The Joint Admission and Matriculation Board (JAMB) has its patterns of asking questions in Economics and understanding the patterns and the key topics in Economics would help you perform well.
JAMB Past Questions and Answers on Economics
This new process has helped in reducing malpractice, saving time and cost-effective means of making UTME a fair playing ground for all candidates. In the time past, the rate of malpractice was high but this has reduced via the introduction of CBT.
However, many students haven’t been able to integrate well with JAMB CBT and this has led to failure or underperformance of many students. For any student to pass JAMB successfully, he/she must master the act of taking CBT which is quite different from paper based test. Mastering this act will enable you to pass JAMB successfully.
Sample JAMB Past Questions and Answers on Economics
Note: The questions and answers below are for practice. Use them to prepare for JAMB mock and JAMB examination.
1. Developments outside a given firm that reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects
ANSWER: B (external economics)
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
ANSWER: C (1)
3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.
ANSWER: D (constant returns to scale)
4. Economic goods are termed scarce when they are
A. not available in sufficient quantities to satisfy all wants for them
B. not produced in sufficient quantities to satisfy the effective demand for them
C. of high quality
D. of primary importance in satisfying the needs of society.
ANSWER: A (not available in sufficient quantities to satisfy all wants for them)
5. Which of the following situations can give rise to economic problems
A. unlimited human wants
B. wants of varying importance
C. limited means available for satisfying wants
D. means used in different ways
ANSWER: C (limited means available for satisfying wants)
6. In the long run, all production factors are
ANSWER: C (variable)
7. The advantage that firms obtain directly from expanding their operations is referred to as
A. internal economies of scale
B. external economies of scale
C. economics of localization
D. economies of resource allocation
ANSWER: A ( internal economies of scale)
8. The effect of changes in the condition of demand on a demand schedule with the price constant is a
A. movement along the demand curve
B. deflation of the demand curve
C. hyperbola formation by the demand curve
D. shift of the demand curve
ANSWER: D (shift of the demand curve)
9. If a demand curve that intersects a perfectly inelastic supply shifts rightward, then
A. the equilibrium price and quantity will increase
B. only the price will increase
C. only quantity will increase
D. the price will remain constant
ANSWER: B (only the price will increase)
10. If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing
A. a large scale of production
B. profit maximization
C. economies of scale
D. diseconomies of scale
ANSWER: D ( diseconomies of scale)
11. Economic goods are termed scarce goods when they are
A. not available in sufficient quantity to satisfy all wants for them
B. not produced in sufficient quantities to satisfy the effective demand of them
C. of high quality
D. of primary importance in satisfying the needs of a society
ANSWER: A (not available in sufficient quantity to satisfy all wants for them)
12. If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under condition of
A. increasing returns to the variable factor
B. increasing returns to scale
C. constant return to the variable factor
D. external economies of scale
ANSWER: B (increasing returns to scale)
13. The ordinary partner in a partnership
A. takes no active part in the management of the business
B. has limited liability in case of business
C. has unlimited liability in case of business failure
D. cannot be sued personally on matters relating to the business
ANSWER: C (has unlimited liability in case of business failure)
14. A possible factor which limits the extent of growth of a firm is the
A. existence of a monopoly
B. bureaucratic delays in decision making
C. use of by-products
D. unwillingness to share ownership and control
ANSWER: D ( unwillingness to share ownership and control)
15. A disadvantage of a joint-stock company is
A. unlimited liability
B. limited liability
D. loss of controlling interest
ANSWER: D (loss of controlling interest)
16. An effect of inflation is that it
A. discourages trade by barter
B. favours debtors at the expense of creditors
C. increases the real income of salary earners
D. increases the value of a country’s export
ANSWER: B ( favours debtors at the expense of creditors)
17. Budget deficit is the amount by which
A. total expenditure exceeds revenue
B. recurrent expenditure exceeds revenue
C. capital expenditure exceeds revenue
D. recurrent expenditure exceeds capital expenditure
ANSWER: B (recurrent expenditure exceeds revenue)
18. Under flexible exchange rates, a deficit could be corrected by
A. freezing the gold point
B. appreciation of other currencies
C. removing export subsidies
D. removing tariffs
ANSWER: B (appreciation of other currencies)
19. If W stands for wages/salaries, P for profits, R for interest and Z for rent on land and real estate, then national income is
ANSWER: D (W+P+R+Z)
20. A made obstacle to economic development is
A. a rise in industrial output
B. low farm productivity
C. free trade
D. ineffective trade union
ANSWER: B (low farm productivity)
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Tips How to pass JAMB successfully
This post will show you some study tips that will help you to excel in your academics. Relax and read to the end.
- Read and re-read what you have learnt. Do not only skim and scan. Sit down and do a thorough studying. People tend to forget up to 80% of what they read in just one day. Reading a course 2 to 4 times is very important for deep and lasting impression.
- For maximum comprehension, you need not hurry over a text. Be patient while studying, don’t be in a hurry while reading.
- Assess yourself by asking relevant questions on the topic you have read. Make reference to past question papers to know how the questions look like and what to expect during exam. Digest and answer the questions satisfactorily.
- Form a study group with friends and try to lecture them on the topic you have studied. it helps your subconscious mind internalize the subject matter. Try to share information, it helps a lot.
- The study group will help you discover some mistakes you might have been making and they will correct you.
- After each lecture or study group class, go back and study more.
- When reading, focus on one course or subject at time for effective understanding.
- Form a timetable for reading. If you are to read Mathematics today, face it and leave other courses except during exam time.
- Note, we are unique beings. There is a special time we all like reading, Some like reading in the day while some in the midnight, Understand yours and follow it effectively.
- While studying, employ the PQ3R method. It is important to studying technique. PQ3R- Preview, Question, Read, Recall, Review.
I can categorically tell you that if you follow all the study tips outlined above, passing your exams will very easy for you.
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