Joint Admission and Matriculation Board

JAMB
ECONOMICS
Past Questions

Years:

 2010 2011 2012

 2013 2014 2015

 2016 2017 2018

NOT FOR SALE

All JAMB past questions are FREE OF CHARGE for

Toppers. If someone sold this past question to you,
please report him/her to us.
 2010 JAMB ECONOMICS QUESTIONS

PAPER TYPE: C 4. If = 6 and N = 6, determine

the value of Σfx
1. Which Economics question
paper type is given to you? A. 36
B. 12
A. Type A C. 1
B. Type B D. 72
C. Type C
D. Type D 5. The standard deviation of a set
of data is
2. Economics is the study of
human behaviour as it relates to A. always measured from the
the mode
B. the most representative of
A. efficient allocation of resources averages
B. production of goods C. always measured from the
C. operation of companies median
D. generation of income D. a measure of dispersion

3. The downturn in the prices of 6. The mean is the best measure

shares on stock markets is a
highlight of
A. efficient allocation of resources
B. the invisible hand
C. the regulatory nature of the
market
D. consumer rationality
of central tendency because it
A. is not affected by extreme
values in a data
B. is a midpoint value in an array
of data
C. is a balancing point in an
observation

www.toppers.com.ng
D. can be calculated from B. increase
incomplete data C. be constant
D. decrease
7. The most popular sizes of
dresses and shoes are determined 10. An excess demand for beans
by the will result from

A. range A. an increase in the price of

B. mean beans
C. mode B. a decrease in the price of
D. median beans
C. an increase in the supply of
8. If the demand for a good is beans
more elastic than its supply, the D. a decrease in the supply of
tax burden is borne beans

A. equally by consumers and 11. Consumer surplus tends to be

producers higher when demand is
B. more by producers
C. more by consumers A. inelastic
D. more by retailers and B. perfectly elastic
producers C. elastic
D. unitarily elastic
9. If the price of a commodity
with elastic demand increases, 12. One of the assumptions of
the revenue accruing to the ordinal utility theory is that
producer will
A. choice is not consistent
A. double B. utility can be ranked

www.toppers.com.ng
C. total utility is a function of B. technology, weather and
price population
D. satisfaction is measurable C. technology, price and taste
D. population, price and taste
13. The law of diminishing
marginal utility explains why 16. If the coefficient of price
elasticity of supply is greater than
A. the slope of a normal demand one, the supply is said to be
curve is negative
B. an abnormal demand curve A. perfectly elastic
slopes upwards B. fairly inelastic
C. the slope of a normal demand C. infinitely inelastic
curve is positive D. fairly elastic
D. the consumption of inferior
goods increases with income 17. If commodity X is a by-
product of commodity Y, this
14. If a consumer plans to spend implies that both commodities are
120k on four oranges but spent
80k, his consumer surplus is A. in competitive supply
B. in composite supply
A. ₦1.50 C. jointly supplied
B. ₦0.40 D. in excess supply
C. ₦1.00
D. ₦2.00 18. In perfect competition, price
is determined by the
15. A set of factors that can shift
the supply curve are changes in A. government
B. sellers
A. weather, price and technology C. buyers

www.toppers.com.ng
D. market C. maximizing profits as
production increases
19. In order to reduce hardship D. having an upward-sloping
faced by consumers due to high average cost curve
prices government can introduce
22. The rising portion of the long-
A. maximum prices run average cost curve of a firm is
B. commodity boards an indication that it is
C. minimum prices experiencing
D. price control boards
A. increasing efficiency
20. Average product is less than B. economies of scale
marginal product when C. diseconomies of scale
D. increasing marginal returns
A. there is constant returns to
scale 23. An industry's supply curve is
B. there is increasing returns to more likely to be elastic when
scale firms are
C. there is decreasing returns to
scale A. enjoying free entry and exit
D. diminishing returns set in B. operating at full capacity
C. operating below capacity
21. A firm enjoying economies of D. maximizing profits
scale is said to be
24. One of the characteristics of
A. reducing average cost as monopolistic competition is that
production increases
B. benefiting from the activities of A. there is mobility of factors of
other firms production

www.toppers.com.ng
B. no single seller dominates the D. rate of savings
market
C. the firms are price-takers 28. A decrease in aggregate
D. consumers have perfect spending in an economy will
knowledge of price ultimately lead to

25. The demand curve for factors A. boom

of production B. inflation
C. deflation
A. is perfect elastic D. recession
B. slopes upwards
C. slopes of downwards 29. If MPC is 0.7 while
D. is perfectly inelastic government expenditure
increased by ₦ 150m, the
26. An agreement among firms on equilibrium national income is
price and segmentation is termed
A. ₦ 214 million
A. cartel B. ₦ 45 million
B. collusion C. ₦ 105 million
C. haggling D. ₦ 500 million
D. specialization
30. The function of money which
27. In national income makes division of labour possible
accounting, tax is determined by is its
the
A. unit of account
A. level of income B. store of value
B. level of consumption C. medium of exchange
C. level of investment D. standard of deferred payment

www.toppers.com.ng
31. By buying treasury bills, the 34. A strategy for curbing
Central Bank of Nigeria intends to unemployment is to

A. increase money supply in the A. implement government

economy stabilization policy
B. reduce the cash reserve ratio B. increase taxes and decrease
for banks government expenditure
C. reduce money supply in the C. increase government
economy expenditure and decrease taxes
D. increase the capital base of D. ensure even distribution of job
commercial banks opportunities

32. The velocity of money is 35. In Nigeria, the distribution of

represented as job opportunities

A. A. balanced budgeting
B. deficit budgeting
B.
C. surplus budgeting
C. D. zero budgeting

D.
36. National development plans in
Nigeria fail mainly because of
33. One of the functions of
commercial banks is
A. overdependence on foreign
aids
A. maintaining stable price in the
B. inadequate funding of projects
economy
C. poor implementation strategies
B. regulating monetary policies
D. shortage of skilled manpower
C. granting loans to customers
D. issuing bank notes and coins

www.toppers.com.ng
37. The ultimate aim of C. concentration of firms of an
agricultural policies in Nigeria is to industry
achieve D. siting of firms producing
different products
A. food sufficiency
B. industrialization 40. In developing countries,
C. full employment governments influence the
D. industrial capacity utilization location of industries in order to

38. Government can boost A. spread development

agricultural output in Nigeria B. redistribute wealth
primarily by C. encourage entrepreneurs
D. encourage industries to earn
A. embarking on buffer stock high profits
programmes
B. placing embargo on food 41. A disadvantage of Nigeria's
importation dependence on imported
C. granting subsidies on farm petroleum products is the
inputs
D. placing farmers on monthly A. instability in the demand for
income the products
B. dominance of multinational
39. Localization of industries firms
refers to the C. instability in the supply of the
product
A. spread of firms producing D. poor maintenance of the
different products refineries
B. siting of industries near the
market

www.toppers.com.ng
42. The maximum number of A. 33.3%
shareholders for a limited liability B. 20.0%
company's is C. 11.0%
D. 50%
A. twenty
B. five 45. The percentage of working
C. seven population in 2002 is?
D. infinite
A. 50%
43. The primary motive for an B. 25%
individual engaging in production C. 8%
is to D. 80%

A. make profit 46. One of the characteristics of

B. satisfy basic human wants free trade zone is
C. redistribute wealth
D. put inputs into use A. common tariff against non-
member countries
Use the table below to answer B. different trade policies of non-
question 44 and 45. member countries
C. free factor mobility within the
Year Population Working zone
(000) Population(000)
D. harmonized trade among
2000 25 13 member countries
2001 30 19
2002 40 32
2003 50 49 47. If Nigeria imports vehicles
from Japan the transaction will
44. What is the population growth appear as a
rate in 2003?

www.toppers.com.ng
A. debit on Japan's balance of
payments
B. credit on Japan's balance of
payments
C. credit on Nigeria's balance of
trade
D. credit on Nigeria's balance of
payment
48. One of the objectives of ADB
is to
A. provide subsidies on imported
goods to member countries
B. mobilize short-term loans for
member countries
C. promote economic and social
development of member countries
D. provide technical assistance to
only poor member countries
49. The choice of the method of
production in an economy is
determined by the
A. level of technical know-how
B. rate of population growth
C. availability of natural resources
D. level of income
www.toppers.com.ng
50. The amount of labour hired
depends on the
A. number of skilled labour
available
B. skill of labour
C. marginal productivity of labour
D. price of the inputs
ANSWER KEYS:
1. C 2. A 3. B 4. A 5. D 6. B 7. A
8. C 9. C 10. A 11. C 12. D 13. B
14. C 15. A 16. C 17. C 18. D
19. D 20. D 21. A 22. A 23. C
24. C 25. B
26. A 27. A 28. B 29. B 30. B
31. B 32. A 33. B 34. D 35. C
36. B 37. A 38. B 39. D 40. A
41. B 42. D 43. C 44. D 45. D
46. D 47. C 48. B 49. C 50. C
 2011 JAMB ECONOMICS QUESTIONS

PAPER TYPE: B 4. A major disadvantage of the

arithmetic means is that it is
1. Which question paper type of
economics is given to you? A. not useful for large data
B. not suitable for further
A. Type A statistical analysis
B. Type B C. cumbersome to determine the
C. Type C actual value
D. Type D D. affected by extreme data

2. An effective way of controlling 5. Demand patterns are

inflation in a mixed economy is to
A. increase productivity
B. reduce income tax
C. ration available output
D. increase imports
3. One of the limitations PPC
assumption is that there is
A. no indication of technological
development
B. no recognition of preferred
goods for countries
C. technical inefficiency
D. abundant resources
determined by the market on the
basis of
A. scale of preference
B. consumer sovereignty
C. consumer rationality
D. price of the commodity
6. A consumer surplus measures
the
A. benefits derived from
consuming a cheap commodity
B. excess of total expenditure
over total utility
C. difference between marginal
utility and marginal cost

www.toppers.com.ng
D. excess of marginal utility over A. Middle value in the set
price B. Highest value in the set
C. Arithmetic means of the set
7. If the demand for one D. Most frequent occurring score
commodity excludes another, it is
said to be 10. If demand increases without a
change in supply, equilibrium
A. complementary demand price and quantity will
B. competitive demand
C. composite demand A. remain unchanged
D. derived demand B. shift inward
C. fall
8. D. rise
Price (₦) Quality (Kg)
1 100
11. In the process of production,
2 120
3 150 total output is at maximum when
4 180
5 200
A. MP=0

The graph of the schedule above B. MP > 0

will depict C. AP = 0
D. AP > 0

A. a kinked demand curve

B. a normal demand curve 12.

C. an abnormal demand curve Price (₦) Qty./ (bags)

1 60
D. a diminishing marginal utility 2 120
curve
From that table above, the price
9. The median of an odd- elasticity of supply is
numbered set of scores is the

www.toppers.com.ng
A. 4 C. cardinal utility
B. 25 D. total utility
C. 1
D. 2 16. If a firm is faced with an
elastic supply curve, its revenue
13. When a consumer is at will
equilibrium, the MRSxy is equal to
the A. be supplied at a higher price
B. double at a higher price
A. sum of the prices C. increase by more than the
B. product of the two prices percentage increase in price
C. ratio of the two prices D. equal percentage change in
D. difference of the two prices price

14. Minimum price legislation by 17. The optimal range of output

government will for a perfectly competitive firm is

A. reduce supply A. AC is lowest

B. increase supply B. AVC is lowest
C. reduce demand and create C. MC is rising
surplus D. MC is falling
D. increase demand and create
scarcity 18. A firm will experience
diseconomies of scale when
15. Ranking is the method use in
measuring A. there are difficulties in
coordinating production
A. marginal utility B. there is shortage in labour
B. ordinal utility supply

www.toppers.com.ng
C. the size of market is small A. Unemployment rate has
D. there is an increase in the decreased
price of raw materials B. General prices have fallen
C. Employment rate has risen
19. The law of variable D. General prices have risen
proportions is applicable only
22. One of the characteristics of
A. in the long-run period oligopoly is the availability of
B. to large-scale enterprises
C. to small-scale enterprises A. few sellers
D. in the short-run period B. few buyers
C. many sellers
20. D. a single seller

Use the diagram below to

answer question 23 and 24

From the Diagram above, the

optimal point of production is

A. R
B. T 23. The average total cost when
C. U 20 units are produced is
D. S

A. N20.00
21. If real income increases while B. N23.00
nominal income remains the C. N13.00
same, it can be inferred that
www.toppers.com.ng
D. N15.00 27. An increase in the circulation
of money without a corresponding
24. When 20 units of output is increase in output will lead to
produced, TC will be
A. a rise in income levels
A. N360 B. stagflation
B. N300 C. inflation
C. N460 D. deflation
D. N400
28. In national income accounts,
25. The profit of a monopolist can an item counted as part of
be eliminated where price equals government spending is

A. AFC A. salaries and wages

B. MC B. pension
C. AC C. scholarship
D. AVC D. social welfare

26. Bank consolidation policy in 29. If aggregate demand is lower

Nigeria is a measure to increase than total output in an economy
national income will
A. the capital base of banks
B. employment opportunities in A. be constant
banks B. be at equilibrium
C. the number of shareholders C. increase
D. the number of branches D. fall

www.toppers.com.ng
30. During the era of barter, 33. A country embarks on deficit
money was generally in the form financing in order to
of
A. increase revenue
A. notes B. reduce aggregate demand
B. precious metals C. curb inflation
C. coins D. stimulate investment
D. commodities
Use the diagram below to
31. A country achieves economic answer question 34 and 35
development when there is

A. an increase in military
expenditure
B. an increase in capacity
utilization
C. a sustained increase in per
capital income
34. The deflationary gap is
D. an even distribution of goods
defined by
and services

A. X
32. An indicator of growth in an
B. K
economy over a period of time is
C. X + K
the
D. X - K

A. GDP gap
35. What does X represent?
B. GDP at factor cost
C. GDP at market price
A. recessionary gap
D. GDP deflator
B. GNP gap
www.toppers.com.ng
C. inflationary gap 39. The main function of NNPC is
D. deflationary gap to

36. The import-substitution A. oversee the development of

strategy of industrialization is to the oil sector
encourage B. develop the oil producing area
C. fix the price of products
A. domestic production D. ensure regular supply of
B. large-scale production products
C. importation
D. exportation 40. Investing heavily in the
agricultural sector will lead to
37. Upstream oil activities involve
the A. sufficient food production
B. a vibrant commodity market
A. management of pollution C. capital inflow
B. marketing of refined products D. stable export prices
C. exploration of crude oil
D. refining of crude oil 41. Industrial development in
Nigeria can be encouraged
38. Agricultural production in through
Nigeria is constrained by
A. signing WTO treaty
A. ineffective use of stabilization B. granting subsidies
measures C. the provision of efficient
B. inadequate demand infrastructure
C. poor implementation of policies D. direct government participation
D. balance of payments deficits

www.toppers.com.ng
42. The record of a country's
transactions in international trade
is her
A. capital account
B. balance of payments
C. current account
D. balance of trade
43. The transfer to public
shareholding corporations
private enterprises is
A. concession
B. incorporation
C. commercialization
D. privatization
44. A condition in which official
and autonomous exchange rate
coexist is
A. dual exchange rate system
B. managed floating rate system
C. market determined exchange
rate system
D. multiple exchange rate system
www.toppers.com.ng
45. In modern economies, the
Malthusian theory of population is
ineffective because of
A. birth control measures
B. technical progress
C. government policies
D. natural disasters
46. Optimum population enables
to an economy to attain the highest
level of
A. Industrial development
B. Income per head
C. Revenue generation
D. Economic development
47. A change from one industry to
another by a worker is an
example of
A. geographical mobility
B. horizontal mobility
C. professional advancement
D. vertical mobility
48. The money paid per hour for
work done is
A. salary 19. A 20. D 21. B 22. B 23. D
B. wage rate 24. B 25. B
C. cost
D. bonus 26. A 27. D 28. D 29. D 30. D
31. C 32. C 33. C 34. A 35. D
49. Trade takes place because of 36. B 37. C 38. C 39. A 40. A
41. B 42. B 43. D 44. D 45. B
A. marginal utility 46. B 47. D 48. B 49. D 50. D
B. inefficiency in production
C. opportunity cost Facebook Study Group
D. comparative advantage
If you need an explanation to
50. The World Trade Organization any of the answers or you want to
is responsible for download more past questions
for FREE.
A. stabilizing and harmonization
oil prices Click to ENTER our Facebook
B. ensuring equal participation of study group
countries in trade
C. modernising world economies
D. minimizing obstacles to
international trade and
investment

ANSWER KEYS:

1. B 2. A 3. B 4. D 5. B 6. D 7. B
8. B 9. A 10. B 11. A 12. C 13. A
14. C 15. B 16. C 17. B 18. C

www.toppers.com.ng
 2012 JAMB ECONOMICS QUESTIONS

PAPER TYPE: RED B. inductive reasoning

C. deductive reasoning
1. Which question paper type of D. positive reasoning
Economics as indicated above is
given to you? 4. The sign of the slope of a graph
in economic analysis is important
A. Type Green because it
B. Type Purple
C. Type Red A. shows whether a good is
D. Type Yellow normal or inferior
B. shows the relationship between
2. A major disadvantage of a variables
socialist economy is that C. reveals the magnitude of the
change between variables
A. corruption is rampant D. helps to determine the unit of
B. consumer's sovereignty is lost measurement of variables
C. income inequality is
entrenched 5.
D. there is high level of
unemployment

3. The privatization of public

enterprises will lead to efficient
management of resources in the
economy. This statement can best
be described as The percentage contribution of
manufacturing sector is
A. normative reasoning

www.toppers.com.ng
A. 67.5 A. a movement along the demand
B. 40.0 curve
C. 32.4 B. a leftward shift of the demand
D. 25.0 curve
C. a rightward shift of the demand
6. If the GDP is N60 billion, what curve
is the difference between the D. no effect on the demand curve
contributions of oil and
manufacturing sectors? 9.
Price (₦) Quality (Kg)
50 500
A. N11.7 billion
70 400
B. N13.3 billion
C. N21.7 billion From the above, calculate the
D. N26.6 billion price elasticity of demand

7. If the quantity of rice bought A. 5.0

decreases from 250 tonnes to 200 B. 2.0
tonnes owing to a 2% rise in C. 1.0
price, it shows that there is a D. 0.5
change in
10. If the price of an item
A. consumers' income increases by 8% while the
B. demand quantity demanded falls from
C. consumers' tastes 1500 units to 1492 units, the
D. quantity demanded demand is said to be

8. A rise in income will, ceteris A. perfectly elastic

paribus, bring about B. inelastic
C. elastic

www.toppers.com.ng
D. perfectly inelastic

11. Comparison of interpersonal

utility is impossible because

A. utility is measured in utility

B. marginal utility is not
observable
C. utility is subjectively 13. The consumer is at

determined equilibrium at point

D. individual income differ

A. N

12. When the slope of the total B. P

utility curve is declining, the C. M

marginal utility of a consumer will D. K

be increasing if he
14. To move from point M to K,

A. stops consuming more of the the consumer has to increase the

commodity
B. reduces the quantity consumed A. consumption of X and reduce

C. increases the quantity the consumption of Y

consumed B. expenditure on Y

D. consumes more of another C. expenditure on X

commodity D. consumption of Y and reduce

the consumption of X

Use the diagram below to

answer question 13 and 14 15. The supply of cocoa is
influenced by

A. seasonal conditions
www.toppers.com.ng
B. the efficacy of fertilizer used 19. Fixing price above equilibrium
C. the demand for beverages will cause
D. the availability of close
substitutes A. demand and supply to remain
constant
16. If quantity supplied is B. an increase in quantity
constant irrespective of price supplied
changes, the supply elasticity is C. an increase in supply
D. a decrease in quantity supplied
A. unitary
B. infinity 20. An important function of the
C. fairly elastic price system is to
D. perfectly inelastic
A. ensure that producers' profits
17. The cost elasticity of supply is remain high
a useful instrument for measuring B. guarantee full employment of
resources
A. profit C. allocate resources to most
B. productivity productive uses
C. national income D. protect the economic interests
D. price index of government

18. The invisible hand promotes 21. If all factors are variable in
the interests of the long run, firms will experience

A. consumers A. decreasing returns to scale

B. society B. increasing returns to scale
C. government C. diminishing returns
D. producers D. economies of scale

www.toppers.com.ng
22. The equilibrium point of a firm
is attained at the point where the
isoquant is
A. greater than the isocost
B. less than the isocost
C. tangent to the isocost
D. greater than the output
23. The long-run average cost
curve touches to the short-run
average cost curves at the
A. minimum points of all short run
average cost curves
B. declining points of all short-run
average cost curves
C. minimum point of only one of
the short-run cost curves
D. rising points of all short-run
average cost curves
24. If a firm doubles all inputs in
the long run and the total output
is less than doubled, this results
in
A. diminishing returns
B. constant returns to scale
www.toppers.com.ng
C. increasing returns to scale
D. decreasing returns to scale
25. Patents and copyrights enable
monopolists to
A. determine the quality of their
products
B. determine the scale of their
products
C. restrict information flow to new
firms
D. restrict entry of new firms
26. A discriminatory monopoly is
characterized by
A. a common elasticity in different
markets
B. different elasticities in different
markets
C. a finite elasticity in all markets
D. zero elasticity in all markets
27. Net National Product is
derived by deducting
A. net exports from GNP
B. subsidies from GDP
C. taxes from GDP A. paper money
D. depreciation from GNP B. standard money
C. commodity money
Use the information below to D. fiat money
answer question 28 and 29.
31. If a basket of commodities
The investment expenditure of cost N120 in the base year and
economy changes by ₦2 N240 in the current year,
Million and MPC is 0.75 calculate the price index

28. What is the change in A. 100

income? B. 200
C. 240
A. N0.5m D. 300
B. N1.5m
C. N2.6m 32. The minimum amount which
D. N8.0m banks are required to deposit with
the central bank is determined by
29. The multiplier is the

A. 8 A. liquidity ratio
B. 4 B. cash reserve ratio
C. 3 C. minimum lending rate
D. 2 D. aggregate credit ceiling

30. The money that commands a 33. The major function of money
higher market value than its face market is to
value is called

www.toppers.com.ng
A. provide funds for long-term B. concentrating more on
financing agriculture
B. provide funds short-term C. developing the tourism
financing industry
C. stabilize the value of the local D. diversifying the economy
currency
D. stabilize domestic prices 37. The primary reason for
desiring economic growth is to
34. An ad valorem tax is imposed
on A. control inflation
B. reduce poverty
A. special commodities C. redistribute income
B. exports D. raise standard of living
C. imports
D. the value of a commodity 38. An emerging agricultural
export crop in Nigeria is
35. A huge national debt is an
indication that the gold reserves A. cassava
of a nation has B. cotton
C. cocoa
A. appreciated D. soya beans
B. decreased
C. depreciated 39. A strategy for improving
D. stagnated agriculture in Nigeria will involve

36. Rapid economic development A. controlling the prices of

in Nigeria is realizable by agricultural products
B. ensuring self-sufficiency in food
A. continuous dependence on oil production

www.toppers.com.ng
C. reducing agricultural exports 43. Long-term funds for
D. establishing commodity boards investment projects are sourced
from the
40. A sugar industry is best
located near the source of A. money market
B. commodity market
A. labour C. foreign exchange market
B. raw materials D. capital market
C. power
D. capital 44. A policy aimed at enhancing
globalization of the Nigerian
41. An important contribution of economy is
small-scale industries to the
Nigerian economy is in the area of A. indigenization
B. deregulation
A. technological development C. commercialization
B. foreign exchange earnings D. privatization
C. raw materials processing
D. labour employment 45. The Malthusian theory was
concerned about the relationship
42. A change in the pump price of between
petrol in Nigeria has a direct
effect on the A. population growth rates of the
rich and the poor nations
A. prices of consumer goods B. population density and national
B. prices of essential goods income
C. cost of raw materials C. population growth rate and
D. cost of transportation natural resources
D. age distribution of population

www.toppers.com.ng
46. In a village of 50 persons, 10 49. The reward on machinery and
immigrated, 25 died and 5 equipment in the process of
emigrated in year. Determine the production is known as
total population
A. profit
A. 10 B. interest
B. 20 C. rent
C. 30 D. wages
D. 50
50.
47. A deficit balance of payments
is measured by subtracting the
debits from the credits in the

A. current account
B. current and capital accounts
C. current and escrow accounts
D. capital and escrow accounts From this diagram, the minimum
wage OW will lead to

48. One of the functions of

ECOWAS is to A. full employment of resources
B. unemployment

A. provide funds for C. inflation

infrastructural development D. full employment of factors of

B. determine prices of exports production

C. redistribute income among
citizens
D. provide employment for
citizens of member nations

www.toppers.com.ng
ANSWER KEYS:

1. B 2. A 3. B 4. D 5. B 6. D 7. B
8. B 9. A 10. B 11. A 12. C 13. A
14. C 15. B 16. C 17. B 18. C
19. A 20. D 21. B 22. B 23. D
24. B 25. B

26. A 27. D 28. D 29. D 30. D

31. C 32. C 33. C 34. A 35. D
36. B 37. C 38. C 39. A 40. A
41. B 42. B 43. D 44. D 45. B
46. B 47. D 48. B 49. D 50. D

www.toppers.com.ng
 2013 JAMB ECONOMICS QUESTIONS

PAPER TYPE: TYPE U 4. Which of the following set of

statistical tools is used for further
1. Which question paper type of economic analysis?
Economics is given to you?
A. the median and standard
A. Type B deviation
B. Type I B. the mean and mode
C. Type B C. the mean and standard
D. Type U deviation
D. the mode and median
2. An economy in which both the
public and private sectors 5. An advantage of the range as a
contribute to economic growth is measure of dispersion is that it
as
A. can be used to calculate open-
A. feudal economy ended distribution
B. capitalist economy B. make use of all values of
C. socialist economy observations in a distribution
D. mixed economy C. takes all values into
consideration
3. If the standard deviation of a D. is useful for further statistical
given data is 53, what is the calculation
variance?
6. Find the median of the
A. 2,082 following set of data 35, 10, 14,
B. 2,809 38, 15, 18, 22, 30 and 28
C. 2,808
D. 2,209 A. 10

www.toppers.com.ng
B. 38 9. If the price of a bicycle changes
C. 35 from N120 to N80 and quantity
D. 22 bought changes from 300 to 500
units, the elasticity of demand for
7. An increase in demand without bicycle is
a corresponding change in supply
will lead to A. 66.7
B. 0.5
A. a decrease in equilibrium price C. 1.5
and increase in equilibrium D. 2.0
quantity
B. an increase in equilibrium price 10.
and quantity
C. a decrease in equilibrium price
and quantity
D. an increase in equilibrium price
and a decrease in equilibrium
quantity

8. An increase in the price of a From the graph above, the price

commodity will result in elasticity of demand is

A. a decrease in the quantity A. unitarily elastic

demanded B. perfectly elastic
B. an increase in demand C. perfectly inelastic
C. an increase in quantity D. fairly inelastic
demanded
D. a decrease in demand 11. One of the assumptions of the
cardinalist approach is

www.toppers.com.ng
A. diminishing marginal rate of From the indifference curve,
substitution consumer will prefer combination
B. the consistency and transitivity
of choice A. F
C. that total utility depends on the B. S
quantity of the commodities C. M
consumed D. K
D. unstable marginal utility of
money 14. One of the major factors that
brings about changes in supply is
12. Utility is the satisfaction
derived from the A. market discrimination
B. availability of storage facilities
A. distribution of goods and C. the cost of storage
services D. incentives granted to workers
B. use of goods and services
C. demand of goods and services 15. If P = (Qs + 10). What is the
D. production of goods and quantity supplied at N14?
services

A. 14
13. B. 60
C. 46
D. 32

16. If the supply of a product is

elastic, a small reduction in price
will

A. reduce the cost of production

www.toppers.com.ng
B. reduce the quantity supplied
C. increase the quantity supplied
D. lead to no change in the
quantity supplied
17. The supply of beverages by
firms in a monopolistic market is
an example of
A. derived demand
B. competitive supply
C. composite supply
D. joint demand
18. If the price of a commodity is
fixed below equilibrium, this will
lead to
A. excess demand
B. a decrease in price
C. an increase in price
D. excess supply
19. One of the criticisms of the
price mechanism is that
A. producers are sovereign
B. it provides low degree
freedom
www.toppers.com.ng
C. it widens the inequitable gap
D. consumers are sovereign
20. In Nigeria, government can
reduce the cost of accommodation
by fixing rent
A. at the prevailing rate
B. at the equilibrium price
C. above the equilibrium price
D. below the equilibrium price
21. If a refinery achieves a
reduction in cost by purchasing
and transporting crude oil in large
quantities, it enjoys
A. economies of scale
B. specialization
C. division of labour
D. diseconomies of scale
22. An isoquant lying above to the
right of another represents
A. a higher output level
B. constant returns to scale
of C. over-capacity utilization
D. a lower output level
23. A. BC
B. OB
C. OS
D. BS

25. The total revenue of the firm

is represented by

A. GHEF
From the graph above, R
B. GHJC
represents
C. EFJC
D. GHOB
A. marginal cost
B. total cost
26. A measure of national income
C. variable cost
used as comparison of standard of
D. fixed cost
living among nations is

Use the graph below to

A. net national product
answer question 24 and 25
B. gross domestic product
C. gross national product
D. per capita income

27. The speculative demand for

money is inversely related to the

A. interest rate
B. level of income
24. The optimum level of output C. exchange rate
of the firm is D. inflation rate

www.toppers.com.ng
28. If Mr. K obtains a N50.000 A. decrease in the corporate profit
loan from a bank for the purpose tax rates
of providing household needs, the B. decrease in welfare payments
demand for money is said to be C. purchase of government
securities
A. transactionary D. decrease in the bank rate
B. speculative
C. precautionary and speculative 32. A tax on land will ultimately
D. transactional and speculative fall

29. Which of the following is used A. partly on agents and users

by the Central Bank of Nigeria to B. entirely on users
control inflation? C. entirely on owners
D. partly on users and owners
A. Tariff on imports
B. Tax rate 33. One of the goals of
C. Exchange rate development plans in Nigeria is to
D. Discount rate
A. increase the profitability of
30. If CBN reduces money supply, multinational businesses
the interest rate will B. improve the country's GDP
C. achieve higher standard of
A. fluctuate living for the citizens
B. rise D. deregulate the economy
C. fall
D. remain unchanged 34. Life insurance companies
contribute to economic
31. An example of an development by holding a part of
expansionary fiscal policy action is their assets in

www.toppers.com.ng
A. long-term financial instruments 37. The most important
B. money market instruments determinant for the location of a
C. cash and near money brick industry is the availability of
D. short-term financial
instruments A. market
B. power supply
35. In order to add value to C. water
Nigeria agricultural produce, there D. raw materials
is need to
38. In Nigeria, efficiency in public
A. cultivate high breed crops corporations can be achieved
B. process them into finished through
goods
C. adopt modern storage methods A. public offer
D. advertise them in European B. indigenization
markets C. privatization
D. nationalization
36. The main reason for low
agricultural produce in west Africa 39. Government participation in
is need to the oil industry was necessitated
by the
A. the presence of large-scale
agro-allied industries A. annual increase in production
B. high dependency ratio B. formation of OPEC
C. over dependence on agriculture C. high demand for crude oil
for subsistence D. huge investment outlay
D. the use of crude implements in
farming process

www.toppers.com.ng
40. The deregulation of the B. distrust among members
petroleum sector in Nigeria will C. limited liability
bring about D. large capital outlay

A. efficiency in pricing and 43. The quality of labour force in

distribution of the products Nigeria can be improved by
B. an end to the importation of
fuel A. establishing more tertiary
C. an end to foreign firms' institutions
dominance B. creating sufficient job
D. fixing appropriate production opportunities
quotas C. encouraging the study of
science and technology
41. A distinguishing characteristic D. establishing more skills
of consumer co-operative society acquisition centres
is that the
44. The effect of emigration on a
A. the maximum number of country's population is
shareholders is 20
B. members are the owners A. decrease in the population
C. members are the workers B. decrease in job opportunities
D. the minimum number of C. increase in population
shareholders is 5 D. increase in dependency ratio

42. A major disadvantage of 45. A measure for preventing the

partnership business is external value of the naira from
falling is for the government to
A. difficulty in the transfer of
shares

www.toppers.com.ng
A. increase its spending with 48. The rate of interest charge on
foreign reserve loans depends largely on
B. sell its own currency
C. reduce interest rate A. the prevailing exchange rate
D. buy its currency with foreign B. marginal efficiency of capital
reserve C. the risk associated with the
loan
46. A fiscal policy instrument that D. the prevailing tax rate
can influence the demand pattern
in an economy is 49. A valid explanation for real
wage growth is
A. government spending
B. interest rate A. an increase in the rate of
C. income tax productivity
D. tariff B. the rising cost of capital
accumulation
47. One of the main achievements C. a contraction of employment in
of the Economic Commission for service industries
Africa is D. an increase in the quantity of
labour
A. eliminating trade restrictions
among states 50. If Mr. X lost his clerical job at
B. encouraging transport and a store and searched for a similar
communication development job for ten months before finding
C. guaranteeing a steady flow of one this implies that Mr. X was
foreign investment into Africa
D. providing the machinery for A. structurally unemployed
collaboration on monetary issues B. frictionally unemployed
C. seasonally unemployed

www.toppers.com.ng
D. cyclically unemployed Facebook Study Group

ANSWER KEYS: If you need an explanation to

1. D 2. D 3. B 4. B 5. A 6. D 7. B
8. A 9. D 10. C 11. C 12. B 13. B
14. C 15. C 16. C 17. C 18. A
19. D 20. C 21. A 22. A 23. C
24. B 25. D
any of the answers or you want to
download more past questions
for FREE.
Click to ENTER our Facebook
study group

26. D 27. A 28. D 29. B 30. B

31. A 32. C 33. C 34. C 35. D
36. D 37. A 38. C 39. B 40. A
41. B 42. B 43. D 44. A 45. B
46. C 47. A 48. C 49. A 50. B

www.toppers.com.ng
 2014 JAMB ECONOMICS QUESTIONS

PAPER TYPE: Type L 4. The best measure of dispersion

to determine the tallest tree in a
1. Which question paper type of forest is
Economic is given to you?
A. range
A. Type F B. variance
B. Type E C. standard deviation
C. Type L D. mean deviation
D. Type S
5.
2. The choice of how to produce
in a command economy is
determined by

A. government
B. consumer
C. industrialists
D. labour unions
What is the percentage
contribution of services to the
3. In capitalist economies,
national income?
questions about what to produce
are ultimately answered by
A. 15%
B. 10%
A. income level of households
C. 54%
B. available technical skills in the
D. 24%
economy
C. output decisions of firms
D. holding decision of households

www.toppers.com.ng
6. If the national income is 360m, 8. Given that Qd = 40-2P and Qs
the contribution of the = 6P+24. Calculate the
manufacturing sector is equilibrium price.

A. 312m A. ₦34
B. 39m B. ₦32
C. 318m C. ₦36
D. 317m D. ₦16

7. 9. A change in demand for a

normal goods implies that, there
is a

A. change in the quantity

demanded as price changes
B. shift in the demand curve
C. movement along a given
A combination of factors
demand curve
responsible for a shift from
D. change in the price elasticity of
D0D0to D1D1 are
Demand

A. consumers income and change

10. If a 10% rise in price causes a
in technology
5% decrease in the quantity
B. price of the commodity and
demanded of a commodity, the
weather conditions consumers
elasticity demand is
income and population size
C. consumers taste and change in
A. unitary elastic
price
B.

www.toppers.com.ng
11. A. 20
B. 15
C. 50
D. 30

14.
Price (₦) Quantity
supplied
From the graph above, the 8 20
consumer will attain equilibrium 10 24

at point
From the table above, Calculate
the price elasticity of supply
A. J
B. K
A. 0.50
C. L
B. 0.80
D. M
C. 2.00
D. 1.25
12. A rightward shift of the
budget line is caused by a
15. When price is set below
equilibrium, this will lead to
A. fall in consumer income
B. change in consumer taste
A. an increase in the quantity
C. fall in the commodity relative
supplied
price
B. a new equilibrium
D. rise in the commodity relative
C. a decrease in the quantity
price
supplied
D. a fall in price
13. Given the supply function P =
(Qs+10) when P = N10, what is
16. Price mechanism determines
Qs? the prices of commodities through
www.toppers.com.ng
A. auctioning 19. Division of labour requires
B. market forces that, the tasks in a production line
C. the sales of treasury bills be performed
D. government legislation
A. by specialists
17. B. in stages
Unit Total Average Marginal C. by all workers
of product product product
D. by unskilled labourers
labour
1 8 8 ...
2 20 10 12 20. Given that FC = ₦500, VC =
3 E 9 7
4 28 7 F ₦1,500, and Q = 50 units. Find
5 40 8 12 the average cost of the product.

From the table above, find the

A. ₦30
values of E and F respectively
B. ₦40
C. ₦10
A. 27 and 1
D. ₦20
B. 68 and 12
C. 28 and 5
21. Rent and administrative
D. 12 and 19
expenses are examples of

18. If the production of a large

A. average fixed costs
firm is higher than that of a small
B. average variable costs
firm, it is experiencing.
C. fixed costs
D. variable costs
A. external economies of scale
B. external diseconomies of scale
22. A perfect competitor will
C. internal economies of scale
continue to expand output up to
D. internal diseconomies of scale
the point where

www.toppers.com.ng
A. TC > TR National product in an open
B. MR = AR economy?
C. MC < MR
D. MC > MR A. C+I+G+(X+M)
B. C+I+G+X
23. One of the characteristics of a C. C+I+G
monopolist is that, he can D. C+I+G+(X-M)
influence
26. If MPC = 2/3 and investment
A. quantity produced by other is ₦100 million, the level of
producers national income is
B. prices charged by other
producers A. ₦100 million
C. both price and quantity B. ₦10 million
D. price or quantity C. ₦303 million
D. ₦300 million
24. A monopolist can boost up his
revenue by 27. The precautionary demand for
money is determined by
A. adjusting both price and output
upward A. the rate of interest
B. reducing total output to match B. the level of savings
price C. the level of income
C. increasing price D. general price level
D. reducing price
28. An inflation that co-exists with
25. Which of the following can be high rate of unemployment is
used to measure the Gross
A. hyperinflation

www.toppers.com.ng
B. stagflation B. The cost of living remains
C. demand-pull inflation unchanged
D. cost-push inflation C. The value of money rises by
75%
29. One of the challenges facing D. The value of money falls by
the banking industry in Nigeria is 75%

A. ensuring technological security 32. Wage freeze is a policy

B. providing employment measure aimed at
C. providing loans for investment
D. creating more money A. encouraging investors
B. curbing inflation
30. Short-term loans for C. regulating standard of living
investment are usually obtained D. curbing deflation
through the 33. A major obstacle to the
development of Nigeria economy
A. stock market is
B. development banks
C. money market A. low capital formation
D. capital market B. rural-urban migration
C. over dependence on oil
31. Given a base year and the D. poor developmental policies
price index of 175% the following
year, which of the following year 34. A major feature of an
will arise? underdeveloped economy is

A. The cost of living decreases of A. excess capacity utilization

that year B. low rate of population growth
C. low level of standard of living

www.toppers.com.ng
D. low level of unemployment A. the risk of structural
unemployment
35. An important role of B. over-utilization of installed
agriculture in Nigeria's economic industrial capacity
development is the C. the risk of seasonal
unemployment
A. processing of raw materials for D. under-utilization of installed
industries industrial capacity
B. regulation of price system
C. provision of infrastructure 38. One major factor that
D. provision of employment determines the location of an
industry is
36. An advantage of large-scale
farming over peasant farming is A. tax exemption grant
in the area of B. its proximity to the market
C. the capital base
A. providing research and massive D. the social responsibility of the
employment of labour firm
B. redistributing national income
to various regions of the country 39. The major contribution of
C. encouraging the use of OPEC to the Nigerian economy is
traditional implements the
D. encouraging urban-rural
migration A. provision of social
infrastructures
37. A major disadvantage of B. granting of subsidies on
localization of industry is petroleum products
C. stabilization of oil prices
D. building of refineries

www.toppers.com.ng
40. The loading of crude oil at the B. prevent other firms from
terminal is an activity in the entering the market
C. reduce advertisement and
A. downstream sector of the oil management cost
industry D. enjoy economies of large-scale
B. upstream and downstream production
sector of the oil industry
C. upstream sector of the oil 43. The voting power in co-
industry operative societies is vested on
D. midstream and upstream
sectors of the oil industry A. management
B. members without loan
41. The short-run average C. shareholders
variable cost of a firm will rise D. members with the highest
owing to contribution

A. the expansion of factory space 44. An accurate census figure is

B. the building of new warehouse an important tool for planners in
C. an increase in the cost of
labour A. providing employment
D. an increase in the salaries of B. siting industries
directors C. providing social amenities
D. allocating resources
42. Firms embark on vertical
integration in other to 45. An accurate population census
is important in other to
A. take over markets formally
controlled by other firms A. produce more food for the
growing population

www.toppers.com.ng
B. provide employment A. ensure adequate protection of
opportunities for the people infant industries
C. estimate a country's per capita B. provide a mechanism for tariff
income reduction
D. fast track industrial C. assist countries with chronic
development balance of payments problem
D. assist developing countries to
46. A major determinant of execute developmental projects
floating exchange rate is
49. The major determinant of the
A. the highest denomination of total volume of output in an
the currency economy is the
B. an Act of the parliament
C. the system of government A. level of total expenditure
D. the forest of demand and B. composition of consumer
supply spending
C. number of farmers
47. If the importation of a D. size of the labour force
commodity is limited to a definite
quantity, the trade control 50. The labour force of a country
measure imposed is is determined by the

A. excise duties A. age structure of the population

B. import duties B. geographical distribution of the
C. quotas population
D. tariff C. sex distribution of the
population
48. The main objective of WTO is D. number of people available for
to work

www.toppers.com.ng
ANSWER KEYS:

1. C 2. A 3. C 4. B 5. C 6. C 7. D
8. D 9. D 10. C 11. B 12. D 13.
A 14. B 15. D 16. B 17. C 18. C
19. B 20. D 21. D 22. C 23. C
24. B 25. C

26. D 27. A 28. A 29. C 30. B

31. A 32. B 33. C 34. C 35. D
36. A 37. D 38. B 39. C 40. B
41. C 42. D 43. C 44. C 45. D
46. D 47. A 48. D 49. A 50. B

www.toppers.com.ng
 2015 JAMB ECONOMICS QUESTIONS
1. The major implication of high
dependency ratio on an economy
is
A. high capital formation
B. vicious cycle of poverty
C. low cost of living
D. high standard of living.
2. One of the major problems of
agricultural sector in Nigeria is
A. low literacy level of farmers
B. small size of farms
C. pest attack on crops
D. inadequate modem
implements.
3. Cooperative societies
characterized with
A. divergent interest of members
B. limited liability
C. free entry and exit
D. unlimited size of membership.
4. The marginal propensity to
save measures the
www.toppers.com.ng
A. ratio of change in saving
B. change in supply as a result of
a change in consumption
C. ratio of change in consumption
to a change in the level of income
D. average propensity to consume
5. Structural unemployment is
mainly caused by
A. a change in the consumption
pattern
B. a change in the business cycle
C. decrease in the output level
D. seasonal variation.
farm
6. One of the major problems of
census in Nigeria is
are
A. inadequate skilled personnel
B. high dependency ratio
C. distortion of census figures
D. high cost of conducting census.
7. A decrease in government
expenditure in an economy will
cause general price level to
A. remain constant 10. In a pure capitalist economy,
B. fluctuate the means and forces of
C. fall production are owned and
D. rise. controlled by the

8. A. public and private sectors

Unit of TP AP MP B. feudal lords
labour
C. public sector
1 6 6 --
2 14 7 8 D. private sector.
3 K 9 13
4 40 10 F
11. A factor earning which is paid

From the table above, find the out as unemployment benefit is

values of K and F respectively referred to as

A. 13 and 27 A. interest rate

B. 27 and 13 B. direct rate

C. 10 and 27 C. eco

D. 27 and 10.
12. From the graph above, FG

9. In the theory of consumer indicates

behaviour, the sum of all marginal

utilities is A. equilibrium quantity demanded
B. excess supply

A. average marginal utility C. equilibrium quantity supplied

B. the initial marginal utility D. excess demand.

C. total utility
D. diminishing marginal utility. 13. The demand for money is
referred to as the

www.toppers.com.ng
A. amount of money in fixed D. total value of invisible import
deposit and export.
B. desire to hold money intangible
assets 16. If the cash reserve ratio is
C. need for money to invest 30%, a new deposit of ₦20 million
D. desire to hold money in liquid will increase supply by
form rather than investing it.
A. ₦57.8m
14. In the theory of production, a B. ₦47.9m
producer is at equilibrium at a C. ₦69.78m
point where D. ₦66.7m.

A. isocost is above the isoquant 17. A fall in the price c f

curve ostentatious goods will
B. isoquant is below the isocost
curve A. increase the quantity
C. isocost is tangent to the demanded
marginal revenue B. decrease the quantity
D. isoquant is tangent to the demanded
isocost curve. C. decrease demand
D. increase demand.
15. Balance of trade shows the
relationship between the 18. Payment of interests on loans
and the repayment of capital sum
A. internal and external trade at a future date is
B. total value visible import and
Export A. balance debt
C. deficit and surplus balance of B. debt servicing
payments C. debt relief

www.toppers.com.ng
D. debt retaking. 22. A tax burden on a commodity
will be shared equally if the
19. The most difficult measure of demand is
central tendency to determine in
a grouped data is A. fairly elastic
B. perfectly inelastic
A. range C. fairly inelastic
B. variance D. unitary elastic.
C. mean
D. mode. 23. Higher income taxes can be
used to control
20. Localization of industry is
mainly determined by A. demand-pull inflation
B. high interest rates
A. diseconomies of scale C. cost- push inflation
B. population growth D. hyperinflation.
C. division of labour
D. access to raw materials. 24.

21. Geographical distribution of a

population is affected by

A. low birth rate

B. the availability of skilled
manpower From the graph above, a shift of
C. the availability of agricultural the Supply curve from S0S0, to
land S1S1 will lead to
D. high birth ratenomic rent
E. transfer payment.

www.toppers.com.ng
A. a decrease in price and B. two to fifty
quantity C. two to seven
B. no change in price and quantity D. seven to ten.
C. an increase in price and
quantity 28. The major function of
D. a decrease in price and an international monetary funds is
increase in quantity the

25. An indifference map is made A. provision of short-run loans to

up of a set of medium scale industries
B. provision of long-term loans for
A. consumers' total utility infrastructure
B. consumer surplus C. development of agriculture in
C. budget lines member countries
D. indifference curves. D. maintenance of stable
exchange rates
26. Recapitalization policy will
enable commercial banks to 29. One of the major activities in
the upstream sector of the Nigeria
A. employ more qualified workers petroleum industry includes
B. open more branches
C. reduce interest rate A. transportation of finished
D. have a very strong capital base products
B. refining of crude oil
27. The number of persons C. marketing of refined petrol
required to form a private D. exploration of crude oil.
company ranges from
30. The law of supply states that
A. ten to twenty the

www.toppers.com.ng
A. higher the price the higher the 33. Training farmers on the
quantity supplied improved farming techniques is
B. quantity supplied is always the major activity of
equal to the quantity demanded
C. lower the price the higher the A. intermediate workers
quantity supplied B. middlemen
D. higher the price the lower the C. extension workers
quantity supplied. D. creditors.

31. One of the features of a 34. In a free market economy,

perfect competitive firm is prices are determined by

A. restrictions to entry and exit A. consumers

B. price discrimination B. producers
C. absence of transportation cost C. the central government
D. product differentiation. D. the forces of demand and
supply.
32. The basis for international
trade is the 35. The basic economic problem
of what to produce in an economy
A. differences in natural resources is determined by
endowment
B. differences in the population A. the availability of labour
size B. the means of distribution
C. prevailing interest rate on C. the availability of resources
multilateral loans D. technological know-how.
D. economic system in practice.

www.toppers.com.ng
36. In Nigeria, a fall in the supply C. price floor
of petrol would generally affect D. maximum price.
the
39. If a fall in the price of
A. import of goods and services commodity K brought about an
B. export of goods and services increase in the demand for
C. general price level in the commodity Y, the two
country commodities are
D. exchange rate of the Naira.
A. composites
37. The short-run equilibrium B. derived in nature
point of a perfectly competitive C. substitutes
firm is attained at a point where D. c implements.

A. is equal to total cost 40. In the theory of production,

B. the demand curve is tangential
to the marginal cost
C. the marginal cost curve is
equal to the marginal revenue
curve
D. the marginal cost is equal to
the price of the firm.
the price of a factor input is
determined by
A. the prevailing exchange rates
B. its elasticity of demand
C. the existence of large market
D. the prevailing interest rates.

38. Government can protect 41.

consumers from exploitative
prices by introducing

A. minimum price
B. price differentiation

www.toppers.com.ng
From the graph above, find the 44. The supply of agricultural
modal score products is mainly determined by

A. 40 A. consumers' taste
B. 20 B. consumers' income
C. 100 C. technology
D. 60. D. consumers.

42. When the selling price of a 45. Determine the median of 6

monopolist is below his short-run 10, 5, 12, 20, 18, 20 and 4
marginal cost, he is said to be
making A. 11
B. 9.67
A. an economic profit C. 12.56
B. Losses D. 12.
C. profit
D. supernormal profit. 46.
X F
10-20 4
43. The overall economic
21-30 6
performance of a country can be 31-40 10
assessed through 41-50 50
51-60 3
61-70 5
A. overlooking of its agricultural
sector From the table above, find the

B. employment estimates range of the distribution

C. national income estimates

D. balance of payment. A. 50
B. 11
C. 70
D. 59
www.toppers.com.ng
47. The failure of the Nigeria 50. The supply of farm produce is
industrial sector is mainly mainly determined by
associated with
A. consumers’ income
A. lack of raw materials B. weather condition
B. inadequate market for C. population
industrial goods D. consumers’ taste
C. underdeveloped infrastructural
facilities ANSWER KEYS:
D. inadequate capital.
1. B 2. D 3. D 4. A 5. A 6. A 7. C
48. If Qd = 40-4P and P = N4, 8. B 9. D 10. D 11. D 12. B 13.
what is the quantity demanded? D 14. D 15. B 16. D 17. B 18. B
19. B 20. D 21. C 22. D 23. A
A. 30 24. D 25. D
B. 32
C. 24 26. D 27. B 28. D 29. D 30. A
D. 26. 31. B 32. A 33. C 34. D 35. C
36. C 37. C 38. D 39. D 40. C
49. The long-run total cost curve 41. D 42. B 43. C 44. C 45. A
shows the cost of 46. A 47. D 48. C 49. C 50. B

A. all fixed factors of production

B. the average fixed cost
C. all factor inputs that are
employed
D. variable factors of production.

www.toppers.com.ng
 2016 JAMB ECONOMICS QUESTIONS

1. A country embarks on deficit A. 2 and 3

financing in order to B. 3 only
C. 2 only
A. reduce aggregate demand D. 1 and 3
B. increase revenue
C. stimulate investment 5. The Economic Community of
D. curb inflation West African States (ECOWAS) is
an example of
2. The money market provides
business firms with the avenue to A. globalization
B. regional marketing board
A. purchase goods and services C. economic integration
B. purchase capital equipment’s D. economic union.
C. obtain short- term funds
D. obtain long-term funds 6. Given: 32, 18, 24, 17, 16, 32,
28, 68, 71 and 15, the mode of
3. The optimum level of output for the distribution is
pure monopolist occurs where
A. 71
A. P is highest B. 56
B. P = AC C. 32
C. P = MC D. 15
D. MR = MC
7. The major determinant of
4. According to the demographic income elasticity of demand is
transition theory, Africa can be
said to be at stage A. government policy
B. the availability of substitutes

www.toppers.com.ng
C. the price of the good 11. The demand curve for a
D. the level of consumer's income normal good is negatively sloped
because
8. Given: 2, 4, 6, 8, 4 and 6, the
absolute mean deviation is A. price is an incentive to
producers
A. 6.00 B. price is an incentive to
B. 1.67 consumers
C. 30.00 C. demand always exceeds supply
D. 0.60 D. price and quantity move in the
same direction.
9. The precautionary demand for
money is determined by 12.

A. the level of savings

B. the rate of interest
C. general price level
D. the level of income.

The average total cost when 20

10. If the output of a firm
units are produced is
experiencing economies of scale
increases, the average cost would
A. ₦45.30kg
B. ₦50.00kg
A. be at minimum
B. rise C. ₦47.50kg

C. be at maximum D. ₦5.00kg

D. fall.
13. The major role of
multinational companies in the
Nigerian petroleum industry is
www.toppers.com.ng
A. oil marketing only B. government
B. oil marketing and prospecting C. industries
C. establishment of refineries D. labour unions.
D. oil prospecting only.
17. The co-efficient of price
14. Life insurance companies elasticity of supply is
contribute to economic
development by holding a part of A.
their assets in
B.

A. long-term financial instruments C.

B. equipment D.
C. cash and near money
D. money-market instruments.
18. A change in supply of a
commodity is due to a change in
15. The wage rate is mostly
the
related to

A. price of the commodity

A. marginal productivity of labour
B. cost of production
B. average productivity of labour
C. price of substitute
C. marginal efficiency of
D. population growth rate.
investment
D. total productivity of Labour.
19. In a limited liability company,
the greatest risk is borne by the
16. The choice of how to produce
in a command economy is
A. preference shareholders
determined by
B. debentures shareholders
C. ordinary shareholders
A. consumers
D. board of directors.
www.toppers.com.ng
20. A market characterized by 23. A major determinant of
absence of close substitutes of demand is
goods and services is an example
of A. incentives to workers
B. level of technology
A. a monopoly C. population
B. an oligopoly D. cost of production.
C. a perfect competition
D. a monopolistic competition. 24. Which of the following can be
used to measure the Gross
21. An inflation that co-exists with National Product
high rate of unemployment is
A. C+I+G-F(X+M)
A. hyperinflation B. C+I+G+(X-M)
B. cost-push inflation C. C+I+G+X
C. stagflation D. C+I+G
D. demand-pull inflation.
25. Find the median of the
22. The growth and development following set of data 35, 10, 14,
of small and medium scale 38, 15, 18, 22, 30 and 28.
enterprises in Nigeria is hampered
by A. 10
B. 22
A. poor regulatory framework C. 38
B. poor access to credit facilities D. 35
C. poor management
D. the small size of the market. 26.

www.toppers.com.ng
 B. oversee the development of
Unit of output Total output the oil sector
(Kg)
C. ensure regular supply of
1 13
2 43 products
3 123 D. fix the prices of petroleum
4 243
5 353 products
6 483
7 563
8 663 29. A major feature of an
underdeveloped economy is
From the table above, determine
the average product of the 5th A. low rate of population growth
unit of capital B. excess capacity utilization
C. low level of unemployment
A. 310.5 D. low level of standard living.
B. 176.5
C. 70.6 30. A tax on land will ultimately
D. 62.0 fall

27. The problem of what to A. partly on agents and users

produce is determined by B. partly on users and owners
C. entirely on owners
A. consumption pattern D. entirely on users.
B. the distribution pattern
C. the state of technology 31. The deregulation on the
D. the volume of production petroleum sector in Nigeria will
bring about
28. The main function NNPC is to

A. efficiency in pricing and

A. develop the oil producing areas distribution of the products

www.toppers.com.ng
B. fixing appropriate production A. ₦12.00
quotas B. ₦3.75
C. an end to the importation of C. ₦2.80
fuel D. ₦3.00
D. an end to foreign firms'
dominance 35. The problem of economic
development in Nigeria is that of
32. One of the ways of correcting
a deficit balance of payments is to A. poor weather conditions
B. overpopulation
A. devalue a country's currency C. surplus skilled manpower
B. predenominate a country's D. inadequate infrastructure.
currency
C. reduce imports 36. The combination of two
D. reduce exports. commodities that yield the same
level of satisfaction is illustrated
33. A nation's net export is by
negative when her
A. a budget line
A. export is adjusted upwards B. an isocost curve
B. external reserves deplete C. a production possibility curve
C. depreciation exceeds D. an indifference curve
investments
D. imports exceeds exports. 37. The demand for inferior goods
is inversely related to change in
34. Given: Qd = 30 — 3P and Qs
= 9P — 15, determine the A. income
equilibrium price B. price
C. supply

www.toppers.com.ng
D. taste. From the table above, the
marginal product of the 7th Unit
38. The minimum number of of Capital is
shareholders for partnership is
A. 80kg
A. 7 B. 100kg
B. 4 C. 310kg
C. 2 D. 173kg
D. 3
41. Given: 32, 18, 24, 17, 16, 32,
39. When diminishing returns sets 28, 68, 71 and 15, what is the
in, the total variable cost begins range?
to
A. 26
A. rise at an increasing rate B. 32
B. fall at a decreasing rate C. 56
C. rise at a decreasing rate D. 68
D. fall at an increasing rate.
42.
40.

Unit of output Total output

(Kg)
1 13
2 43
3 123
4 243 From the diagram above, the
5 353 consumer is at equilibrium at
6 483
point
7 563
8 663
A. G

www.toppers.com.ng
B. F C. inadequacy of infrastructural
C. K facilities
D. M D. government participation.

43. If P = 1/4 (Qs + 30), what is 46. One of the factors that is
the quantity supplied at ₦18? considered in the location of a
cement industry is nearness to
A. 64.5
B. 42.0 A. market
C. 2.4 B. raw materials
D. 30.0 C. infrastructural facilitates
D. skilled manpower.
44. When a consumer is at
equilibrium, The MRS x is equal to 47. A problem facing the
the development of the Nigerian
Petroleum industry in Nigeria is
A. product of the two prices
B. sum of the two prices A. persistent gas flaring
C. ratio of the two prices B. instability in demand for the
D. difference of the two prices. products
C. dominance of multinationals
45. One of the major factors D. declining oil reserves.
militating against industrialization
in Nigeria is 48. At full employment level, a
contractionary monetary policy
A. low level of foreign investment will Lead to a
B. frequent break-down of
equipment A. rise in aggregate supply
B. rise in aggregate demand

www.toppers.com.ng
C. rise in level of inflation rate
D. fall in the level of inflation
49. A country where the available
population is unable to guarantee
efficient utilization of available
resources is experiencing
29. D 30. D 31. A 32. A 33. D
34. B 35. D 36. D 37. A 38. C
39. A 40. A 41. B 42. B 43. A
44. C 45. C 46. B 47. A 48. D
49. A 50. C
Facebook Study Group

A. under population If you need an explanation to

B. over-population any of the answers or you want to
C. high population density download more past questions
D. optimum population. for FREE.

50. One of the causes of Click to ENTER our Facebook

instability in farmers' income is study group

A. high level of illiteracy

B. unfriendly land tenure
C. unfavourable weather condition
D. poor management of extension
services

ANSWER KEYS:

1. C 2. C 3. A 4. D 5. C 6. C 7. D
8. B 9. A 10. D 11. B 12. D 13. B
14. A 15. A 16. B 17. B 18. B
19. C 20. A 21. C 22. B 23. C
24. B 25. B 26. C 27. A 28. B

www.toppers.com.ng
 2017 JAMB ECONOMICS QUESTIONS

1. If the arithmetic mean of 2, 3, 4. Scale of preference is referred

5, 8, Z, 10 and 12 is 7, what is to as the
the value of Z?
A. choices consumers make
A. 8 B. array of consumer's needs
B. 9 C. consumer preference for
C. 10 luxurious goods
D. 7 D. consumer wants in order of
priority
2. The most important function of
agriculture to the Nigerian 5. One of the basic assumptions
economy is of monopoly is

A. the guarantee of food security A. perfect information of the

B. technical skill development market condition
C. technological development B. the ability to either control
D. industrial development price or output
C. perfect mobility of factors of
3. Given that Qd=15-2P and production
Qs=5+3P, determine the D. large number of buyers and
equilibrium price. sellers

A. N3.00 6. The major advantage of a

B. N5.00 public limited liability company
C. N2.00 over a private limited liability
D. N6.00 company's

www.toppers.com.ng
A. limited liability enjoyed by B. provide the government with
owner statistics on the prevailing
B. separate legal entity interest rate
C. easy transferability of shares C. reveals the cost of living
D. perpetual existence D. provides the government with
statistics on present size of the
7. The main activity in the labour force
upstream oil sector in Nigeria is
10. If the demand for palm oil is
A. marketing of petroleum for the purpose of soap
products production and cooking, the
B. distribution of petroleum demand is said to be
products
C. extraction of crude oil A. competitive
D. refining of crude oil B. complementary
C. composite
8. The natural growth of D. derived
population is calculated as
11. The institution established to
A. birth rate + death rate enhance the activities of Nigeria's
B. labour force + dependant exports is
C. death rate - birth rate
D. birth rate - death rate A. Nigerian Export and Import
Bank
9. The study of age structure of a B. Import-substitution strategy
population is important because it C. Nigeria Export Promotion
Council
A. determine the exchange rate D. Bank of Industry

www.toppers.com.ng
 C. profit
D. wage

15. The type of inflation that

emanates from excess demand
over supply is
A. galloping inflation
12. From the pie chart above, the
B. cost-push inflation
percentage contribution of
C. demand-pull inflation
entrepreneur is
D. imported inflation

A. 2.77%
16. Which of the following
B. 33.33%
problems is associated with
C. 27.70%
national income measurement?
D. 3.33%

A. High interest rate

13. A sustained increase in per
B. Inflation and deflation
capita income accompanied by an
C. Overpopulation
increase in output is
D. population growth

A. economies of scale
17. Freedom of consumption and
B. economic efficiency
production are characteristics of
C. economic development
D. economic growth
A. socialism
B. feudalism
14. The reward for capita as a
C. capitalism
factor of production is
D. communism

A. interest
B. rent
www.toppers.com.ng
18. Cost of raw materials in B. ₦142.50 million
production is an example of C. ₦50 million
D. ₦7.50 million
A. marginal cost
B. variable cost 21. The volume of output in an
C. total cost economy is determined by
D. fixed cost
A. the foreign exchange rate
19. Foreign exchange control in B. the standard of living of
Nigeria is administered by the citizens
C. population density of a country
A. Money deposit banks D. efficiency in the use of factors
B. Central Bank of Nigeria of production
C. Discount houses
D. Security and Exchange 22. Given Qd = 30 - 3P, Qs = 9P
Commission – 18. Determine the equilibrium
quantity

A. 18
B. 20
C. 25
D. 27

23. In Nigeria, industrial

20. From the pie chart above,
development can be enhanced by
determine the contribution of
capital if the total contribution of
A. ensuring stable prices for
all factors is
manufactured goods

A. ₦12.50 million
www.toppers.com.ng
B. reducing government C. homogeneity
expenditure on imported goods D. flexibility in value Price
C. providing efficient
infrastructure
D. increasing the rate of interest

25. Capital gains tax is an

example of

A. Value Added Tax

28. The graph above represents
B. purchase tax
C. sales tax
A. a decrease in quality supplied
D. income tax
B. an increase in supply
C. an increase in quantity
26. Which of the following is NOT
supplied
a source of government revenue?
D. a decrease in supply Wages

A. Taxes, fees, licenses and fines

B. Interest, dividends, profits and
earnings
C. Personal income, disposable
income and transfer earnings
D. Grants, aids and borrowing
29. From the diagram above, the
arrow marked M indicates
27. One of the important qualities
that money must possess is
A. payments made for foods and
services
A. heterogeneity
B. payments made to factors of
B. easy availability
production

www.toppers.com.ng
C. the flow of capital goods A. that it is banker to the
D. the flow of economics rent government
B. the provision of credits facilities
30. A change in the quantity C. the formulation of monetary
supplied of a commodity is policies
influenced by D. issuing of currency notes

A. the price of substitutes 33. One of the arguments against

B. the price of the commodity the practice of monopoly is
C. consumer's tastes
D. technological know-how A. merging of producers
B. competition
31. C. exploitation
Price (₦) Quantity D. non-government ownership
Demanded
6 20
5 16 34. The main reason why
countries engaged in international
From the table above, calculate trade is the
the elasticity of demand

A. opportunity to earn high profit

A. 0.03 in trading
B. 0.30 B. use of capital-intensive method
C. 0.33 of productions
D. 0.04 C. difference in their endowment
of economic resources
32. One of the functions of money D. difference in the population
deposit banks in economic structure
development is

www.toppers.com.ng
35. D. diminishing marginal
Cup of Total Marginal productivity
milk taken utility utility
1 18 18
2 24 6 37. A well conducted census is
3 29 5 important for
4 X 3
5 34 2
6 35 1 A. economic planning
7 35 0
B. providing economic

From the table above, what is the opportunities in the rural areas

value X? C. distribution of educational

materials in the cities

A. 32 D. revenue generation

B. 35
C. 34 38. The cost-saving advantages

D. 30 which a large firm can achieve on

its own is called

36.
Quantity Total Marginal A. internal economies of scale
consumed utility utility B. diseconomies of large scale
0 0 --
1 10 10 C. externa diseconomies of scale
2 15 5 D. external economies of scale
3 17 2
4 18 1
5 18 0 39. A country uses the foreign
exchange control measure to
From the table above, it can be
eliminate balance of payments
inferred that there is
deficit by

A. diminishing returns to scale

A. limiting her imports to its
B. excess of demand
currency value of exports
C. diminishing marginal utility
www.toppers.com.ng
B. limiting her exports to its 32. B 33. C 34. C 35. A 36. C
currency value of imports 37. A 38. A 39. A 40. C
C. overvaluing the country's
currency
D. reducing the nation's domestic
price level

40. The role of IBRD as an

international institution is to

A. improve trading among

member nations
B. finance private businesses in
member nations
C. facilitate the development of
infrastructure in member nations
D. solve the problem of balance of
payments of member nations

ANSWER KEYS:

1. B 2. A 3. C 4. D 5. B 6. C 7. C
8. D 9. D 10. C 11. C 12. B 13.
C 14. A 15. C 16. B 17. C 18. B
19. B 20. B

21. D 22. A 23. C 24. 25. D 26.

C 27. C 28. C 29. A 30. B 31. C

www.toppers.com.ng
 2018 JAMB ECONOMICS QUESTIONS

1. Occupational distribution of A. finance agriculture

population is mainly influenced by B. establish banks
C. acquire machinery
A. economic factors D. build houses.
B. religious factors
C. geographical factors 5. In a capitalist economy, factors
D. social factors. of production are owned and
controlled by the
2. The reward for capital is
A. citizens
A. interest B. businessmen
B. rent C. government
C. risk D. foreigners.
D. premium.
6. The establishment of industries
3. The reduction in the value of a in rural areas will help to reduce
country's currency in relation to
the value of the currencies of A. urban-rural migration
other nations is known as B. rural-urban migration
C. rural-rural migration
A. deflation D. urban-urban migration.
B. inflation
C. devaluation 7. International trade is an
D. revaluation application of the principle of

4. Mortgage banks give loans to A. industrial production

investors on a long- term basis to B. mass production
C. regional production

www.toppers.com.ng
D. comparative cost advantage. B. inadequate personnel at the
secretariat
8. The number of people who are C. political instability
qualified to work and who offer D. inadequate international
themselves for employment is support.
called
11. Joint ventures are partnership
A. migrant labour involving
B. working population
C. labour turnover A. the poor and the rich
D. mobility of labour. B. employers and workers
C. government and private
9. Which of the following is an investors
advantage of localisation of D. multinationals and individuals.
industry?
12. In which of the following
A. Development of subsidiary business units are the owners
firms mostly the customers?
B. creation of parallel markets
C. Development of slums A. co-operatives
D. Attraction of foreign capital. B. limited liability companies
C. partnership
10. The Economic Community of D. public corporations.
West African States (ECOWAS)
has been slow in achieving its 13. The formula
objectives because of
, is used to measure the

A. the activities of multinationals

A. volume of trade between
countries

www.toppers.com.ng
B. direction of international trade 16. The full meaning of OPEC is
C. commodity terms of trade
D. volume of imports. A. Oil and Petroleum Exporting
Countries
Use the table below to answer B. Original Petroleum Exporting
question 14. Countries
C. Organisation of Petrol
Products Ghana Sierra Exporting Countries
Leone
D. Organisation of Petroleum
Coffee 8 tonnes 2 tonnes
Cocoa 7 tonnes 9 tonnes Exporting Countries

14. If specialisation should take 17. The main concern of

place, then economists is to

A. Ghana should produce coffee A. control the growth of

and cocoa population
B. Ghana would benefit by B. redistribute income between
producing cocoa only the rich and the poor
C. Sierra Leone should not C. satisfy all human wants
produce any of the products D. allocate scarce resources to
D. Sierra Leone should produce satisfy human wants.
cocoa and Ghana coffee.

18. Productive resources can also

15. Which of the following is an be called
invisible item?

A. principles of production
A. Petroleum services B. factors of production
B. Processed rice C. items of production
C. Processed milk
D. Banking services
www.toppers.com.ng
D. labour and materials A. 50,000 people per square
resources. kilometre
B. 0.2 million people per square
19. The study of Economics kilometre
becomes necessary because of C. 0.5 million people per square
the kilometre
D. 20 million people per square
A. large population size of the kilometre
world
B. scarcity of resources Use the table below to answer
C. opportunity cost of goods and question 22 and 23.
services
D. need to satisfy every desire of X 2 3 4 5
F 2 5 2 1
man.

22. From the table, the mean of

20. The type of demand that
the distribution is
exists between torchlight and
battery is
A. 2.2
B. 2.5
A. competitive demand
C. 3.2
B. complementary demand
D. 4.5
C. composite demand
D. independent demand.
23. What is the median of the
distribution?
21. The population density of a
town made up of 50 square
A. 5
kilometre land area and 100
B. 4
million people is
C. 3
D. 2

www.toppers.com.ng
24. Human wants are insatiable A. $2,400.00
because wants are B. $2,000.00
C. $ 200.00
A. limited while means are scarce D. $ 1,000.00
B. unlimited and means are also
unlimited 26. What is the ratio of
C. limited and means are also expenditure on health to
limited Agriculture?
D. unlimited while means are
scarce. A. 2:3
B. 3:4
A country's budget allocation C. 4:3
to various sectors of the D. 5:4
economy is shown in the pie
chart below. Use it to answer 27. Which of the following items is
question 25 and 26 not an example of circulating
capital?

A. Raw material
B. Money
C. Fuel
D. Machinery

28. The principle of comparative

cost advantage was propounded
25. If the budget of the country by

was $7,200.00, how much is

allocated to education A. David Ricardo
B. Alfred Marshal

www.toppers.com.ng
C. J.S. Mill
D. Adam Smith

29. The rate at which a country's

exports is exchanged for her
imports is

A. trade balance A. R
B. balance of payments B. S
C. terms of trade C. T
D. balance of currency account. D. V

30. Efficiency of labour in a 32. Taxes and government

country is determined by the expenditures are instruments of
following except the

A. monetary policy
A. social attitude to work B. tax policy
B. education and training C. economic policy
C. total population D. fiscal policy.
D. working conditions of workers.

33. A situation in which a

31. The diagram below represents commodity is sold abroad below
a production function. At which of its cost of production in the home
the points does diminishing country is known as
returns set in?

A. dumping
B. counter trade
C. bilateral trade
D. trade liberalisation

www.toppers.com.ng
34. The Family Support A. 100
Programme in Nigeria essentially B. 120
focuses on C. 160
D. 200
A. the generation of employment
B. the alleviation of poverty 37. How many students took the
C. agricultural and industrial examination?
development
D. economic emancipation of A. 280
women. B. 240
C. 200
35. The Economic Commission for D. 80
Africa was set up by the
38. Utility is the satisfaction
A. UNO derived from
B. ECOWAS
C. OAU A. production
D. IMF B. distribution
C. consumption
Use the histogram below to D. demand.
answer question 36 and 37.
39. When a union is composed of
workers with the same skill it is
called

A. an industrial union
B. a workers' union
36. If the pass mark was 40, how C. a craft union
many students passed the D. a technical union.
examination?
www.toppers.com.ng
40. The major objective, of a
revenue allocation formula in a
country is to

A. share revenue between the

public and private sectors
B. ensure the financial viability of
the country
C. share revenue between the
different tiers of government
D. divert revenue from areas of
surplus to areas of needs.

ANSWER KEYS:

1. A 2. A 3. C 4. D 5. B 6. B 7. D
8. B 9. A 10. C 11. C 12. A 13. C
14. D 15. D 16. D 17. D 18. B
19. B 20. B

21. D 22. B 23. B 24. D 25. A

26. B 27. D 28. A 29. D 30. C
31. C 32. B 33. A 34. D 35. A
36. A 37. A 38. C 39. A 40. C

www.toppers.com.ng
 APPRECIATION

If you found these past questions helpful, here are some ways
you can contribute to the exam success of other TOPPERS:

 Correct an error in this past question

 Update this past question

 Submit a past question for another subject

Are you interested in contributing?