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Jamb Economics Past Questions and Answers

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Jamb Economics Past Questions –

Economics is a popular subject that has a wide range of applications in our daily lives. It is the study of how people, organizations, and governments make decisions regarding the allocation of resources. The JAMB Economics exam is a significant milestone for many students seeking admission to tertiary institutions in Nigeria.

The exam tests students’ knowledge of various economic concepts and principles. To help students prepare adequately for the exam, we have compiled a list of 50 multiple-choice questions that cover various topics in Economics.

These questions and their answers will provide students with a better understanding of the type of questions they can expect to encounter in the JAMB Economics exam. Whether you are a student preparing for the exam or an economics enthusiast looking to test your knowledge, this article is a valuable resource.

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Which of the following is an example of a capital resource?

A. A computer

B. A farmer’s land

C. A teacher’s salary

D. A firefighter’s uniform

Answer: A

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The demand for a product increases when:

A. The price of the product increases

B. The price of a substitute product increases

C. The price of a complementary product decreases

D. The consumer’s income decreases

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Answer: C

Which of the following is not a factor of production?

A. Land

B. Labour

C. Capital

D. Profit

Answer: D

The production possibility curve shows:

A. The maximum output that can be produced with unlimited resources

B. The minimum output that can be produced with limited resources

C. The different combinations of two products that can be produced with a given amount of resources

D. The level of technology available to producers

Answer: C

When the price of a good increases, the quantity demanded:

A. Increases

B. Decreases

C. Remains constant

D. Cannot be determined

Answer: B

Which of the following is a characteristic of a perfectly competitive market?

A. Many buyers and sellers

B. Differentiated products

C. Barriers to entry

D. The ability of firms to influence the market price

Answer: A

The law of supply states that:

A. As the price of a good increases, the quantity supplied increases

B. As the price of a good decreases, the quantity supplied decreases

C. As the price of a good increases, the quantity supplied decreases

D. As the price of a good decreases, the quantity supplied increases

Answer: A

Which of the following is a fiscal policy tool used to stimulate economic growth?

A. Increasing taxes

B. Decreasing government spending

C. Decreasing interest rates

D. Increasing government spending

Answer: D

Which of the following is a characteristic of a monopolistic market?

A. Many buyers and sellers

B. Differentiated products

C. Barriers to entry

D. The ability of firms to influence the market price

Answer: B

Which of the following is a characteristic of a command economy?

A. Consumer sovereignty

B. Private ownership of resources

C. Centralized decision making

D. Competition among producers

Answer: C

The equilibrium price is determined by:

A. The government

B. The highest bidder

C. The lowest bidder

D. The intersection of the supply and demand curves

Answer: D

Which of the following is a determinant of demand?

A. The price of the product

B. The price of a complementary product

C. The price of a substitute product

D. The number of firms in the market

Answer: A

Which of the following is not a factor of production?

A) Land

B) Labor

C) Capital

D) Money

Which of the following is not a characteristic of a perfectly competitive market?

A) Homogeneous products

B) Free entry and exit

C) Many buyers and sellers

D) The ability to set prices by individual firms

Which of the following is not a function of money?

A) Medium of exchange

B) Unit of account

C) Store of value

D) Government regulation

In a recession, what would be the likely impact on the level of unemployment?

A) Unemployment increases

B) Unemployment decreases

C) Unemployment remains constant

D) None of the above

What is the name for the market where financial securities such as stocks and bonds are traded?

A) Commodity market

B) Labor market

C) Capital market

D) Money market

When the demand for a good is more sensitive to price changes, it is said to be:

A) Elastic

B) Inelastic

C) Unitary

D) None of the above

In a market where there is a surplus of a product, what is likely to happen to prices?

A) Prices will increase

B) Prices will decrease

C) Prices will remain constant

D) None of the above

Which of the following is not a type of inflation?

A) Hyperinflation

B) Stagflation

C) Deflation

D) Expansion

What is the name for the price that a buyer is willing to pay for a good or service?

A) Supply

B) Demand

C) Equilibrium price

D) Reservation price

Which of the following is not a fiscal policy tool?

A) Government spending

B) Taxation

C) Money supply

D) Borrowing

What is the name for the percentage of the labor force that is unemployed?

A) Unemployment rate

B) Inflation rate

C) GDP growth rate

D) Interest rate

Which of the following is not a determinant of demand?

A) Price of the good

B) Income of consumers

C) Price of substitutes

D) Cost of production

Which of the following is not a type of trade barrier?

A) Tariff

B) Quota

C) Subsidy

D) Exchange rate

Which of the following is not a type of market structure?

A) Perfect competition

B) Monopoly

C) Oligopoly

D) Limited competition

Which of the following is not a characteristic of a public good?

A) Non-excludability

B) Non-rivalry

C) Non-transferability

D) None of the above

When a country specializes in producing a good in which it has a comparative advantage, it is said to benefit from:

A) Trade surplus

B) Trade deficit

C) Absolute advantage

D) Comparative advantage

What is the name for the process of converting a variable nominal value into a constant value?

A) Inflation

B) Deflation

C) Stagflation

D) Adjusting for inflation

Which of the following is not a type of unemployment?

A) Frictional unemployment

B) Structural unemployment

C) Cyclical unemployment

D) Inflationary unemployment

Which of the following is not a characteristic of a command economy?

A) Centralized planning

B) Private property rights

C) State ownership of resources

D) Limited market forces

Which of the following is not a characteristic of a developed economy?

A) High per capita income

B) High levels of human capital

C) Advanced technology

D) Low levels of income inequality

Which of the following is not a type of market failure?

A) Monopoly power

B) Externalities

C) Public goods

D) Market efficiency

Which of the following is not a type of exchange rate regime?

A) Fixed exchange rate

B) Floating exchange rate

C) Managed float exchange rate

D) Flexible exchange rate

Which of the following is not a goal of monetary policy?

A) Price stability

B) Full employment

C) Economic growth

D) Fiscal discipline

Which of the following is not a component of aggregate demand?

A) Consumption

B) Investment

C) Government spending

D) Trade balance

Which of the following is not a determinant of supply?

A) Price of the good

B) Cost of production

C) Price of substitutes

D) Number of consumers

Which of the following is not a factor that can affect the balance of payments?

A) Trade balance

B) Capital flows

C) Exchange rates

D) Population growth

What is the name for the cost of the next best alternative foregone when making an economic decision?

A) Marginal cost

B) Opportunity cost

C) Sunk cost

D) Fixed cost

Which of the following is not a type of fiscal policy?

A) Expansionary fiscal policy

B) Contractionary fiscal policy

C) Neutral fiscal policy

D) Inflationary fiscal policy

Which of the following is not a characteristic of monopolistic competition?

A) Many buyers and sellers

B) Product differentiation

C) Barriers to entry

D) Limited control over prices

What is the name for the total value of all goods and services produced in a country in a given period?

A) Gross domestic product (GDP)

B) Gross national product (GNP)

C) Net domestic product (NDP)

D) Net national product (NNP)

Which of the following is not a type of economic system?

A) Capitalism

B) Socialism

C) Communism

D) Mercantilism

Which of the following is not a type of financial market?

A) Stock market

B) Bond market

C) Commodity market

D) Labor market

What is the name for the level of output at which total revenue equals total cost?

A) Break-even point

B) Shutdown point

C) Profit-maximizing point

D) None of the above

Which of the following is not a characteristic of a developing economy?

A) Low per capita income

B) High levels of poverty

C) Limited access to education

D) High levels of economic growth

What is the name for the rate at which the general level of prices is increasing?

A) Unemployment rate

B) Inflation rate

C) Interest rate

D) Growth rate

Which of the following is not a type of monopoly?

A) Natural monopoly

B) Government monopoly

C) Legal monopoly

D) Social monopoly

Which of the following is not a type of investment?

A) Foreign direct investment (FDI)

B) Portfolio investment

C) Indirect investment

D) None of the above

Which of the following is not a characteristic of a perfectly competitive market?

A) Many buyers and sellers

B) Homogeneous products

C) Barriers to entry

D) Perfect information

What is the name for the measure of the responsiveness of demand to changes in price?

A) Income elasticity of demand

B) Price elasticity of demand

C) Cross elasticity of demand

D) Elasticity of substitution

Which of the following is not a type of unemployment?

A) Structural unemployment

B) Frictional unemployment

C) Cyclical unemployment

D) Financial unemployment

What is the name for the tax that is levied on goods and services at each stage of production?

A) Excise tax

B) Sales tax

C) Value-added tax (VAT)

D) Income tax

Which of the following is not a type of inflation?

A) Demand-pull inflation

B) Cost-push inflation

C) Hyperinflation

D) Deflation

What is the name for the measure of the degree to which a country’s imports exceed its exports?

A) Balance of trade

B) Balance of payments

C) Trade deficit

D) Trade surplus

Which of the following is not a factor that can affect the demand for a good or service?

A) Price of the good

B) Income of the consumers

C) Availability of substitutes

D) Cost of production

Which of the following is not a type of trade barrier?

A) Tariff

B) Quota

C) Subsidy

D) Equity

Which of the following is not a type of economic indicator?

A) Leading indicators

B) Coincident indicators

C) Lagging indicators

D) Economic indices

What is the name for the measure of the level of income inequality in a country?

A) Poverty rate

B) Gini coefficient

C) Human development index (HDI)

D) None of the above

Which of the following is not a characteristic of a recession?

A) Falling GDP

B) Rising unemployment

C) Falling prices

D) Tight credit

What is the name for the study of how people make choices under conditions of scarcity?

A) Macroeconomics

B) Microeconomics

C) Behavioral economics

D) Development economics

Frequently Asked Questions and Answers

Q: Where can I find JAMB past questions and answers on economics in PDF format?

A: You can find JAMB past questions and answers on economics in PDF format on various websites online. These websites provide downloadable resources that cover different years and topics. Some examples include myschoolgist.com, academia.edu, and jamb.org.ng.

Q: Where can I find general economics questions and answers?

A: You can find general economics questions and answers on various online platforms and educational websites. These websites provide resources on various economics topics, including microeconomics, macroeconomics, international economics, and development economics.

Q: Where can I find JAMB economics past questions and answers?

A: You can find JAMB economics past questions and answers on various educational websites and online platforms. Some popular websites that provide past questions and answers include myschoolgist.com, academia.edu, and jamb.org.ng.

Q: Where can I find the JAMB economics syllabus?

A: You can find the JAMB economics syllabus on the official JAMB website, jamb.gov.ng. The syllabus provides information on the topics that are covered in the exam, as well as the recommended textbooks and other relevant materials.

Q: Where can I find economics past questions and answers?

A: You can find economics past questions and answers on various online platforms and educational websites. Some examples include myschoolgist.com, academia.edu, and examstuts.com. These websites provide resources on various economics topics, including microeconomics, macroeconomics, international economics, and development economics.

Q: Where can I find an economics PDF for JAMB?

A: You can find an economics PDF for JAMB on various websites online. These websites provide downloadable resources that cover different years and topics. Some examples include myschoolgist.com, academia.edu, and examstuts.com.

Q: What are the most repeated JAMB economics questions?

A: The most repeated JAMB economics questions are often those that cover fundamental economic principles and concepts. Some examples include questions on demand and supply, market structures, inflation, economic growth, balance of payments, trade, and unemployment. However, it is important to note that the exam changes every year and there is no guarantee that the same questions will be repeated.

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