Jamb 2023 Economics Questions & Answers Repeated Questions & Answers

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Economics is an important core subjects for all jamb candidates who want to study any courses in the faculty of social sciences. The importance of economics can’t not be overemphasized and you shouldn’t joke with this subject.

The jamb economics questions and answers will show you what jamb will likely set in the forth coming 2024 JAMB cbt exams, we won’t fail to remind you that past questions and answers remains the key for outstanding success in all field of endeavor.

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What we will be doing here is to put down some random jamb repeated questions and answers that comes up in almost every year’s jamb

Note that this is my personal opinion, don’t limit your scope of reading to this material.

In the the just concluded 2021 Jamb exams we where able to prove to thousands of jamb candidates that yes past questions is the the king, it’s my own opinion and I can confidently say that about 80% of the jamb questions will come from past questions.

ANY candidates who take his or her time to do a thorough work or research won’t find it difficult getting at least 75 in economics alone.

Frequently Repeated Questions for Jamb | Jamb Economics Questions

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Like we have promised to provide you with random repeated questions we feel that might be out it’s your duty to make sure that you study this question very well because they might be twisted somehow just to confuse you.

In the just concluded 2022 Jamb we where able to prove not only that those who took our advice smile out of the exam hall.

Facts about Jamb Economics Questions & Answers

We want you to know that the Joint Admissions and Matriculation Board JAMB won’t have enough time to set new questions for millions of candidates that will be sitting for the much anticipated 2024 jamb examination.

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They are running out of time and their main focus will be to make sure that jamb accredited centres are up to standard.

Likely Jamb Questions & Answers for Economics

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I can beat my chest that about 50% of the below questions i will be dropping will come out though some might be twisted to make it look different,that’s why you must be well prepared and equipped with jamb syllabus for economics garnish with relevant text books that are comprehensive enough for you.

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Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these

A budget deficit means

A. That a country is buying more than is selling
B. That a country is selling more than is buying
C. That a government is spending more than in takes in taxation
D. That a government is spending less than it takes in taxation
E. That a government is spending as much as it takes in taxation

When elasticity is zero, the demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Concave
D. Downward slopping
E. Circular

The following is NOT a reason for the existence of small firms

A. Scale of production is limited by size of the market
B. Expansion brings diminishing returns
C. Large firms can carter for wide markets
D. Small firms can provide personal services
E. All of the above

Inferior goods are referred to in Economics as goods

A. Whose quality is low
B. Consumed by very poor people
C. Whose consumption falls when cunsumers’ income rises
D. Which satisfy only the basic needs
E. None of the above

Malthus became famous through his theory which may be stated simply

A. the death rate may become so high that people may not be able to produce
B. population may outgrow the means of subsistence
C. people will eventually decide not to have children
D. migration of people from one place to another may leave some parts of the world barren
E. all of the above

A commercial bank is unique in that it is the only institution that

A. makes loans to private people and businessmen
B. accept deposits
C. can store peoples’ valuables
D. can transfer money from one place to another for its customers
E. saves money through the granting of credits

Which is an example of an invisible item in the trade Account of Ghana?

A. Export of Cocoa from Ghana
B. Import of oil from Nigeria
C. A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
D. Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
E. None of the above

Which is NOT a direct effort to increase Agricultural production in Nigeria?

A. Operation feed the Nation
B. Nigerian Youth Service Corps
C. Increased loans to farmers and cooperatives
D. Research in Agric & Extension services
E. Mechanization of Agriculture

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

A. Increasing Marginal utility
B. Diseconomies of scale
C. Increasing costs
D. Constant returns to scale
E. Increasing returns to scale

Price control cannot work in Nigeria because

A. the population is too large
B. the policemen hate to arrest people
C. while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
D. control cannot work under military rule
E. too many things are produced in the country

The foreign exchange market is a market where

A. graded commoditties like wheat, flour, etc are sold and bought
B. currencies are sold and bought
C. treasury bills are sold and bought
D. government bonds are sold and bought
E. treasury certificates are sold

Which of the following financial assets consist the lowest rate of interest in Nigeria?

A. commercial bills
B. call money
C. treasury bills
D. development loan stocks
E. deposits with the federal savings bank

The effect of the demand for product A caused by a change in the price of a product B is called?

A. cross-elasticity of demand
B. elasticity of supply
C. competitive demand
D. composite demand
E. joint demand

Which of the following can be regarded as a liability of a commercial bank?

A. advances
B. deposits
C. treasury bills
D. overdrafts
E. cash

A Tax which takes a higher percentage from higher incomes is called?

A. a regressive tax
B. a progressive tax
C. a proportional tax
D. an indirect tax
E. a direct tax

Which of the following statements is true?

A. A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
B. taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
C. The sole proprietor is a legal entity
D. the influence of demand on price will be smallest on the short run
E. the cost of production is the most important determining factor of supply in the long run

The largest liability appearing in the book of a commercial bank is

A. cash
B. deposits
C. loans and advances
D. capital and reserves
E. treasury bills

The Lagos clearing house is

A. a commodity market
B. an import licensing centre
C. another name for the Lagos stock exchange
D. an insurance and underwriting centre
E. a cheque sorting centre

The biggest source of government revenue in Nigeria is

A. mining, rents and royalties
B. company income tax
C. import duties
D. export duties
E. petroleum profit tax

MOSTLY REPEATED Economics Past Questions and Questions to Expect

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1. The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units. Over this price range, the demand curve is
A. fairly inelastic
B. fairly elastic
C. perfectly inelastic
D. perfectly elastic

2. In economis analysis, a statement is said to be normalize if, it
A. can be tested scientifically
B. relates to value judgment
C. is contradictory
D. is incorrect

3. Utility is the satisfaction derived from
A. production
B. distribution
C. consumption
D. demand

4. If there is an increase in demand without a corresponding increase in supply, there will be
A. fall in price
B. rise in price
C. shift in supply curve to the right
D. shift in demand curve to the left

How do you see the questions and answers? Hope it’s quite interesting and a bit confusing? Well don’t fail to back this up with other past questions mostly from 1984 to 2014.

Use the production possibility curve of a country represented in the diagram below to answer questions 5 and 6

5. An improvement in technology will enable the country to produce at
A. V B. W C. X D. Z

6. If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
A. v
B. W
C. X
D. Z

7. In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
A 3y and 3x
B. 6y and 4x
C. 3y and 6x
D. 5y and 5x

8. When two variables are positively related, the graph of the relationship
A. is a straight line
B. is a downward-sloping curve
C. is an upward sloping curve
D. has a negative intercept

9. For an inferior good, a decrease in real income lead to
A. an outward shift of the demand curve
B. an inward shift of the demand curve
C a lowed equilibrium price
D. a change in quantity demanded

10. In a planned economy the emphasis is on
A. individual choice and decisions
B. public ownership and control
C. private ownership and control
D. prices and competition

11. Price elasticity of supply is a ratio of the change in
A. quantity supplied to the c change in demand
B. original quantity to a change in new quantity
C. quantity supplied to the change in price
D. price to the change in quantity supplied.

12. the long-run average cost curve is called a planning curve because it shows what happens to costs when.
A. variable inputs are increased
B. fixed factors are increased
C. different sizes of plants are built
D. a bigger size of plants is built

13. Imperfect market is characterized by
A. many buyers and few sellers
B. a large number of buyers and sellers
C. non-preferential treatment
D. perfect mobility of factors of production

14. Short-run period in production is a period for a firm to be able to change its
A. variable inputs
B. total outputs
C. total revenue
D. scale of operation

Use the table below to answer questions 15 and 16

Output Produced per day (unit)	Fixed Cost per day (N)	Total Cost per day (N)
20	60	100
30	60	120
40	60	130
50	60	135
60	60	150
70	60	170
80	60	190

15. The ATC at 30 units of output is
A. 120.000
B.N60.00
C.N40.00
D.N3.00

16. At 60 units of output, the AVC is
A. N150.00
B. N90.00
C.N2.50
D.N1.50

17. If the demand curve facing a frim is sharply downward sloping, the firm is likely to be
A. a perfect competitor
B. a monopolistic competitor as it can have a limited influence as it can have a limited influence on price
C. an oligopolist as it can collude with other firms to have some influence on price

That’s the much we can take on the topic “Jamb Economics Questions & Answers Repeated Questions & Answers”.

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