Do you intend to take the Jamb 2023 exam? These are a few of the Jamb Economics past questions and responses from 2023.
For practice, see the questions and answers below.
1. Outside developments that lower a company’s expenses are referred to as
Internal and external economics, as well as external diseconomies
D. best results
SUMMARY: B (external economics)
2. If 1000 kg of yam were purchased at a price of 10 K per kg, the resulting point elasticity of demand is A. 0.33 B. 0.0001 C. 1 D. 100 000 ANSWER: C (1)
3. When all inputs are doubled and the output is similarly doubled, the situation is characterized by either A constant proportions, B growing returns to scale, C constant returns, or D constant returns to scale.
SUMMARY: D (constant returns to scale)
4. When economic products are A. insufficiently available to satisfy all demand for them, they are said to be scarce.
B. weren’t created in enough quantities to meet the actual demand for them.
C. of excellent quality D. crucial to addressing societal requirements.
REPLY: A (not available in sufficient quantities to satisfy all wants for them)
5. Which of the following circumstances can result in economic issues?
There are no end to human desires, they range in importance, there are few ways to satisfy them, and they can be manipulated in a variety of ways.
SUMMARY: C (limited means available for satisfying wants)
6. Over time, every production factor is either A fixed, B semi-fixed, C variable, or D semi-variable.
SUMMARY: C (variable)
7. The benefit that businesses gain from growing their operations is 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. Movement along the demand curve is the result of variations in the state of demand on a demanding schedule with the price constant.
B. Deflation of the Demand Curve C. Demand Curve Hyperbola Formation D. Demand Curve Shift
SUMMARY: D (shift of the demand curve)
9. If a demand curve that crosses a perfectly inelastic supply curve changes to the right, then A. the equilibrium price and quantity will rise B. only the price will rise C. only quantity will rise D. the price will stay the same.
SUMMARY: B (only the price will increase)
10. If a company experiences A. a big scale of production B. profit maximization C. economies of scale D. diseconomies of scale, then the company is said to be experiencing those conditions.ANSWER: D ( diseconomies of scale)
11. Economic products are referred to as scarce goods when they are either: A. not produced in sufficient quantities to fulfill the effective demand for them or B. not available in sufficient amounts to satisfy all desires for them.
Read also about How To Write Jamb or about Jamb Syllabus For Economics
C. of superior quality D. of utmost significance in meeting societal needs (not available in sufficient quantity to satisfy all wants for them)
12. Production is said to be occurring under the conditions 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 if units of a variable factor are steadily added to a fixed factor and the marginal physical product keeps rising. ANSWER: B. (increasing returns to scale)
13. The ordinary partner in a partnership cannot be sued personally for matters pertaining to the business, has limited liability in the event of business, and does not actively participate in the administration of the firm (has unlimited liability in case of business failure)
14. The usage of by-products, the existence of a monopoly, bureaucratic delays in decision-making, the use of monopoly pricing, and the unwillingness to share ownership and control are potential factors that could limit the scope of a firm’s expansion. ANSWER: D ( unwillingness to share ownership and control)
15. Loss of controlling stake is a joint-stock company’s worst drawback, followed by A. unlimited liability, B. limited liability, C. continuity, and D. continuity (loss of controlling interest)
16. Inflation has the following effects: A. inhibits barter commerce; B. benefits debtors at the expense of creditors; C. raises the real income of wage earners; D. raises the value of a nation’s exports. ANSWER: B. ( favours debtors at the expense of creditors)
17. The amount by which A. total expenditure exceeds income B. recurrent expenditure does, C. capital expenditure does, D. recurrent expenditure is more than capital expenditure is the budget deficit. ANSWER: B (recurrent expenditure exceeds revenue)
18. When exchange rates are flexible, a deficit can be closed by either A) freezing the gold point or B) appreciating other currencies.
C. eliminating export subsidies D. doing away with tariffs
SUMMARY: B (appreciation of other currencies)
19. The national income is A. WPRZ B. W+P+Z-R if W stands for wages/salaries, P for profits, R for interest, and Z for rent on land and real estate.
D. W+P+R+Z + C. PRZ+WANSWER: D (W+P+R+Z)
20. A growth in industrial output and B. low farm productivity are two artificial obstacles to economic development.
Free trade is C, ineffectual unions are D.
SUMMARY: B (low farm productivity)
21. As an international financial organization, IBRD is concerned with A. member nation balance of payments issues B. funding private sector enterprise in member nations C. infrastructure development in member nations D. enhancing commerce among member nations
22. A benefit of the sole proprietorship over the partnership form of business organization is that A. it has limited debt liability in the event of failure B. its existence is constrained by the lifespan of an individual C. it depends on friends making the right decision to succeed D. the likelihood of conflict in management is practically nonexistent
23. The difference between capital and recurrent expenditures lies in the A. amount of expenditure involved B. source of 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 exchange rate is determined by the A. type of government B. demand for and supply of foreign goods C. the highest denomination of the currency an act of the national assembly.
25. The most commonly used economic indicator for comparing living standards across countries is the A. per capital nominal income B. real domestic output C. real gross national income D. real per capital income
26. Generally speaking, statutory organizations created by acts of parliament are referred to as A. public enterprises B. public corporations C. cooperative societies D. joint-stock firms
27. Taxes on essential goods are paid at higher rates by higher income groups, newly hired employees, lower income groups, and contract workers.
28. Nigeria’s governmental firms must be privatized and commercialized due to A. IMF requirements
B. the IBRD requirements
A lack of interest on the part of the government B their operational inefficiency
29. According to the idea of comparative advantage, a good should be produced in the country with the lowest A. absolute cost, B. absolute money cost, C. opportunity cost, and D. production possibility curve.
30. The effect of an increase in the personal income tax is to \sA. raises the absolute price level \sB. distort the economy \sC. reduce unemployment \sD. reduce the disposable income
31. A significant obstacle impeding Nigeria’s industrial sector’s quick development.
A) an excessive demand for finished goods; B) the dominance of the oil industry; C) the movement of people from rural to urban areas; D) insufficient 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 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
34. An important factor hindering the rapid development of the industrial sector in Nigeria.
A) an excessive demand for finished goods; B) the dominance of the oil industry; C) the movement of people from rural to urban areas; D) insufficient infrastructure facilities
A. competitive demand; B. derived demand; C. composite demand; D. joint demand are examples of demand for labor.
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. When it comes to factors of production, occupational mobility refers to the situation in which A. factors can be moved from one location to another B. factors can be moved from one form to another move users to another C. resources can be moved from one location to another D. resources can be transformed from one form to another.