This is for UTME Candidates looking for JAMB Economics Questions and Answers 2026. Especially for those aspiring for Economics, Bus Admin, and other social sciences and art courses requiring Economics. Here you will get genuine Economics JAMB questions and answers for 2026. Your duty now is to read through them as many times as possible and get ready to smash your Economics paper. Remember to use the comments sections if you have questions, and don’t forget to join our Free Online Tutorial Classes on YouTube. (Subscribe to the Channel)
Table of Contents
JAMB Economics Questions and Answers 2026
The following JAMB Economics Questions and Answers 2026 are the questions you should expect in your Economics paper in 2026 UTME, together with their answers. You can click on the answer keys to get explanations
UTME Economics Examination 2026
Instructions: Choose the correct option. Tap the blue button to reveal answer & JAMB-style explanation.
1. The central problem of economics is
Explanation: Economics studies how society allocates scarce resources to satisfy unlimited human wants. This is the fundamental economic problem.
2. A movement along the same demand curve is caused by
Explanation: Only price change causes movement along the curve (expansion/contraction). Others shift the curve.
3. The demand for money is
Explanation: Money is demanded not for itself but to buy goods/services → derived demand.
4. When the marginal product is negative, the total product is
Explanation: Stage III of production: MP < 0 → TP declines.
5. The type of cost that must be covered even when a firm shuts down is
Explanation: Fixed costs (rent, insurance) are incurred whether production occurs or not.
6. A perfect competitive firm maximizes profit where
Explanation: Profit maximization rule: Produce where Marginal Cost = Marginal Revenue.
7. The main objective of OPEC is to
Explanation: OPEC coordinates petroleum policies to ensure stable prices for producers and consumers.
8. Inflation caused by excess demand is known as
Explanation: Too much money chasing too few goods → demand-pull.
9. The Central Bank can control money supply through all except
Explanation: Fiscal policy is controlled by the government, not CBN.
10. A country has a comparative advantage when it can produce a good at
Explanation: David Ricardo’s theory: Trade based on lower opportunity cost.
11. The tax that takes a higher percentage from the rich is
Explanation: Progressive tax: As income rises, tax rate increases (e.g., PAYE in Nigeria).
12. The population theory that says population grows geometrically while food grows arithmetically was propounded by
Explanation: Malthusian Theory (1798) – warns of population outstripping food supply.
13. When a country’s currency loses value in the foreign exchange market, it is
Explanation: Floating rate: Naira depreciates when demand falls.
14. The balance of payments deficit can be corrected by
Explanation: All measures improve current account balance.
15. The GDP at factor cost is obtained by
Explanation: GDP at market price − indirect taxes + subsidies = GDP at factor cost.
16. A major disadvantage of specialization is
Explanation: Workers become bored doing the same task repeatedly.
17. The demand for labour is an example of
Explanation: Labour is demanded to produce goods/services.
18. In national income accounting, net export is
Explanation: Net exports = Exports − Imports.
19. The main source of government revenue in Nigeria is
Explanation: Over 70% of federal revenue comes from oil (NNPC remittances).
20. The exchange rate system in Nigeria since 2016 is
Explanation: CBN intervenes in the market → managed float.
40. The economic system where the government owns all means of production is
Explanation: Communism = total public ownership (no private property).
Read Also: 20 Most Repeated Topics in JAMB Economics Exams 2026
Conclusion
So here you have the 40 Economics Questions you can expect to see in your 2026 JAMB examination. Read them again and again. Ensure that you get very familiar with each of them to the extent that you can readily recognize them any time. JAMB is a very serious examination and a lot depend on it. You will answer 40 questions in JAMB Economics 2026 within 26 minutes. So it’s important that you pay attention to the information revealed on this page.
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