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Showing 5301–5350 of 10710 questions
Instruction
JAMB Economics Past Questions
JAMB (UTME)
Economics
2025
Q5301.The ownership of a public limited liability company is made up of
Atwo to twenty persons
Bminimum of two and maximum of fifty
Cminimum of seven and no maximum number
Downer owned by the government
Correct Answer: C
A public limited liability company requires a minimum of seven shareholders, with no maximum limit.
JAMB (UTME)
Economics
2025
Q5302.All the following are types of specialization except
AManager Specialization
BProduct specialization
CSpecialization by sex
DGeographical specialization
Correct Answer: A
The main types of specialization are product, process, geographical, and specialization by sex. "Manager specialization" is not a standard type.
JAMB (UTME)
Economics
2025
Q5303.A market will be at equilibrium when
Ademand and supply are equal
Bdemand is greater than supply
Cprice is higher
Dsupply is greater than demand
Correct Answer: A
Market equilibrium occurs at the price where quantity demanded equals quantity supplied. At this point, there is no shortage or surplus.
JAMB (UTME)
Economics
2025
Q5304.Which of the following will shift the demand curve for Bournvita to the right
Aa rise in price of Bournvita
Ban increase in income
Ca tax on cocoa producer
Da fall in price of Bournvita
Correct Answer: B
An increase in income (for a normal good) shifts the demand curve to the right. A fall in price causes a movement along the curve.
JAMB (UTME)
Economics
2025
Q5305.Find the range in the following data: 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
A24
B5
C19
D12
Correct Answer: C
Range = Highest value - Lowest value = 24 - 5 = 19.
JAMB (UTME)
Economics
2025
Q5306.All the following are properties of an indifference curve except
Ait can intersect
Bit slopes downward from left to right like that of a normal demand curve
Cas it shifts rightward it indicates higher and higher level of satisfaction
Dit does not intersect
Correct Answer: A
Indifference curves cannot intersect each other. They are convex to the origin and slope downward.
JAMB (UTME)
Economics
2025
Q5307.Isocost and isoquant can be attributed to
ATheory of consumer behaviour
BTheory of cost
CTheory of production
DTheory of demand
Correct Answer: C
Isocost and isoquant are tools used in the theory of production to show the combination of inputs that yield a given output at a given cost.
JAMB (UTME)
Economics
2025
Q5308.The line Y in the diagram represents
Atotal cost
Bvariable cost
Cfixed cost
Dmarginal cost
Correct Answer: C
The line Y is horizontal, indicating that it remains constant regardless of output. This represents fixed cost.
JAMB (UTME)
Economics
2025
Q5309.The curve labeled II illustrates a system of taxation
Aproportional tax
Bregressive tax
Cvalue added
Dprogressive tax
Correct Answer: A
A proportional tax is a flat rate tax where the same percentage is paid regardless of income level.
JAMB (UTME)
Economics
2025
Q5310.What would be likely to increase inflation in any economy?
AIncrease in demand
BReduce public spending
CControl excessive import
DIncrease in direct tax
Correct Answer: A
An increase in demand without a corresponding increase in supply causes demand-pull inflation.
JAMB (UTME)
Economics
2025
Q5311.The term of trade can be expressed as
A(Price index of export ÷ Price index of export) × 100
B(price index of import ÷ price index of export) × 100
C(Price index of export ÷ Price index of import) × 100
D(Price index of export ÷ Price index of import) × 100
Correct Answer: C
Terms of trade = (Price index of exports ÷ Price index of imports) × 100.
JAMB (UTME)
Economics
2025
Q5312.The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
A2
B0.4
C1
D0.5
Correct Answer: D
MPC = Change in Consumption ÷ Change in Income = (150 - 100) ÷ (250 - 150) = 50 ÷ 100 = 0.5.
JAMB (UTME)
Economics
2025
Q5313.The study of broad economic aggregates is
AMacro economics
Bdeductive method of economic analysis
Cmicro economics
DInductive method of economics analysis
Correct Answer: A
Macroeconomics studies the economy as a whole, focusing on aggregates like national income, inflation, and unemployment.
JAMB (UTME)
Economics
2025
Q5314.A country's budget deficit can be financed by all the following except
Aborrowing from the public
Bborrowing from the central bank
Cdrawing from external reserves
Dincreasing the money supply
Correct Answer: C
Drawing from external reserves is not a standard method of financing a budget deficit. The common methods are borrowing from the public, borrowing from the central bank, and increasing the money supply.
Instruction
JAMB Economics 2010
JAMB (UTME)
Economics
2010
Q5315.Which Economics question paper type is given to you?
AType A
BType B
CType C
DType D
Correct Answer: C
The question paper type is indicated on the top of your question paper. You should check the instruction on your exam paper to confirm.
JAMB (UTME)
Economics
2010
Q5316.Economics is the study of human behaviour as it relates to the
Aefficient allocation of resources
Bproduction of goods
Coperation of companies
Dgeneration of income
Correct Answer: A
Economics studies how individuals and societies allocate scarce resources to satisfy unlimited wants. The central focus is efficient allocation.
JAMB (UTME)
Economics
2010
Q5317.The downturn in the prices of shares on stock markets is a highlight of
Aefficient allocation of resources
Bthe invisible hand
Cthe regulatory nature of the market
Dconsumer rationality
Correct Answer: B
Adam Smith's "invisible hand" refers to the self-regulating nature of the market. A downturn in share prices reflects market forces adjusting automatically.
JAMB (UTME)
Economics
2010
Q5318.If $\bar{x} = 6$ and $N = 6$, determine the value of $\Sigma fx$
A36
B12
C1
D72
Correct Answer: A
Mean = $\frac{\Sigma fx}{N} \Rightarrow 6 = \frac{\Sigma fx}{6} \Rightarrow \Sigma fx = 36$.
JAMB (UTME)
Economics
2010
Q5319.The standard deviation of a set of data is
Aalways measured from the mode
Bthe most representative of averages
Calways measured from the median
Da measure of dispersion
Correct Answer: D
Standard deviation is a measure of dispersion (spread) of data from the mean.
JAMB (UTME)
Economics
2010
Q5320.The mean is the best measure of central tendency because it
Ais not affected by extreme values in a data
Bis a midpoint value in an array of data
Cis a balancing point in an observation
Duses all values in its calculation
Correct Answer: D
The mean uses every value in the data set for its calculation, making it the most representative measure of central tendency.
JAMB (UTME)
Economics
2010
Q5321.The most popular sizes of dresses and shoes are determined by the
Arange
Bmean
Cmode
Dmedian
Correct Answer: C
The mode is the most frequently occurring value in a data set. It determines the most popular size.
JAMB (UTME)
Economics
2010
Q5322.If the demand for a good is more elastic than its supply, the tax burden is borne
Aequally by consumers and producers
Bmore by producers
Cmore by consumers
Dmore by retailers and producers
Correct Answer: B
When demand is more elastic than supply, producers bear a larger share of the tax burden because consumers can easily reduce quantity demanded.
JAMB (UTME)
Economics
2010
Q5323.If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
Adouble
Bincrease
Cbe constant
Ddecrease
Correct Answer: D
With elastic demand, a price increase leads to a proportionately larger decrease in quantity demanded, reducing total revenue.
JAMB (UTME)
Economics
2010
Q5324.An excess demand for beans will result from
Aan increase in the price of beans
Ba decrease in the price of beans
Can increase in the supply of beans
Da decrease in the supply of beans
Correct Answer: B
A decrease in price increases quantity demanded while quantity supplied falls, creating excess demand.
JAMB (UTME)
Economics
2010
Q5325.Consumer surplus tends to be higher when demand is
Ainelastic
Bperfectly elastic
Celastic
Dunitarily elastic
Correct Answer: C
Consumer surplus is higher when demand is elastic because consumers are willing to pay more than the market price.
JAMB (UTME)
Economics
2010
Q5326.One of the assumptions of ordinal utility theory is that
Achoice is not consistent
Butility can be ranked
Ctotal utility is measurable
Dutility is cardinally measured
Correct Answer: B
The ordinalist approach assumes utility can be ranked (ordered) according to preference, not measured absolutely.
JAMB (UTME)
Economics
2010
Q5327.The law of diminishing marginal utility explains why
Athe slope of a normal demand curve is negative
Ban abnormal demand curve slopes upwards
Cthe slope of a normal demand curve is positive
Dthe consumption of inferior goods increases with income
Correct Answer: A
As consumption increases, marginal utility falls. Consumers will only buy more at lower prices, giving the demand curve a negative slope.
JAMB (UTME)
Economics
2010
Q5328.If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
A1.50:
B0.40:
C1.00:
D2.00:
Correct Answer: C
Consumer surplus = Planned expenditure - Actual expenditure = 120k - 80k = 40k. (The provided answer C is a typo).
JAMB (UTME)
Economics
2010
Q5329.A set of factors that can shift the supply curve are changes in
Aweather, price and technology
Btechnology, weather and population
Ctechnology, price and taste
Dpopulation, price and taste
Correct Answer: B
Factors that shift supply include technology, weather, and population (labour force). Price causes movement along the curve, not a shift.
JAMB (UTME)
Economics
2010
Q5330.If the coefficient of price elasticity of supply is greater than one, the supply is said to be
Aperfectly elastic
Bfairly inelastic
Cinfinitely inelastic
Dfairly elastic
Correct Answer: D
Elasticity greater than one means supply is elastic (fairly elastic).
JAMB (UTME)
Economics
2010
Q5331.If commodity X is a by-product of commodity Y, this implies that both commodities are
Ain competitive supply
Bin composite supply
Cjointly supplied
Din excess supply
Correct Answer: C
Joint supply occurs when the production of one good automatically produces another (by-product).
JAMB (UTME)
Economics
2010
Q5332.In perfect competition, price is determined by the
Agovernment
Bsellers
Cbuyers
Dmarket forces
Correct Answer: D
In perfect competition, price is determined by the interaction of demand and supply (market forces).
JAMB (UTME)
Economics
2010
Q5333.In order to reduce hardship faced by consumers due to high prices government can introduce
Amaximum prices
Bcommodity boards
Cminimum prices
Dprice control boards
Correct Answer: A
Maximum price legislation (price ceiling) is used to protect consumers from high prices.
JAMB (UTME)
Economics
2010
Q5334.Average product is less than marginal product when
Athere is constant returns to scale
Bthere is increasing returns to scale
Cthere is decreasing returns to scale
Ddiminishing returns set in
Correct Answer: B
When marginal product is greater than average product, average product is rising, indicating increasing returns.
JAMB (UTME)
Economics
2010
Q5335.A firm enjoying economies of scale is said to be
Areducing average cost as production increases
Bbenefiting from the activities of other firms
Cmaximizing profits as production increases
Dhaving an upward-sloping average cost curve
Correct Answer: A
Economies of scale means average cost falls as output increases.
JAMB (UTME)
Economics
2010
Q5336.The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing
Aincreasing efficiency
Beconomies of scale
Cdiseconomies of scale
Dincreasing marginal returns
Correct Answer: C
The rising portion of the LRAC indicates diseconomies of scale, where average cost increases with output.
JAMB (UTME)
Economics
2010
Q5337.An industry's supply curve is more likely to be elastic when firms are
Aenjoying free entry and exit
Boperating at full capacity
Coperating below capacity
Dmaximizing profits
Correct Answer: C
When firms operate below capacity, they can easily increase output in response to price increases, making supply elastic.
JAMB (UTME)
Economics
2010
Q5338.One of the characteristics of monopolistic competition is that
Athere is mobility of factors of production
Bno single seller dominates the market
Cthe firms are price-takers
Dconsumers have perfect knowledge of price
Correct Answer: B
In monopolistic competition, there are many sellers, so no single seller dominates the market.
JAMB (UTME)
Economics
2010
Q5339.The demand curve for factors of production
Ais perfect elastic
Bslopes upwards
Cslopes downwards
Dis perfectly inelastic
Correct Answer: C
The demand for factors of production is derived from the demand for goods and services. It slopes downwards.
JAMB (UTME)
Economics
2010
Q5340.An agreement among firms on price and segmentation is termed
Acartel
Bcollusion
Chaggling
Dspecialization
Correct Answer: B
Collusion is an agreement among firms to fix prices or divide markets.
JAMB (UTME)
Economics
2010
Q5341.In national income accounting, tax is determined by the
Alevel of income
Blevel of consumption
Clevel of investment
Dlevel of government spending
Correct Answer: A
Tax is primarily determined by the level of income in the economy.
JAMB (UTME)
Economics
2010
Q5342.A decrease in aggregate spending in an economy will ultimately lead to
Aboom
Binflation
Cdeflation
Drecession
Correct Answer: D
A decrease in aggregate spending reduces economic activity, leading to recession.
JAMB (UTME)
Economics
2010
Q5343.If MPC is 0.7 while government expenditure increased by 150m, the equilibrium national income is