40 Possible JAMB Economics Questions and Answers 2023
Economics JAMB Questions and Answers 2023 Revealed!
As a candidate preparing for the Economics paper in the 2023 JAMB examination, it is crucial to have an idea of the types of questions you are likely to encounter. This will not only help you prepare better but also boost your confidence and improve your chances of scoring high marks in the exam.
To this end, we have compiled a list of Economics JAMB Questions and Answers 2023 for you to review. These questions are genuine and the answers provided are accurate, ensuring that you have the best possible preparation for your JAMB exam.
It is important to note that JAMB is a very serious examination, and you will be required to answer 40 questions within 26 minutes. Therefore, it is crucial to pay close attention to the information provided on this page.
As you review the questions and answers, feel free to use the comments section to seek clarification on any areas that may be unclear. We are dedicated to providing detailed explanations to help you fully understand each question.
By taking the time to review these Economics JAMB Questions and Answers 2023, you will be better equipped to handle any question that comes your way on the day of the exam. This will not only give you a greater chance of success but also help you secure admission into the institution of your choice.
Economics JAMB Questions and Answers 2023 [Numbers 1 – 10]
1. Inflation is likely to benefit
A. Debtors
B. Persons with back savings
C. Creditors
D. Persons who lived on fixed pension funds
2. Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of
A. 100 days B. 30 days
C. 90 days D. 14 days
3. The shape of a production frontiers is determined by
A. the increasing relative costs
B. returns to scale
C. diminishing returns to a fixed factor
D. increasing returns to a variable factor
4. A central argument of cardinal utility is
A. measurable B. psychological
C. external factors D. internal factors
5. If a total cost curve is plotted, marginal cost can be illustrated by the
A. slope of tangent to the curve at any given point
B. U-shaped curve cutting the total cost curve at its lowest point
C. straight line from the origin to the mid-point of the curve
D. straight line cutting the curve at its highest point
6. One of the reasons for an exception demand curve is the
A. expectation of future change in price
B. availability of credit facilities
C. change in price of commodity
D. availability of substitutes
7. Short-run period in production is a period too short for a firm to be able to change its
A. scale of production B. total revenue
C. variable inputs D. total outputs
8. Under a floating exchange rate regime, the determinant of the exchange rate is
A. an Act of National Assembly
B. the highest denomination of the currency
C. demand for and supply of foreign goods
D. the system of government
9. In order to increase revenue, the seller of a commodity whose demand is elastic is advised to
A. increase price B. reduce output
C. reduce price D. retain price
10. An institution that regulates trade relations among members is the
A. ADB B. OPEC
C. EU D. IMF
Answers to Economics Question Number 1 – 10
1.A 2.C 3.A 4.A 5.A
6.A 7.A 8.C 9.C 10.C
Economics JAMB Questions and Answers 2023 [Numbers 11 – 20]
11. A decision on input combination solves the economic problems of
A. how to produce B. for whom to produce
C. when to produce D. what to produce
12. If the short-run cost of a firm is U-shaped, the marginal and average costs are equal where the
A. average variable cost is minimum
B. marginal cost is falling
C. average cost is minimum
D. average fixed cost is falling
13. Correction in the GNP figures for price changes require the use of a
A. price deflator B. price index
C. retail price index D. producer price index
14. The gains from international trade are shared on the basis of the
A. quantity produced of each of the traded goods
B. cost of production of each of the traded goods
C. terms of trade
D. bilateral trade agreements
15. The labour force of a country best describes
A. the number of people in paid employment
B. the number of people receiving pension
C. people within the retirement age
D. people within the working age
16. The output approach to the measuring national income is based on the computation of
A. final output B. factor cost
C. value added D. profits earned
17. A high rent on land will affect the cost of producing maize
A. positively
B. negatively
C. at early stage of production
D. at the later stage of production
18. If the marginal utility of good X exceeds that of good Y, this implies that
A. a rational consumer will buy less of X
B. consuming more of X will increase total utility
C. Y is an inferior good
D. X will be cheaper than Y
19. The mean is the best measure of central tendency because it
A. is not affected by extreme values in a data
B. is a midpoint value in an array of data
C. is a balancing point in an observation
D. can be calculated from incomplete data
20. A central argument of cardinal utility is
A. measurable B. psychological
C. external factors D. internal factors
Answers to Economics Question Number 11 – 20
11.A 12.A 13.A 14.C 15.D
16.A 17.B 18.B 19.A 20.A
Economics JAMB Questions and Answers 2023 [Numbers 21 – 30]
21. The most reliable and acceptable index of economic growth is the
A. Wholesale Price Index
B. Consumer Price Index
C. National Income
D. Retailer’s Price Index
22. The quantity supplied of a commodity increases best when
A. Production increases
B. Demand increases
C. Price of the commodity increases
D. Population of the country increases
23. Production in Economics occurs when
A. a commodity or service is sold
B. utility is created or added
C. a commodity is manufactured
D. raw materials are produced or extracted from mines
E. all of these
24. Which of the following is NOT one of the balance of payment entries?
A. the current account
B. foreign exchange
C. Import and Export duties
D. Short-term capital
25. The most basic concern of economists is to
A. satisfy all human want
B. redistribute income so that it is used correctly
C. create perfect competition
D. study ways of allocating scarce resources in order to satisfy human wants
26. Which of the following is NOT included in measuring national income by the income approach?
A. Wages and salaries of public servant
B. student grants and scholarship
C. Profit of companies
D. income earned by self employed persons such as lawyers
E. Rents on property
27. An imperfectly competitive market is one where
A. a large number of firms sell homogenous products
B. input and output prices are unaffected
C. each firm faces a horizontal demand curve
D. each firm maximizes profit by selecting an output level at
E. commodities are differentiated
28. A firm is at its optimum size when
A. it produce the greatest output at a minimum cost
B. it has a motive to increase output
C. marginal cost equals marginal revenue
D. marginal cost is less than marginal revenue
29. Tax incidence is the analysis of
A. how progressive a tax is
B. how a tax is collected
C. how distorting a tax is
D. who ultimately pays the tax
30. A shift in the production possibility frontier could result from
A. unemployment
B. changes in the combination of goods produced
C. inflation
D. changes in production techniques
Answers to Economics Question Number 21 – 30
21.C 22.C 23.E 24.B 25.D
26.B 27.E 28.A 29.D 30.D
Economics JAMB Questions and Answers 2023 [Numbers 31 – 40]
31. Capital provided by individuals to the firm by purchasing stocks is called?
A. debt capital B. fixed capital
C. circulating capital D. equity capital
32. A characteristic of a debenture is that?
A. its yield is based on profits
B. its yield is a fixed rate of interest
C. it has no redemption date
D. there is a voting right when interest is paid
33. The main objective of the Economic Community of West African State is to
A. establish a West African Development Bank
B. create a West African army
C. introduce a common currency for the sub-region
D. promote the free movement of persons, goods and services within the sub-region
34. An increase in the discount rate is an indication of a central bank’s intention to pursue?
A. an expansionary monetary policy
B. a disciplined monetary policy
C. a dynamic monetary policy
D. a contractionary monetary policy
35. The technical relationship between input combination and maximum attainable output is called
A. an isocost B. an indifference curve
C. an isoquant D. a production function
36. A discount house is a market where
A. short-term and medium-term loans are obtained
B. short-term loans are obtained
C. shares are bought and sold
D. various bills are exchanged
37. The primary function of non-bank financial institutions is to
A. grant loans to banks
B. manage investment portfolios for government
C. mobilize savings for investment
D. receive deposits from banks
38. A large standard deviation is an indication of
A. a wide spread around the mean
B. the difference between the highest and the lowest values
C. a wide difference between the mean and the mode
D. the size of the sample
39. If Nigeria’s composite price index in 1999 was 140.03% and 144.05% in 2000, the rate of inflation in 2000 was
A. 1.03% B. 4.02%
C. 2.10% D. 2.87%
40. The Malthusian theory of population growth is often said to be
A. pessimistic B. optimistic
C. over-simplified D. ambiguous
Answers to Economics Question Number 31 – 40
31.D 32.B 33.D 34.A 35.D
36.D 37.C 38.A 39.D 40.A
Conclusion
So here you have the 40 Economics Questions you can expect in your 2023 JAMB examination. Read them again and again. Ensure that you get very familiar with each of them such that you can readily recognize them any time.
