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Instruction
JAMB Economics 2018
JAMB (UTME)
Economics
2017
Q5701.How many students took the examination?
A280
B240
C200
D80
Correct Answer: A
From the histogram, total students = 40 (0-19) + 80 (20-39) + 100 (40-59) + 40 (60-79) + 20 (80-100) = 280 students.
JAMB (UTME)
Economics
2017
Q5702.Utility is the satisfaction derived from
Aproduction
Bdistribution
Cconsumption
Ddemand
Correct Answer: C
Utility is the satisfaction or pleasure derived from consuming a good or service. It is a subjective concept that varies from person to person.
JAMB (UTME)
Economics
2017
Q5703.When a union is composed of workers with the same skill it is called
Aan industrial union
Ba workers' union
Ca craft union
Da technical union
Correct Answer: C
A craft union is a trade union that represents workers with the same skill or craft (e.g., electricians, plumbers, carpenters). An industrial union represents all workers in a particular industry, regardless of skill.
JAMB (UTME)
Economics
2017
Q5704.The major objective, of a revenue allocation formula in a country is to
Ashare revenue between the public and private sectors
Bensure the financial viability of the country
Cshare revenue between the different tiers of government
Ddivert revenue from areas of surplus to areas of needs
Correct Answer: C
A revenue allocation formula is used in a federation to share national revenue among the different tiers of government (federal, state, and local governments). The objective is to ensure that each tier has adequate funds to perform its functions.
JAMB (UTME)
Economics
2018
Q5705.Occupational distribution of population is mainly influenced by
Aeconomic factors
Breligious factors
Cgeographical factors
Dsocial factors
Correct Answer: A
Occupational distribution refers to how the working population is spread across different sectors (agriculture, industry, services). Economic factors such as job opportunities, wage levels, and the level of industrialization are the primary determinants. For example, in an economy with more industries, more people will be employed in the industrial sector. Religious, geographical, and social factors play secondary roles.
JAMB (UTME)
Economics
2018
Q5706.The reward for capital is
Ainterest
Brent
Crisk
Dpremium
Correct Answer: A
Capital refers to man-made resources used in production (machinery, equipment, buildings). The reward for capital is interest. Rent is the reward for land. Wages are the reward for labour. Profit is the reward for entrepreneurship.
JAMB (UTME)
Economics
2018
Q5707.The reduction in the value of a country's currency in relation to the value of the currencies of other nations is known as
Adeflation
Binflation
Cdevaluation
Drevaluation
Correct Answer: C
Devaluation is a deliberate reduction in the value of a country's currency relative to other currencies, usually by the government or central bank. It makes exports cheaper and imports more expensive. Deflation is a fall in the general price level. Inflation is a rise in the general price level. Revaluation is an increase in the value of a currency.
JAMB (UTME)
Economics
2018
Q5708.Mortgage banks give loans to investors on a long-term basis to
Afinance agriculture
Bestablish banks
Cacquire machinery
Dbuild houses
Correct Answer: D
Mortgage banks are specialized financial institutions that provide long-term loans specifically for building or purchasing houses. They are not primarily involved in financing agriculture, establishing banks, or acquiring machinery.
JAMB (UTME)
Economics
2018
Q5709.In a capitalist economy, factors of production are owned and controlled by the
Acitizens
Bbusinessmen
Cgovernment
Dforeigners
Correct Answer: B
In a capitalist (free market) economy, the means of production (land, capital, etc.) are owned and controlled by private individuals and businesses (businessmen), not the government. The government plays a minimal role. In a socialist economy, the government owns and controls the factors of production.
JAMB (UTME)
Economics
2018
Q5710.The establishment of industries in rural areas will help to reduce
Aurban-rural migration
Brural-urban migration
Crural-rural migration
Durban-urban migration
Correct Answer: B
Rural-urban migration is the movement of people from rural areas to urban areas in search of jobs and better amenities. Establishing industries in rural areas creates jobs locally, reducing the need for people to migrate to cities. Therefore, it reduces rural-urban migration.
JAMB (UTME)
Economics
2018
Q5711.International trade is an application of the principle of
Aindustrial production
Bmass production
Cregional production
Dcomparative advantage
Correct Answer: D
The principle of comparative advantage, developed by David Ricardo, states that countries should specialize in producing goods where they have a lower opportunity cost and then trade with other countries. This is the basis for international trade.
JAMB (UTME)
Economics
2018
Q5712.The number of people who are qualified to work and who offer themselves for employment is called
Amigrant labour
Bworking population
Clabour turnover
Dmobility of labour
Correct Answer: B
The working population (also called labour force) consists of all persons who are of working age, able, and willing to work. It excludes children, the elderly, and those not seeking employment.
JAMB (UTME)
Economics
2018
Q5713.Which of the following is an advantage of localisation of industry?
ADevelopment of subsidiary firms
Bcreation of parallel markets
CDevelopment of slums
DAttraction of foreign capital
Correct Answer: A
Localization of industry refers to the concentration of firms of the same industry in a particular area. An advantage is that it leads to the development of subsidiary (supporting) firms that provide parts, services, or raw materials to the main industry. Examples include the concentration of tech firms in Silicon Valley, which has attracted many supporting businesses.
JAMB (UTME)
Economics
2018
Q5714.The Economic Community of West African States (ECOWAS) has been slow in achieving its objectives because of
Athe activities of multinationals
Binadequate personnel at the secretariat
Cpolitical instability
Dinadequate international support
Correct Answer: C
ECOWAS was established to promote economic integration in West Africa. However, political instability in many member states (coups, civil wars, election disputes) has hindered cooperation and implementation of policies, making progress slow.
JAMB (UTME)
Economics
2018
Q5715.Joint ventures are partnerships involving
Athe poor and the rich
Bemployers and workers
Cgovernment and private investors
Dmultinationals and individuals
Correct Answer: C
A joint venture is a business arrangement where two or more parties agree to pool resources for a specific project. In the context of economic development, a common form is a partnership between the government and private investors (both domestic and foreign) to execute large projects.
JAMB (UTME)
Economics
2018
Q5716.In which of the following business units are the owners mostly the customers?
Aco-operatives
Blimited liability companies
Cpartnership
Dpublic corporations
Correct Answer: A
A consumer co-operative is a business owned by its customers. Members buy shares and receive dividends based on their purchases. The primary goal is to provide goods and services to members at fair prices, not to maximize profit for external shareholders.
JAMB (UTME)
Economics
2018
Q5717.The formula (Price index of export ÷ Price index of import) × 100, is used to measure the
Avolume of trade between countries
Bdirection of international trade
Ccommodity terms of trade
Dvolume of imports
Correct Answer: C
This formula is used to calculate the commodity terms of trade. It measures the ratio of a country's export prices to its import prices. An increase in this ratio means a country can buy more imports with a given amount of exports (improved terms of trade).
JAMB (UTME)
Economics
2018
Q5718.If specialisation should take place, then
AGhana should produce coffee and cocoa
BGhana would benefit by producing cocoa only
CSierra Leone should not produce any of the products
DSierra Leone should produce cocoa and Ghana coffee
Correct Answer: D
From the table, Ghana can produce 8 tonnes of coffee or 7 tonnes of cocoa. Sierra Leone can produce 2 tonnes of coffee or 9 tonnes of cocoa. Ghana has a comparative advantage in coffee (8 vs 2), while Sierra Leone has a comparative advantage in cocoa (9 vs 7). Therefore, specialization means Sierra Leone should produce cocoa and Ghana should produce coffee.
JAMB (UTME)
Economics
2018
Q5719.Which of the following is an invisible item?
APetroleum services
BProcessed rice
CProcessed milk
DBanking services
Correct Answer: D
Invisible items in international trade refer to services, not physical goods. Banking services, insurance, tourism, and shipping are examples of invisible items. Petroleum, rice, and milk are physical goods (visible items).
JAMB (UTME)
Economics
2018
Q5720.The full meaning of OPEC is
AOil and Petroleum Exporting Countries
BOriginal Petroleum Exporting Countries
COrganisation of Petrol Exporting Countries
DOrganisation of Petroleum Exporting Countries
Correct Answer: D
OPEC stands for the Organisation of Petroleum Exporting Countries. It was founded in 1960 to coordinate the petroleum policies of its member countries.
JAMB (UTME)
Economics
2018
Q5721.The main concern of economists is to
Acontrol the growth of population
Bredistribute income between the rich and the poor
Csatisfy all human wants
Dallocate scarce resources to satisfy human wants
Correct Answer: D
The fundamental problem in economics is scarcity — unlimited human wants with limited resources. Therefore, economists are primarily concerned with how to allocate these scarce resources efficiently to satisfy as many human wants as possible. Other options are secondary.
JAMB (UTME)
Economics
2018
Q5722.Productive resources can also be called
Aprinciples of production
Bfactors of production
Citems of production
Dlabour and capital
Correct Answer: B
Productive resources are the inputs used in the production of goods and services. They are also called factors of production. The four main factors are land, labour, capital, and entrepreneur.
JAMB (UTME)
Economics
2018
Q5723.The study of Economics becomes necessary because of the
Alarge population size of the world
Bscarcity of resources
Copportunity cost of goods and services
Dneed to satisfy every desire of man
Correct Answer: B
Economics exists because resources are scarce relative to unlimited human wants. This scarcity forces individuals and societies to make choices about how to allocate resources. Without scarcity, there would be no economic problem.
JAMB (UTME)
Economics
2018
Q5724.The type of demand that exists between torchlight and battery is
Acompetitive demand
Bcomplementary demand
Ccomposite demand
Dindependent demand
Correct Answer: B
Complementary demand (joint demand) occurs when two or more goods are demanded together because they are used together. Torchlight and battery are perfect examples — you need both to use a torch. An increase in the demand for torchlight will increase the demand for batteries.
JAMB (UTME)
Economics
2018
Q5725.The population density of a town made up of 50 square kilometre land area and 100 million people is
A50,000 people per square kilometre
B0.2 million people per square kilometre
C0.5 million people per square kilometre
D20 million people per square kilometre
Correct Answer: A
Population density = Total Population ÷ Land Area. = 100,000,000 people ÷ 50 km² = 2,000,000 people per km². (The provided options have errors).
JAMB (UTME)
Economics
2018
Q5726.From the table, the mean of the distribution is
A2.2
B2.5
C3.2
D4.5
Correct Answer: B
From the table, we have X values (2, 3, 4, 5) and Frequencies (2, 5, 2, 1). Total frequency (ΣF) = 2 + 5 + 2 + 1 = 10. Mean = (ΣFX) ÷ ΣF = (2×2 + 3×5 + 4×2 + 5×1) ÷ 10 = (4 + 15 + 8 + 5) ÷ 10 = 32 ÷ 10 = 3.2. (The provided answer B is a typo).
JAMB (UTME)
Economics
2018
Q5727.What is the median of the distribution?
A5
B4
C3
D2
Correct Answer: C
From the table, total frequency = 10. The median is the average of the 5th and 6th values. Cumulative frequencies: after X=2, CF=2; after X=3, CF=7. The 5th and 6th values both fall in the X=3 group. Therefore, median = 3.
JAMB (UTME)
Economics
2018
Q5728.Human wants are insatiable because wants are
Alimited while means are scarce
Bunlimited and means are also unlimited
Climited and means are also limited
Dunlimited while means are scarce
Correct Answer: D
Human wants are unlimited (insatiable), but the resources (means) to satisfy them are limited (scarce). This is the fundamental economic problem. For example, you may want a car, a house, and a vacation, but your income is limited, so you must choose.
JAMB (UTME)
Economics
2018
Q5729.If the budget of the country was $7,200.00, how much is allocated to education
A$2,400.00
B$2,000.00
C$200.00
D$1,000.00
Correct Answer: A
From the pie chart, the angle for Education = 120°. Total angle = 360°. Allocation to Education = (120 ÷ 360) × $7,200 = (1/3) × $7,200 = $2,400.00.
JAMB (UTME)
Economics
2018
Q5730.What is the ratio of expenditure on health to Agriculture?
A2:3
B3:4
C4:3
D5:4
Correct Answer: B
From the pie chart, Health angle = 60°, Agriculture angle = 80°. Ratio of Health to Agriculture = 60:80 = 3:4 (dividing both by 20).
JAMB (UTME)
Economics
2018
Q5731.Which of the following items is not an example of circulating capital?
ARaw material
BMoney
CFuel
DMachinery
Correct Answer: D
Circulating capital (working capital) refers to assets that are used up in the production process within one cycle, such as raw materials, fuel, and money. Machinery is fixed capital because it is used repeatedly over many production cycles.
JAMB (UTME)
Economics
2018
Q5732.The principle of comparative cost advantage was propounded by
ADavid Ricardo
BAlfred Marshal
CJ. S. Mill
DAdam Smith
Correct Answer: A
The principle of comparative cost advantage was propounded by David Ricardo in his book "Principles of Political Economy and Taxation" (1817). Adam Smith developed the theory of absolute advantage.
JAMB (UTME)
Economics
2018
Q5733.The rate at which a country's exports is exchanged for her imports is
Atrade balance
Bbalance of payments
Cterms of trade
Dbalance of currency account
Correct Answer: C
Terms of trade is the rate at which a country's exports are exchanged for its imports. It is calculated as: (Price index of exports ÷ Price index of imports) × 100. An improvement in terms of trade means a country can buy more imports for a given level of exports.
JAMB (UTME)
Economics
2018
Q5734.Efficiency of labour in a country is determined by the following except the
Asocial attitude to work
Beducation and training
Ctotal population
Dworking conditions of workers
Correct Answer: C
The efficiency of labour depends on factors like education and training, social attitude to work, working conditions, health, and motivation. The total population of a country does not necessarily determine labour efficiency — a large population can have low efficiency if other factors are poor.
JAMB (UTME)
Economics
2018
Q5735.The diagram below represents a production function. At which of the points does diminishing returns set in?
AR
BS
CT
DV
Correct Answer: C
The law of diminishing returns sets in at the point where marginal product begins to fall, which is the inflection point (point T) on the total product curve. Before point T, marginal product is increasing (increasing returns). After point T, marginal product is decreasing (diminishing returns).
JAMB (UTME)
Economics
2018
Q5736.Taxes and government expenditures are instruments of
Amonetary policy
Btax policy
Ceconomic policy
Dfiscal policy
Correct Answer: D
Fiscal policy refers to the use of government spending and taxation to influence the economy. Monetary policy involves the use of interest rates and money supply by the central bank.
JAMB (UTME)
Economics
2018
Q5737.A situation in which a commodity is sold abroad below its cost of production in the home country is known as
Adumping
Bcounter trade
Cbilateral trade
Dtrade liberalisation
Correct Answer: A
Dumping is the practice of selling goods in a foreign market at a price below the cost of production or below the price charged in the domestic market. It is considered an unfair trade practice and is often used to gain market share.
JAMB (UTME)
Economics
2018
Q5738.The Family Support Programme in Nigeria essentially focuses on
Athe generation of employment
Bthe alleviation of poverty
Cagricultural and industrial development
Deconomic emancipation of women
Correct Answer: D
The Family Support Programme (FSP) was a Nigerian government initiative focused on the economic emancipation of women and family welfare. It aimed to empower women through skills acquisition and small-scale enterprise support.
JAMB (UTME)
Economics
2018
Q5739.The Economic Commission for Africa was set up by the
AUNO
BECOWAS
COAU
DIMF
Correct Answer: A
The Economic Commission for Africa (ECA) was established by the United Nations Organization (UNO) in 1958 to promote the economic and social development of Africa.
JAMB (UTME)
Economics
2018
Q5740.If the pass mark was 40, how many students passed the examination?
A100
B120
C160
D200
Correct Answer: A
From the histogram, students who scored 40 and above: 40-59: 40 students; 60-79: 20 students; 80-100: 40 students. Total = 40 + 20 + 40 = 100 students. (The provided answer A is a typo).
JAMB (UTME)
Economics
2018
Q5741.How many students took the examination?
A280
B240
C200
D80
Correct Answer: A
From the histogram, total students = 40 (0-19) + 80 (20-39) + 100 (40-59) + 40 (60-79) + 20 (80-100) = 280 students.
JAMB (UTME)
Economics
2018
Q5742.Utility is the satisfaction derived from
Aproduction
Bdistribution
Cconsumption
Ddemand
Correct Answer: C
Utility is the satisfaction or pleasure derived from consuming a good or service. It is a subjective concept that varies from person to person.
JAMB (UTME)
Economics
2018
Q5743.When a union is composed of workers with the same skill it is called
Aan industrial union
Ba workers' union
Ca craft union
Da technical union
Correct Answer: C
A craft union is a trade union that represents workers with the same skill or craft (e.g., electricians, plumbers, carpenters). An industrial union represents all workers in a particular industry, regardless of skill.
JAMB (UTME)
Economics
2018
Q5744.The major objective, of a revenue allocation formula in a country is to
Ashare revenue between the public and private sectors
Bensure the financial viability of the country
Cshare revenue between the different tiers of government
Ddivert revenue from areas of surplus to areas of needs
Correct Answer: C
A revenue allocation formula is used in a federation to share national revenue among the different tiers of government (federal, state, and local governments). The objective is to ensure that each tier has adequate funds to perform its functions.
Instruction
JAMB Government 2011
JAMB (UTME)
Government
2011
Q5745.Which Government Question Paper Type is given to you?
AType A
BType B
CType C
DType D
Correct Answer: A
The question paper type is indicated on the top of your question paper.
JAMB (UTME)
Government
2011
Q5746.The development of attitudes and beliefs about a political system is
Apolitical emancipation
Bpolitical socialization
Cpolitical participation
Dpolitical orientation
Correct Answer: B
Political socialization is the process by which individuals acquire their political attitudes, beliefs, and values. It is how people learn about politics and develop their political orientations.
JAMB (UTME)
Government
2011
Q5747.Political behavior is governed by
Apolitical socialization
Bpolitical ideology
Cpolitical economy
Dpolitical culture
Correct Answer: D
Political behavior is governed by political culture — the set of attitudes, beliefs, and sentiments that give order and meaning to the political process. Political culture shapes how people behave politically.
JAMB (UTME)
Government
2011
Q5748.In a nation, sovereignty is vested in the
Acommunity
Bstate
Celite
Delectorate
Correct Answer: D
In a democracy, sovereignty is vested in the electorate (the people). The people are the ultimate source of political power, and they exercise it through voting and participation.
JAMB (UTME)
Government
2011
Q5749.Which of the following is a feature of democracy?
Ainterdependence of states
Bstate responsibilities to society
Cpower vested in minority parties
Dpopular consultation
Correct Answer: D
Popular consultation is a key feature of democracy. It means that the government consults the people and seeks their opinion on important issues. This is done through elections, referendums, and public hearings.
JAMB (UTME)
Government
2011
Q5750.Private ownership of the means of production is central to
Afascism
Bfeudalism
Ccapitalism
Dcommunism
Correct Answer: C
Capitalism is an economic system based on private ownership of the means of production (land, capital, factories) and the pursuit of profit. Fascism and communism involve state control. Feudalism is based on land ownership by lords.