JAMB Economics 2021 Past Questions

Question 0

A firm is at its optimum size when ___________

A.It has a motive to increase output
B.It produces the greatest output at a minimum cost
C.Marginal cost equals marginal revenue
D.Marginal cost is less than marginal revenue
E.

Objective

Question 0

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

A.100 days
B.30 days
C.90 days
D.14 days
E.

Objective

Question 0

The petro-chemical industries are located in Rivers State of Nigeria due to ________

A.Coal deposit
B.Palm oil products
C.Favourable soil
D.Oil deposits
E.

Objective

Question 0

Units of Quality Consumes

Total Utility

Marginal Utility

0

1

2

3

4

5

-

10

15

17

18

-

10

5

2

1

0

This table illustrates the law of _________

A.Increasing returns
B.Diminishing returns
C.Diminishing marginal utility
D.Increasing total utility
E.

Objective

Question 0

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

A.Monopoly
B.Oligopoly
C.Monopolistic competition
D.Perfect competition
E.

Objective

Question 0

Full employment is a situation in which _______

A.Every adult is employed.
B.Only the disable are not employed.
C.All adults who can work are employed.
D.All those who are able and eligible can find employment
E.

Objective

Question 0

Mono production economies are those that____

A.Produce one main commodities
B.Have a rich cultural heritage.
C.Specialize in agricultural industries.
D.Produce only raw materials.
E.

Objective

Question 0

Petroleum 'glut' in international trade means______

A.Higher prices for the Consumption of petroleum.
B.An Oversupply of petroleum.
C.A fall in in petroleum production.
D.A higher petroleum price offered by the buyer.
E.

Objective

Question 0

Retailers in an economy perform the function of ______

A.Distribution.
B.Exchange
C.Investment
D.Production
E.

Objective

Question 0

In a sole proprietorship, the decisions are made by the ______

A.Government
B.Management
C.Owner
D.Board of Directors
E.

Objective

Question 0

Palm oil industry is located in Old Bendel State because the state______

A.Land is suitable for oil
B.Is a palm tree growing area
C.Soil is unsuitable for other crops
D.Imports raw materials for palm oil industry
E.

Objective

Question 0

Which of the following sets fully represents factors of production?

A.Sunlight, machinery, man, land
B.Land, water, weather
C.Money, market, middlemen
D.Land, labour, capital, enterprise, technology
E.

Objective

Question 0

Which of the following countries is not a member of the Economic Community of West African States?

A.Sudan
B.Gambia
C.Togo
D.Nigeria
E.

Objective

Question 0

Oligopoly means _________

A.single buyer in the market.
B.few buyers in the market.
C.few sellers in the market
D.
E.

Objective

Question 0

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

A.1.5:2
B.2:2
C.2:1.5
D.0.5:1.5
E.

Objective

Question 0

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

From the table, it can be deduced that_______

A.Nigeria should produce cocoa and lace
B.Nigeria can benefit from producing lace only
C.Austria should produce lace and Nigeria should produce cocoa
D.Austria should produce cocoa and lace
E.

Objective

Question 0

The PAYE ( Pay As You Earn) in Nigeria is an example of ______

A.Flat rate Tax
B.Community tax
C.Regressive tax
D.Progressive tax
E.

Objective

Question 0

A good measure of the standard of living usually used for international comparison is_______

A.Per capita income (PCI)
B.Gross national product (GND)
C.Net national income (NNI)
D.Gross domestic product (GDP)
E.

Objective

Question 0

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

A.Availability of labour in the area
B.Availability of power
C.Nearness of raw material
D.Access to transport facilities
E.

Objective

Question 0

The Power Holding Company of Nigeria (PHCN) is a ________

A.Public limited company
B.Private authority
C.Public Corporation
D.Public Liability company
E.

Objective

Question 0

Which of the following is NOT a character of perfect competition?

A.Supply and demand are equal
B.Products are identical
C.There is perfect knowledge
D.There is no advertising
E.

Objective

Question 0

Inflation is likely to benefit_______

A.Debtors
B.Persons with back savings
C.Creditors
D.Persons who lived on fixed pension funds
E.

Objective

Question 0

When a nation's exports are greater than its imports,_________

A.The net foreign trade is zero
B.A favourable balance of trade exists
C.A favourable balance of payment exists
D.An unfavourable balance of trade exists
E.

Objective

Question 0

Surplus in balance of payments leads to ________

A.Government budget surplus
B.Increase in foreign reserves
C.Decrease in foreign reserves
D.None of the above
E.

Objective

Question 0

Economics may be defined as ________

A.The study of human behaviour in the allocation of scarce resources
B.The study of money and banking
C.The study of markets and prices
D.The study of production and distribution
E.

Objective

Question 0

Money becomes a very poor store of value in a period of _______

A.Harvest
B.Deflation
C.Recession
D.Inflation
E.

Objective

Question 0

In Nigeria, cheques are not money because________

A.Most Nigerians cannot identity them
B.They are not legal tender
C.There are no banks in rural areas
D.They are not generally acceptable as a medium of exchange
E.

Objective

Question 0

Division of Labour is limited by the________

A.Size of labour firm
B.Availability of raw material
C.Size of the labour force
D.Absolute size of the country's population
E.

Objective

Question 0

The value of money depends primarily on _________

A.The gold backing of the currency
B.The general price level
C.Government decree that it is legal tender
D.None of the above
E.

Objective

Question 0

In a free market economy. the rationing of scarce goods is done principally by_______

A.Consumers
B.The government
C.The price mechanism
D.All of the above
E.

Objective

Question 0

If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________

A.Scarce
B.Normal
C.Superior.
D.Inferior
E.

Objective

Question 0

An economic problem arises when________

A.Sellers are few
B.Scarcity and choices are involved
C.Buyers are many
D.Money is in short supply
E.

Objective

Question 0

Which of these is not a cause of high population growth in Nigeria?

A.Improved hygiene
B.Reduction in death rate
C.Family planning unit of Nigeria
D.Increased birth rate
E.

Objective

Question 0

Inflation can be curbed by _______

A.Deficit budget
B.Paying higher wages
C.Increased aggregate demand
D.Reducing aggregate demand
E.

Objective

Question 0

A typical corporate form of business organization is owned by ______

A.Shareholders
B.A local government
C.The president of a country
D.Foreigners and citizens of the country.
E.

Objective

Question 0

The price mechanism______

A.Rations the consumers
B.Rewards the producers
C.Regulates supply and demand
D.Allocates scarce resources.
E.

Objective

Question 0

If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

A.Progressive
B.Proportional
C.Indirect
D.Regressive
E.

Objective

Question 0

Which of these is not usually the function of a wholesaler?

A.Branding
B.Storage
C.Transport
D.Advertising
E.

Objective

Question 0

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______

A.Zero
B.10
C.2
D.1
E.

Objective

Question 0

By utility we mean________

A.Uselessness
B.Power of satisfying a want
C.Beneficial
D.Consumable
E.

Objective