JAMB Economics Questions and Answers for 2024/2025 (CBT)

JAMB Economics, JAMB Economics Questions, JAMB Economics Questions and Answers 2024 | Bekeking team will be showing you past JAMB Economics repeated questions for free. You will also understand how JAMB Economics questions are set and many other examination details.

Today’s JAMB Economics questions and answers are set like other JAMB questions and tomorrow’s JAMB Economics questions and answers will still take the same format.

Knowing the right thing to do would make you stand a better chance of scoring high in this 2024 JAMB examination.

Bekeking team has taken quality time to provide JAMB Economics questions and answers for 2024 to enable JAMB candidates to perform well in their JAMB Economics examination to get admission at ease.

Use these questions to prepare for mock and JAMB examinations.

JAMB Economics Questions and Answers (Expo)

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Note: The questions and answers below are for practice.

1. Developments outside a given firm that reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects

ANSWER: B (external economics)

2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
A. 0.33
B. 0.0001
C. 1
D.10000

ANSWER: C (1)

3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.

ANSWER: D (constant returns to scale)

4. Economic goods are termed scarce when they are
A. not available in sufficient quantities to satisfy all wants for them
B. not produced in sufficient quantities to satisfy the effective demand for them
C. of high quality
D. of primary importance in satisfying the needs of society.

ANSWER: A (not available in sufficient quantities to satisfy all wants for them)

5. Which of the following situations can give rise to economic problems
A. unlimited human wants
B. wants of varying importance
C. limited means available for satisfying wants
D. means used in different ways

ANSWER: C (limited means available for satisfying wants)

6. In the long run, all production factors are
A. fixed
B. semi-fixed
C. variable
D. semi-variable

ANSWER: C (variable)

7. The advantage that firms obtain directly from expanding their operations is referred to as

A. internal economies of scale

B. external economies of scale

C. economics of localization

D. economies of resource allocation

ANSWER: A ( internal economies of scale)

8. The effect of changes in the condition of demand on a demand schedule with the price constant is a
A. movement along the demand curve
B. deflation of the demand curve
C. hyperbola formation by the demand curve
D. shift of the demand curve

ANSWER: D (shift of the demand curve)

9. If a demand curve that intersects a perfectly inelastic supply shifts rightward, then
A. the equilibrium price and quantity will increase
B. only the price will increase
C. only quantity will increase
D. the price will remain constant

ANSWER: B (only the price will increase)

10. If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing
A. a large scale of production
B. profit maximization
C. economies of scale
D. diseconomies of scale

ANSWER: D ( diseconomies of scale)

11. Economic goods are termed scarce goods when they are
A. not available in sufficient quantity to satisfy all wants for them
B. not produced in sufficient quantities to satisfy the effective demand of them
C. of high quality
D. of primary importance in satisfying the needs of a society

ANSWER: A (not available in sufficient quantity to satisfy all wants for them)

12. If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under condition of
A. increasing returns to the variable factor
B. increasing returns to scale
C. constant return to the variable factor
D. external economies of scale

ANSWER: B (increasing returns to scale)

13. The ordinary partner in a partnership
A. takes no active part in the management of the business
B. has limited liability in case of business
C. has unlimited liability in case of business failure
D. cannot be sued personally on matters relating to the business

ANSWER: C (has unlimited liability in case of business failure)

14. A possible factor which limits the extent of growth of a firm is the
A. existence of a monopoly
B. bureaucratic delays in decision making
C. use of by-products
D. unwillingness to share ownership and control

ANSWER: D ( unwillingness to share ownership and control)

15. A disadvantage of a joint-stock company is
A. unlimited liability
B. limited liability
C. continuity
D. loss of controlling interest

ANSWER: D (loss of controlling interest)

16. An effect of inflation is that it
A. discourages trade by barter
B. favours debtors at the expense of creditors
C. increases the real income of salary earners
D. increases the value of a country’s export

ANSWER: B ( favours debtors at the expense of creditors)

17. Budget deficit is the amount by which
A. total expenditure exceeds revenue

B. recurrent expenditure exceeds revenue

C. capital expenditure exceeds revenue

D. recurrent expenditure exceeds capital expenditure

ANSWER: B (recurrent expenditure exceeds revenue)

18. Under flexible exchange rates, a deficit could be corrected by
A. freezing the gold point
B. appreciation of other currencies
C. removing export subsidies
D. removing tariffs

ANSWER: B (appreciation of other currencies)

19. If W stands for wages/salaries, P for profits, R for interest and Z for rent on land and real estate, then national income is
A. WPRZ
B. W+P+Z-R
C. PRZ+W
D. W+P+R+Z

ANSWER: D (W+P+R+Z)

20. A made obstacle to economic development is
A. a rise in industrial output
B. low farm productivity
C. free trade
D. ineffective trade union

ANSWER: B (low farm productivity)

21. IBRD as an international monetary institution is concerned with the
A. balance of payments problems of member nations
B. financing of private business in member nations
C. development of infrastucture in member nations
D. improvement of trade among member nation

22. An advantage of the sole proprietorship over the partnership form of business organization is that
A. it enjoys limited liability for debt in the event of failure
B. Its existence is limited by an individual’s life span
C. It relies on the decision of friends to succeed
D. The possibility of conflict is management in virtually non-existent

23. The distinction between capital and recurrent expenditure lies in the
A. amount of expenditure involved
B. source of the revenue generated
C. nature of the goods and services to be provided
D. time frame of the expenditure

24. Under a floating exchange rate regime, the determinant of the exchange rate is
A. the system of government
B. demand for and supply of foreign goods
C. the highest denomination of the currency an act of the national assembly

25. To compare the standard of living among nations, the most widely used economic indicator is the
A. per capital nominal income
B. real domestic output
C. real gross national income
D. real per capital income

26. Statutory organisations usually established by Acts of parliament are called
A. public enterprises
B. public corporations
C. cooperative societies
D. joint-stock companies

27. A greater burden of the taxes on essential goods is borne by the
A. higher income group
B. newly recruitment workers
C. lower income group
D. contract workers

28. Privatization and commercialization of public enterprises in Nigeria is necessitated by
A. the IMF conditions
B. the IBRD conditions
C. the government’s loss of interest in them
D. their operational inefficiency

29. The theory of comparative advantage states that a commodity should be produced in that nation where the
A. absolute cost is least
B. absolute money cost is least
C. opportunity cost is least
D. production possibility curve increases

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30. The effect of an increase in the personal income tax is to
A. raises the absolute price level
B. distort the economy
C. reduce unemployment
D. reduce the disposable income

31. An important factor hindering the rapid development of the industrial sector in Nigeria.
A. excessive demand for finished products
B. the dominance of the oil sector
C. rural-urban migration
D. inadequate infrastructure facilities

32. The demand for labour is an example of
A. competitive demand
B. derived demand
C. composite demand
D. joint demand

33. The major role of multi-national companies in the petroleum industry in Nigeria is
A. oil prospecting only
B. oil marketing only
C. the establishment of refineries
D. oil marketing prospecting

34. An important factor hindering the rapid development of the industrial sector in Nigeria.

A. excessive demand for finished products

B. the dominance of the oil sector

C. rural-urban migration

D. inadequate infrastructure facilities

35. The demand for labour is an example of

A. competitive demand

B. derived demand

C. composite demand

D. joint demand

36. The major role of multi-national companies in the petroleum industry in Nigeria is

A. oil prospecting only

B. oil marketing only

C. the establishment of refineries

D. oil marketing prospecting

37. Fixing the prices of agricultural products can be a problem because of the

A. unpredictable output of farmers

B. instability of government policies

C. activities of marketing boards

D. size of agricultural exports

38. Occupational mobility as applied to factors of production means the case by which

A. factors can be transferred from one place to another

B. factors can be transferred from one form move users to another

C. resources can be transferred from one place to another

D. resources can be transformed from one form to another

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How to pass JAMB Economics Questions

To pass any examination, one must study hard and that is one of the ways to pass the JAMB Economics examination. Make sure you study intensively using JAMB Economics syllabus.

Read past JAMB Economics questions and answers. Let me clearly tell you that almost half of the JAMB questions are repeated questions. What does that tell you? studying JAMB past questions on Economics would help you score high.

Last Updated on January 4, 2024 by Admin