JAMB Economics Past Questions and Answers


JAMB Economics past questions and answers are now available for download in PDF format. See how to access JAMB Economics past questions that will help boost your score and your overall performance in the 2023 JAMB Economics examination below.

JAMB Economics exam past questions and answers are provided here for download. All you have to do is to scroll through each of the questions. Scroll down to download the free JAMB Economics past questions and answers 2023.

JAMB Past Questions for Economics

This web page was created for the purpose of helping all prospective undergraduate students who are searching for JAMB Economics past questions for preparation.

If you are one of them, then we have uploaded up-to-date JAMB Economics past questions to help you during your preparation. So if you have been searching for JAMB past questions and answers for Economics, then you are on the right page.

The Economics JAMB past questions will help you to know the nature and pattern of the Joint Admissions and Matriculation Board (JAMB) Examination. These materials will give you insight and prepares you for what to expect during the examination.


Our earnest desire is that you score higher in the upcoming Unified Tertiary Matriculation Examination for prospective undergraduates. That’s why we have uploaded the JAMB past Economics questions and answers for your preparation.

All you have to do is to prepare well in order to score high in the upcoming examination. Remember, preparation is key to success. Download the JAMB Economics past questions in PDF format below.

JAMB Economics Past Questions and Answers

1. One benefit a country can derive from the extraction of crude oil is increase in

  • A. population
  • B. employment
  • C. money supply
  • D. demand for imports

2. Which of the following activities will not lead to economic growth?

  • A. Massive importation of capital goods
  • B. Intensive capital formation
  • C. Use of modern technology
  • D. Massive importation of consumer goods

3. The stock exchange is an example of the

  • A. labour market
  • B. money market
  • C. commodity market
  • D. capital market

4. In order to increase revenue, government should tax commodities for which demand is

  • A. perfectly price inelastic
  • B. price inelastic
  • C. price elastic
  • D. unitary elastic

5. A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, and sold the bread for $320.00. The value added by the baker.

  • A. $302.00
  • B. $52.00
  • C. $18.00
  • D. $622.00

6. Demand-pull inflation is likely to be caused by

  • A. an increase in the cost of factor inputs
  • B. increase in the income tax rate
  • C. increase in bank lending rate
  • D. increasingly large budget deficit

7. What happens when the central bank increases the bank rate in an economy

  • A. borrowing is discouraged
  • B. customers increase their borrowing
  • C. banks can increase their lending
  • D. money supply increases

8. The use of the bank rate, cash ratio and open market operations constitute

  • A. fiscal policy
  • B. monetary policy
  • C. import policy
  • D. export policy

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

  • A. are located very close to consumers
  • B. finance both producers and retailers
  • C. pass information on from retailers to consumers
  • D. sell in small units to consumers

10. In the event of bankruptcy, owners of joint-stock companies lose

  • A. their private properties
  • B. both company and private assets
  • C. only the capital invested
  • D. only their dividends

11. A firm’s average cost decreases in the long run because of

  • A. increasing returns to scale
  • B. diminishing average returns
  • C. decreasing marginal returns
  • D. decreasing average fixed cost

12. In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city’s population is?

  • A. 0.0045 million
  • B. 4.5 million
  • C. 1.25 million
  • D. 16 million

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

  • A. greater than average cost
  • B. less than average variable cost
  • C. equal to the minimum average revenue is
  • D. equal to the average cost

14. Palm oil and palm kernel are in

  • A. joint supply
  • B. competitive demand
  • C. competitive supply
  • D. complementary demand

15. A supply curve parallel to the X-axis indicates

  • A. fairly elastic supply
  • B. infinitely elastic supply
  • C. fairly inelastic supply
  • D. perfectly inelastic supply

16. Which of the following is not emphasized in a product possibility curve?

  • A. Scarcity of resources
  • B. Economic development
  • C. Inefficiency in the use of resources
  • D. Unemployment of labour

17. Commercial banks are different from development banks in that the latter

  • A. lend on short-term basis
  • B. pay interest on current accounts only
  • C. are mostly joint-stock companies
  • D. do not deal in foreign currencies

18. A major function of the retailer is to

  • A. grant credit to the wholesaler
  • B. break bulk and sell products in small units
  • C. reduce cost of distribution
  • D. generate demand for products through advertisement

19. Economics problems arise in all societies because

  • A. resources are mismanaged by leaders
  • B. there is no proper planning
  • C. resource are not in adequate supply
  • D. the services of economists are not employed

20. Producers operating in a free market economy are more efficient as a result of

  • A. the existence of competition
  • B. the very few number of participants
  • C. the commitment of the shareholders
  • D. government regulation of their activities

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