50 Most Repeated JAMB Economics Questions and Answers

This post is for JAMB candidates who are preparing to sit for Economics in their UTME examination. So I’m going to share the most repeated JAMB Economics questions with you and tell you a few things you need to know about JAMB repeated questions. But beyond showing you the JAMB repeated questions on Economics, I will also give you the link to the entire JAMB Economics Past Questions and Answers PDF.

When I started receiving the question, “Does JAMB Repeat Past Questions?” on my various platforms, I made a post on this website where I authoritatively informed my readers that JAMB indeed repeats their past questions.

But when we think about Economics as a subject, we all acknowledge the fact that it is both vast and evolving. We know that JAMB can afford to set hundreds of new questions every year if they so wish.

However, JAMB repeats certain questions in Economics exams for reasons best known to them.

So I’m going to devote this post to showing you JAMB Most Repeated Questions in Economics. Of course, when you have insight into the questions JAMB repeats most, you will prepare better for them.

Importance of Gaining Insight into the Most Repeated JAMB Economics Questions

Gaining insight into the most repeated JAMB Economics questions is very essential for your success in the forthcoming 2024 exams.

This is because when you see the most repeated Economics questions, you can tell which topics they are coming from. When you know the topics, you can do justice to them using your JAMB Recommended Textbooks. This is one of the secrets to effective preparation for JAMB.

The JAMB most repeated Economics questions are also the likely questions for 2024. So if you are looking for JAMB likely questions on Economics for 2024 UTME, read the questions on this post carefully. If you do, you will thank me later.

The Most Repeated JAMB Economics Questions and Their Answers

I am going to give you the most repeated JAMB Economics questions in groups of 10. For each group, I will provide the answers as a guide for the candidates who may wish to do their revision on this platform.

Most Repeated JAMB Economics Questions (1 – 10)

1. Developments outside a given firm which reduce the firm’s costs are called
A. internal economies              B. external economies
C. external diseconomies         D. optimum effects

2. If X represents the factors of production and Y represents the price factor, which of the following sets of association is correct?
A. (land, rent), (capital, wage), (labour, profit)
B. (land, interest), (capital, profit), (labour, wage)
C. (land, wage), (capital, interest), (labour, rent)
D. (land, rent), (capital, interest), (labour, wage)

3. If at 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1500kg were purchased, the resultant point elasticity of demand is
A. 0.33                B. 0.0001
C. 1                     D. 10,000

4. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. constant returns
C. increasing returns to scale
D. constant returns to scale

5. Economic goods are termed scarce goods 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

6. Which of the following situations will give rise to economic problems?
A. unlimited human wants
B. wants of varying importance
C. limited means for satisfying wants
D. means used in different ways

7. An accurate census is important to a country because it helps
A. in solving unemployment problem
B. to ensure equitable population distribution relative to natural resources
C. in deciding on creation of more local government
D. in providing sound basis for formulating development policy

8. Circular flow of income defines the
A. relationship between end and means in the economic system
B. allocation of income to various members of the household
C. flow of goods, services and money amongst the various macro-section of the economy
D. microeconomic relationships in economic analysis

9. In the long run, all production factors are
A. fixed                       B. semi-fixed
C. variable                  D. Semi-variable

10. The advantages which firms obtain directly from expanding their operations are referred to as
A. internal economies of scale
B. external economies of scale
C. economies of localization
D. economies of resource allocation

Answers to Questions (1 – 10)

1.B          2.D        3.C       4.D        5.A
6.C          7.D        8.C       9.C       10.A

Most Repeated JAMB Economics Questions (11 – 20)

11. 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

12. If a demand curve that intersects a price inelastic supply curve shifts rightward
A. the equilibrium price and quantity increase
B. only the price will increase
C. only the quantity will increase
D. the price will remain constant

13. The average product of labour in a given period is obtained by dividing the
A. number of workers by the total product
B. total product by the number of hours actually worked
C. change in total product by change in the total number of workers
D. total product by the number of workers

14. If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing
A. large scale production
B. profit maximization
C. economies of scale
D. diseconomies of scale

15. The production possibility curve can be used to explain the underlying concepts of
A. scale of preference and choice
B. opportunity cost and choice
C. wants and means
D. opportunity cost and scale of preference

16. If the increase in the price of yams is used to estimate the inflation rate, this is an example of
A. deductive reasoning
B. inductive reasoning
C. normative reasoning
D. positive reasoning

Use the data below to answer questions 17 and 18

54, 35, 62, 79, 83, 36, 62, 42, 62, 42.

17. Calculate the mean
A. 45.5               B. 55.7
C. 55.8               D. 65.8

18. What is the modal score?
A. 36                 B. 42
C. 54                 D. 62

19. A major determinant of demand for a luxury good is
A. the price of the good
B. price of other goods
C. the income of consumers
D. taste and fashion

20. As long as marginal utility is positive, total utility must be
A. negative           B. increasing
C. zero                D. decreasing

Answers to Questions (11 – 20)

11.D        12.B         13.D        14.D        15.B
16.B         17.C        18.D         19.C        20.B

Most Repeated JAMB Economics Questions (21 – 30)

21. One of the factors affecting the supply of manufactured good is
A. weather
B. technology
C. consumer tastes
D. availability of inputs

22. An upward movement along the same supply curve results in
A. an increase in supply
B. a decrease in price
C. a decrease in quantity supplied
D. an increase in quantity supplied

23. An example of an indirect tax is
A. profit tax                 B. sales tax
C. capital gain tax       D. poll tax

24. A major consideration in locating a cement factory is the availability of
A. skilled labour
B. power
C. infrastructural facilities
D. limestone

25. The activities of the oil and gas industries are classified into
A. exploration and transportation
B. upstream and downstream
C. discovery and extraction
D. onshore and offshore

26. Joint-stock companies can raise funds from
A. the money market
B. the capital market
C. various sources
D. government

27. To protect farmers during a bumper harvest, the government usually
A. sets a maximum price
B. releases products from the buffer stock
C. sells the excess to consumers
D. sets a minimum price

28. Contractionary monetary policy is used to
A. control inflation
B. bridge the deflationary gap
C. expand the output level
D. deregulate the economy

29. The output approach to measuring national income is based on the computation of
A. final output              B. factor cost
C. value added             D. profits earned

30. The need to construct a scale of preference is necessitated by
A. the need to satisfy wants
B. scarcity and the need for choice
C. scarcity of resources
D. non-availability of factors of production

Answers to Questions (21 – 30)

21.B        22.D         23.B        24.D       25.B
26.B        27.D         28.A        29.A       30.B

Most Repeated JAMB Economics Questions (31 – 40)

31. Economic goods are termed scarce goods when
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 needs of a society

32. The demand of a commodity is affected by
A. the consumer of the commodity
B. the price of the commodity alone
C. the price of the commodity, income of the consumer, prices of other commodities and preferences of the consumer
D. government policy

33. The demand curve can be derived from
A. the total utility curve
B. the cardinal utility theory
C. the marginal utility curve
D. all of the above

34. Which of the following statements is true of the effect of changes in demand and supply on price?
A. A decrease in supply will lead to the fall in price and a fall in the quantity bought and sold.
B. An increase in demand will lead to a fall in price and in the quantity bought and sold.
C. A decrease in demand will lead to a rise in price and in the quantity bought and sold.
D. An in increase in supply will lead to a fall in price and a rise in the quantity bought and sold.

35. The basic idea behind the brand differentiation under an imperfect market arrangement is to
A. stimulate demand for rival product
B. create demand for the particular product
C. enable the product to penetrate the market
D. enable the product to compete with other products

36. It is important to measure the national income of a country because
A. it is a major determinant of the standard of living
B. it reveals hazards of development like pollution and congestion
C. it reveals the distribution of the citizens’ savings in foreign bank
D. its size determines the extent of political stability

37. Adding government and foreign sectors to the circular flow of income and product
A. does not disturb the basic qualities of the circular flow
B. does alter the basic qualities of the circular flow
C. is the basis for understanding the circular flow
D. disturbs the understanding of the circular flow

38. Consumption plus investment plus government purchases plus net exports make up
A. national income
B. net national income
C. net national product
D. national product

39. The role of the Central Bank in the economic development of Nigeria is to
A. use cheques and bank drafts to facilitate business transactions
B. maintain a stable price system
C. give short- and medium-term loans to the public
D. give financial and technical advice to customers

40. The average tax rate is defined as
A. total tax rate less the marginal tax rate
B. the tax rate which applies to additional value of income
C. the ratio of the total taxes paid to total income
D. marginal tax rate for being progressive

Answers to Questions (31 – 40)

31.A        32.C       33.C        34.D        35.B
36.A        37.D       38.A        39.B        40.C

Most Repeated JAMB Economics Questions (41 – 50)

41. Suppose that the equilibrium price of an article is #500 but the government fixes the price by law at #400, the supply will be
A. the same as the equilibrium supply
B. greater than the equilibrium supply
C. less than the equilibrium supply
D. determined later by the government
E. none of the above

42. Which of the following is not a direct tax?
A. Company Income Tax
B. Capital Tax
C. Purchase Tax
D. Personal Income Tax
E. Capital Gains Tax

43. The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these at home is known as
A. Industrialization
B. Export promotion
C. Import substitution
D. Export substitution
E. Import expansion

44. The basic principles of cooperative societies are those of
A. active participation of capitalists in the affairs of co-operative societies
B. worker ownership and owner control
C. sole proprietorship
D. partnership
E. denying of credit facilities to members

45. Foreign exchange control in Nigeria is administered by the
A. United Bank for Africa
B. Union Bank of Nigeria
C. First Bank of Nigeria
D. Central Bank of Nigeria
E. National Bank of Nigeria

46. The rate of exchange between a domestic and a foreign currency is defined as
A. Terms of trade
B. Domestic currency price of a unit of the foreign currency
C. Foreign currency price of gold
D. Domestic currency price of gold
E. None of the above

47. A perfect example of a public good is
A. Air
B. Education
C. Defense
D. Transport
E. All the above

48. A schoolgirl who needs a book and a mirror, each costing five Naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determine the real cost of her book.
A. The five Naira she spent on the book
B. Five Naira real cash value
C. The mirror
D. The book
E. None of the above

49. A system in which the means of production is held in trust for the people by the government is known as a
A. social economy
B. capitalist economy
C. subsistence economy
D. mixed economy
E. open economy

50. A firm determines its profits when it studies its
A. marginal cost
B. average cost
C. total cost
D. average cost relative to price in the market
E. average variable cost

Answers to Questions (41 – 50)

41.C       42.C       43.C        44.D         45.D
46.B       47.C       48.C        49.A         50.D

How to Pass JAMB Economics Questions in 2024

Now that I’m done showing you the most repeated JAMB Economics questions, it’s time to show you how to score high in the subject.

If Economics is one of your four JAMB Subject Combinations, then your goal must be to get a high score in the subject.

And to pass JAMB Economics with a high score, you must study hard in preparation for the examination. This entails getting the Official JAMB Syllabus for Economics. You will also need to get one or two of the JAMB Recommended Textbooks for Economics and the Past Questions and Answers PDF.

Here’s one JAMB success secret you must never joke with…

Over 40% of the Economics questions you will see in the JAMB CBT exam hall will be repeated from the past questions.

So it’s very important that you get a good JAMB past questions and answers on economics. By good past questions and answers I mean the one with a complete coverage of the past questions. It should start from the inception of JAMB exams till date. It must also have error-proof and comprehensive answers.

When you get these important JAMB preparatory tools, the next thing is to make out time for actual study. You can create a workable study timetable for yourself and follow it religiously. Guided by the syllabus, read your textbooks and practice the past questions over and over.

Then pray for the best outing on your exam day.

Conclusion

Here is where we come to the end of this post on the Most Repeated JAMB Economics Questions.

Adequate preparation is key to success. So do your best to go over these questions again and again till you master them.

Also let me know your thoughts via the comments section. Just scroll down to drop a comment about other Most Repeated JAMB Economics Questions beyond what I have shared on this post.

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