JAMB Economics Exam 2022/2023 Questions and Answers (CBT)
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Economics JAMB Exam Questions and Answers (Expo)
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The following questions and answers are for practice only.
1. Developments out of a given firm that reduce the firm’s costs are known as
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 bought, the resultant point elasticity of demand is
A. 0.33
B. 0.0001
C. 1
D.10000
ANSWER: C (1)
3. An instance 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. One of the following situations can give rise to economic issues
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
A. fixed
B. semi-fixed
C. variable
D. semi-variable
ANSWER: C (variable)
7. The advantage which firms obtain directly from expanding their operations are known 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 rise as its output increases, 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 known as 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. One of the following is a disadvantage of a joint-stock company
A. unlimited liability
B. limited liability
C. continuity
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
A. WPRZ
B. W+P+Z-R
C. PRZ+W
D. W+P+R+Z
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)
21. IBRD as an international monetary institution that it’s aim is the
A. balance of payments problems of member nations
B. financing of private business in member nations
C. development of infrastucture in member nations
D. improvement of trade among member nation
22. An advantage of the sole proprietorship over the partnership form of business organization is that
A. it enjoys limited liability for debt in the event of failure
B. Its existence is limited by an individual’s life span
C. It relies on the decision of friends to succeed
D. The possibility of conflict is management in virtually non-existent
23. The distinction between capital and recurrent expenditure lies in the
A. amount of expenditure involved
B. source of the revenue generated
C. nature of the goods and services to be provided
D. time frame of the expenditure
24. Under a floating exchange rate regime, the determinant of the exchange rate is
A. the system of government
B. demand for and supply of foreign goods
C. the highest denomination of the currency an act of the national assembly
25. To compare the standard of living among nations, the most widely used economic indicator is the
A. per capital nominal income
B. real domestic output
C. real gross national income
D. real per capital income
26. Statutory organisations usually established by Acts of parliament are known as
A. public enterprises
B. public corporations
C. cooperative societies
D. joint-stock companies
27. A greater burden of the taxes on essential goods is borne by the
A. higher income group
B. newly recruitment workers
C. lower income group
D. contract workers
28. Privatization and commercialization of public enterprises in Nigeria is necessitated by
A. the IMF conditions
B. the IBRD conditions
C. the government’s loss of interest in them
D. their operational inefficiency
29. The theory of comparative advantage states that a commodity should be produced in that nation where the
A. absolute cost is least
B. absolute money cost is least
C. opportunity cost is least
D. production possibility curve increases
30. The effect of an increase in the personal income tax is to
A. raises the absolute price level
B. distort the economy
C. reduce unemployment
D. reduce the disposable income
31. A crucial factor hindering the rapid development of the industrial sector in Nigeria.
A. excessive demand for finished products
B. the dominance of the oil sector
C. rural-urban migration
D. inadequate infrastructure facilities
32. The demand for labour is an example of
A. competitive demand
B. derived demand
C. composite demand
D. joint demand
33. The major function of multi-national companies in the petroleum industry in Nigeria is
A. oil prospecting only
B. oil marketing only
C. the establishment of refineries
D. oil marketing prospecting
34. An crucial role hindering the rapid development of the industrial sector in Nigeria.
A. excessive demand for finished products
B. the dominance of the oil sector
C. rural-urban migration
D. inadequate infrastructure facilities
35. The demand for labour is an example of
A. competitive demand
B. derived demand
C. composite demand
D. joint demand
36. The major role of multi-national companies in the petroleum industry in Nigeria is
A. oil prospecting only
B. oil marketing only
C. the establishment of refineries
D. oil marketing prospecting
37. Fixing the prices of agricultural products can be a problem because of the
A. unpredictable output of farmers
B. instability of government policies
C. activities of marketing boards
D. size of agricultural exports
38. Occupational mobility as applied to factors of production means the case by which
A. factors can be transferred from one place to another
B. factors can be transferred from one form move users to another
C. resources can be transferred from one place to another
D. resources can be transformed from one form to another
JAMB Economics Questions: How to Pass
One of the methods to pass the JAMB Economics examination is to study diligently, which is a criteria for passing any exam. Be sure you use the JAMB Economics syllabus to study diligently.
View previous JAMB Economics exam questions and solutions. Let me state unequivocally that about 50% of the JAMB questions are repeats. What does that mean, exactly? Studying previous JAMB Economics exam questions would help you do well.
