 9

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

Accepted Answer

D. indifference curve

Answer

A. opportunity curve

Answer

B. utility curve

Answer

C. demand curve

Question 10

If the population of a school is 600 and 60% are In JSS, how many students are in SSS?

Accepted Answer

B. 240

Answer

A. 244

Answer

C. 224

Answer

D. 204

Question 11

Which of the following NOT among the objectives of OPEC?

Accepted Answer

B. to established petroleum refineries in all member state

Answer

A. to stabilize the price of oil in the world market

Answer

C. to stabilize the revenue from oil to producing countries

Answer

D. to make sure that oil flows to all the consuming countries

Question 12

Which of the following is NOT a function of marketing boards in Nigeria?

Accepted Answer

B. Importation of farm produce

Answer

A. Grading of farm produce

Answer

C. Fixing of prices for farm produce

Answer

D. Marketing of farm produce

Question 13

Which of the following is NOT included in-measuring the National income through the income approach?

Accepted Answer

D. Allowance given to an aged mother by a civil servant

Answer

A. profit earned by NITEL plc

Answer

B. Profit earned by Nigerian bottling company plc

Answer

C. Income earned by a bricklayer

Question 14

A market situation with few sellers and many buyers is called

Accepted Answer

D. oligopoly

Answer

A. duopoly

Answer

B. Omonopoly

Answer

C. perfect competition

Question 15

Which of the following is NOT associated with minimum price legislation?

Accepted Answer

C. excess demand

Answer

A. wastages of resources

Answer

B. excess supply

Answer

D. unemployment

Question 16

The following are problems of development planning in Nigeria EXCEPT

Accepted Answer

B. under-population

Answer

A. inadequate capital

Answer

C. inadequate statistical data

Answer

D. poor implementation of economic planning

Question 17

Which of the following is the correct order in the chain of distribution?

Accepted Answer

B. Producer → Wholesaler → Retailer → Consumer

Answer

A. Consumer -> Distributor → Retailer → Producer

Answer

C. Retailer → Consumer → Producer → Wholesaler

Answer

D. Producer → Consumer → Retailer → Wholesaler

Question 18

The following determine the level of consumption EXCEPT

Accepted Answer

D. the political climate

Answer

A. level of income

Answer

B. the rate of taxes paid

Answer

C. savings

Question 19

When an increase in the price of a commodity lead to a fall In the demand for another, the demand for the two commodities are said to be

Accepted Answer

B. joint

Answer

A. competitive

Answer

C. composite

Answer

D. derived

Question 20

In income determination theory, acceleration principles shows that

Accepted Answer

D. income and investment are both causes

Answer

A. investment is the causes, while income is the effects

Answer

B. income and investment are both effects

Answer

C. incomes is of on effect on investment

Question 21

A major characteristics of a firm operating at a long-run equilibrium position is that

Accepted Answer

B. all costs can be varied

Answer

A. average variable cost is fixed

Answer

C. only variable cost changes

Answer

D. fixed cost can not be changed

Question 22

When an economy is having a balance of payment surplus the best alternative opened to it is to

Accepted Answer

D. increase its foreign reserve

Answer

A. devalue its currency

Answer

B. borrow from abroad

Answer

C. promote imports into the country

Question 23

An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.

Accepted Answer

B. mixed

Answer

A. communist

Answer

C. socialist

Answer

D. capitalist

Question 24

Which of the following is NOT an objective of Economic planning?

Accepted Answer

B. Widening the income gap

Answer

A. Equitable allocation of resources

Answer

C. Achieving economic growth

Answer

D. Creating employment

Question 25

The satisfaction derived from the consumption of a commodity is referred to as

Accepted Answer

C. utility

Answer

A. consumption

Answer

B. production

Answer

D. demand

Question 26

If the standard deviation of a set of numbers is 3.6, what is the variance?

Accepted Answer

A. 12.96

Answer

B. 12.69

Answer

C. 12.9

Answer

D. 12.98

Question 27

Which of the following will NOT bring about an increase in Labour force?

Accepted Answer

D. Emigration

Answer

A. Decrease in death rate

Answer

B. Better medical services

Answer

C. Immigration

Question 28

The trade-off between two commodities along the Production Possibility Curve (PPC) shows

Accepted Answer

D. opportunity cost principle

Answer

A. transferable output

Answer

B. unattainable combination

Answer

C. scarcity principle

Question 29

If two bags of rice were sold for #1,250 a month ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is

Accepted Answer

D. decreasing

Answer

A. constant

Answer

B. fluctuating

Answer

C. increasing

Question 30

Economics problems arise in all societies because

Accepted Answer

B. resource are not in adequate supply

Answer

A. the services of economists are not employed

Answer

C. there is no proper planning

Answer

D. resources are mismanaged by leaders

Question 31

Holding money to take care of contingencies is

Accepted Answer

A. a precautionary motive

Answer

B. a transactions motive

Answer

C. an expansionary motive

Answer

D. a speculative motive

Question 32

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

Accepted Answer

D. less than average variable cost

Answer

A. greater than average cost

Answer

B. equal to the average cost

Answer

C. equal to the minimum average revenue is

Question 33

The following will occur when maximum price is fixed below the free market price EXCEPT that

Accepted Answer

C. excess supply will occur

Answer

A. black market will be encouraged

Answer

B. excess demand will occur

Answer

D. rationing of commodities will occur

Question 34

The problem of "how to produce" in any economy is solved by

Accepted Answer

B. adopting the least cost method of production

Answer

A. combining capital and labour intensive methods of production

Answer

C. using capital intensive method of production

Answer

D. employing the services of a manager

Question 35

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

Accepted Answer

A. deficit budget

Answer

B. favorable budget

Answer

C. balanced budget

Answer

D. surplus budget

Question 36

The following are the objectives of agricultural policies in Nigeria EXCEPT A. provision of food B. provision of agricultural raw materials to industrial sectors C. increasing prices of agricultural Inputs D. creation of rural employment

Accepted Answer

D. increasing prices of agricultural Inputs

Answer

A. provision of agricultural raw materials to industrial sectors

Answer

B. creation of rural employment

Answer

C. provision of food

Question 37

The act of cultivating land and rearing of animal for man's use is

Accepted Answer

B. agriculture

Answer

A. forestry

Answer

C. mono culture

Answer

D. horticulture

Question 38

The revolution of Cassava from ordinary food crop to export crop will lead to

Accepted Answer

B. increase in the prices of cassava products

Answer

A. increase in production of other crops

Answer

C. decrease in production of local starch

Answer

D. decrease In production of cassava

Question 39

MPC + MPS equals

Accepted Answer

C. One

Answer

A. Zero

Answer

B. Multiplier

Answer

D. APS

Question 40

A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as

Accepted Answer

B. monopolist

Answer

A. duopoly

Answer

C. monopsonist

Answer

D. oligopoly

Question 41

The demand for factors of production is said to be

Accepted Answer

C. derived

Answer

A. joint

Answer

B. complementary

Answer

D. composite

Question 42

The middle value of an array figure arranged in descending order is referred to as the

Accepted Answer

D. median

Answer

A. Variance

Answer

B. mean

Answer

C. mode

Question 43

A price floor is usually fixed

Accepted Answer

A. above the equilibrium and causes surpluses

Answer

B. below the equilibrium and causes surpluses

Answer

C. above the equilibrium and causes shortage

Answer

D. at the equilibrium and causes no shortage

Question 44

The willingness of an individual backed up with purchasing power at a given time is

Accepted Answer

A. effective demand

Answer

B. demand

Answer

C. desire

Answer

D. utility

Question 45

The following are type of business organization EXCEPT

Accepted Answer

C. Entrepreneurship

Answer

A. co-operative society

Answer

B. partnership

Answer

D. public corporation

Question 46

The formular used by the Expenditure approach to calculate National income is

Accepted Answer

B. Y=C+I+G+X-M

Answer

A. Y=C+I+X-M-G

Answer

C. Y=C+X-M-I+G

Answer

D. Y=C-I+X-M+G

Question 47

The following can be used to improve a country's balance of payment EXCEPT

Accepted Answer

C. decreasing taxation on personal income

Answer

A. anti-dumping policies

Answer

B. granting subsidies to export producers

Answer

D. increasing import duties

Question 48

The contribution of petroleum to the economy of Nigerian is most prominent in the area of

Accepted Answer

A. revenue generation

Answer

B. infrastructural development

Answer

C. fuel provision

Answer

D. employment generation

Question 49

The use of tax and expenditure policy to regulate the economy is known as

Accepted Answer

D. fiscal policy

Answer

A. monetary policy

Answer

B. physical measures

Answer

C. deregulation

Question 50

In the equation Q = a - bp + e; Q and P are ... Variables respectively.

Accepted Answer

B. dependent and independent

Answer

A. independent and dependent

Answer

C. independent and constant

Answer

D. error term and independent

Question 51

If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

Accepted Answer

B. substitutes

Answer

A. inferior goods

Answer

C. complements

Answer

D. bought together

Question 52

Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds

Accepted Answer

B. as much to TR as to TC

Answer

A. less to TR as to TC

Answer

C. more to TC than to TR

Answer

D. less to TC than to TR

Question 53

If the marginal utility of commodity is equal to its price, then

Accepted Answer

D. the consumer is in equilibrium

Answer

A. the market is not in equilibrium

Answer

B. more of the commodity can be consumed

Answer

C. total utility is also equal to its price

Question 54

Which of the following is NOT a feature of capitalism?

Accepted Answer

D. detailed economics planning

Answer

A. Free enterprise

Answer

B. private ownership of property

Answer

C. competition

Question 55

Which of the following is NOT a function of the IMF?

Accepted Answer

D. assisting member countries in printing and issuing their currency

Answer

A. Providing financial aid to members experiencing balance of payment difficulties

Answer

B. Promoting international monetary cooperation

Answer

C. Exchange rate stabilization

Question 56

The comparison of the standard of living between Nigeria and Ghana is best down through the use of

Accepted Answer

B. per capita income

Answer

A. gross National incomes

Answer

C. Net National income

Answer

D. Net disposable income

Question 57

A downward sloping demand curve means that

Accepted Answer

A. price must be lowered to sell more

Answer

B. total revenue declines as price is lowered

Answer

C. demand falls as output increases

Answer

D. demand falls as output falls

Question 58

An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.

Accepted Answer

C. processing

Answer

A. mining

Answer

B. manufacturing

Answer

D. conversion

Question 59

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, wha is the price elasticity of demand for the commodity?

Accepted Answer

B. 0.8

Answer

A. 1

Answer

C. 0.5

Answer

D. 1.5

Question 60

The formular (N + 1)/2 is used to determine the

Accepted Answer

A. median

Answer

B. mean

Answer

C. standard deviation

Answer

D. mode

Question 61

Which of these is NOT associated with the problem of internal trade?

Accepted Answer

C. lack of specialization

Answer

A. bargaining

Answer

B. market trade unions

Answer

D. natural barriers

Question 62

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

Accepted Answer

B. Refining of petroleum products in member countries

Answer

A. Stabilizing oil prices putting a production ceiling

Answer

C. Raising the revenue of member countries from oil through price increase

Answer

D. Ensuring efficient and regular supply of oil to the two market

Question 63

An exceptional demand curve can result from

Accepted Answer

D. expectation of future price increase

Answer

A. increase in price of raw materials

Answer

B. change in taste of consumer

Answer

C. increase in the size of the population

Question 64

What is the median term in the distribution below; 14, 13 29,15,13,17,12.

Accepted Answer

A. 14

Answer

B. 13

Answer

C. 15

Answer

D. 12

2024 JAMB Economics Past Questions and Answers

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2024 JAMB Economics Past Questions and Answers

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