You are welcome to this educative website. In today’ article, I will be revealing to the JAMB Economics Questions and Answers for 2024 Examination.
Economics is one the subject combinations for JAMB candidates who chose to study any Social Science course in the university. Sometimes candidates’ performances are not as expected due lack of access to the likely questions before the date of the examination.
Having noticed the increasing rate of this poor performance in Economics, I have gone a long way to ensure that I get the expected questions and answers for the 2024 JAMB examination so that candidate will be able to get the required JAMB Cut Off Mark. If you would like to be one of first to take advantage of this opportunity, make sure read this article carefully to the end.
JAMB Economics Questions 2024
The expected JAMB Economics Questions for the 2024 Examination is secretly out. It is only interested candidates and those who visit this website regularly that will have access to this information (EXPO) that I am revealing to you. The questions are as follow:
1. Developments outside a given firm that reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
A. 0.33
B. 0.0001
C. 1
D.10000
3. A situation 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.
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.
5. Which of the following situations can give rise to economic problems
A. unlimited human wants
B. wants of varying importance
C. limited means available for satisfying wants
D. means used in different ways
6. In the long run, all production factors are
A. fixed
B. semi-fixed
C. variable
D. semi-variable
7. The advantage that firms obtain directly from expanding their operations is referred to as
A. internal economies of scale
B. external economies of scale
C. economics of localization
D. economies of resource allocation
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
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
10. If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing
A. a large scale of production
B. profit maximization
C. economies of scale
D. diseconomies of scale
11. Economic goods are termed 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
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
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
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
15. A disadvantage of a joint-stock company is
A. unlimited liability
B. limited liability
C. continuity
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
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
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
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
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
21. IBRD as an international monetary institution is concerned with 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 called
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. An important 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 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. 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 Answers 2024
- ANSWER: B (external economics)
- ANSWER: C (1)
- ANSWER: D (constant returns to scale)
- ANSWER: A (not available in sufficient quantities to satisfy all wants for them)
- ANSWER: C (limited means available for satisfying wants)
- ANSWER: C (variable)
- ANSWER: A ( internal economies of scale)
- ANSWER: D (shift of the demand curve)
- ANSWER: B (only the price will increase)
- ANSWER: D ( diseconomies of scale)
- ANSWER: A (not available in sufficient quantity to satisfy all wants for them)
- ANSWER: B (increasing returns to scale)
- ANSWER: C (has unlimited liability in case of business failure)
- ANSWER: D ( unwillingness to share ownership and control)
- ANSWER: D (loss of controlling interest)
- ANSWER: B ( favours debtors at the expense of creditors)
- ANSWER: B (recurrent expenditure exceeds revenue)
- ANSWER: B (appreciation of other currencies)
- ANSWER: D (W+P+R+Z)
- ANSWER: B (low farm productivity)
More Answers loading…
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JAMB Economics Frequently Repeated Questions
If you check the already given JAMB Economics Question for 2024, you are going to observe that some of the questions were repeated from the previous years. Most of these repeated questions were not just repeated for one year. Hence, the need to separate the most frequently repeated questions. They include the following:
1. The concept of economic efficiency primarily refers to
A. Obtaining the maximum output from available resources at the lowest possible cost
B. Conservation of our petroleum resources
C. Equity in the distribution of the nation’s wealth
D. Producing without waste
E. The limited wants unlimited resources dilemma
2. If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will add less to the output than previous units of labour.
A. The productivity of labour
B. The law of diminishing marginal utility
C. The law of diminishing returns
D. The concept of factor intensity
E. Labour-intensive production.
3. If there is an increase in demand without a corresponding increase in supply, there will be
A. Fall in price
B. Rise in price
C. Shift in the supply curve to the right
D. Shift in the demand curve to the left
Use the production possibility curve of a country represented in the diagram below to answer questions 4 and 5
4. An improvement in technology will enable the country to produce at
A. V B. W C. X D. Z
5. If the country is currently producing at point Y, it can increase the production of producer goods by moving to the point
A. v
B. W
C. X
D. Z
6. In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
A 3y and 3x
B. 6y and 4x
C. 3y and 6x
D. 5y and 5x
7. When two variables are positively related, the graph of the relationship
A. is a straight line
B. is a downward-sloping curve
C. is an upward sloping curve
D. has a negative intercept
8. For an inferior good, a decrease in real income leads to
A. an outward shift of the demand curve
B. an inward shift of the demand curve
C a lowed equilibrium price
D. a change in quantity demanded
9. In a planned economy the emphasis is on
A. individual choice and decisions
B. public ownership and control
C. private ownership and control
D. prices and competition
10. Price elasticity of supply is a ratio of the change in
A. quantity supplied to the c change in demand
B. original quantity to a change in the new quantity
C. quantity supplied to the change in price
D. price to the change in quantity supplied.
11. the long-run average cost curve is called a planning curve because it shows what happens to costs when.
A. variable inputs are increased
B. fixed factors are increased
C. different sizes of plants are built
D. a bigger size of plants is built
12. Imperfect market is characterized by
A. many buyers and few sellers
B. a large number of buyers and sellers
C. non-preferential treatment
D. perfect mobility of factors of production
13. Short-run period in production is a period for a firm to be able to change its
A. variable inputs
B. total outputs
C. total revenue
D. scale of operation
14. Which of the following is not a source of government revenue?
A. Investment income,
B. Tax
C. Loans
D. Imports duties
15. Which of these factors affects the value of money?
A. Exchange rate
B. Price level
C. Durability
D. Flexibility
E. Printing rate
16. The demand curve is ____ when the elasticity is zero.
A. Elastic
B. Inelastic
C. Downward slopping
D. Upward sloping
E. Static
Important Keys to Answering JAMB Economics Questions
Getting a high score in JAMB Economics examination is a very simple task only if you apply the right keys. Few keys that I am going to share with you in this section of the article will help you in no small way as you strive to score above 300 in the 2024 UTME.
- Make sure you cover the JAMB Economics Syllabus for 2024
- Read all the JAMB Recommended Economics Textbooks.
- Master the use of common economics formulas
- Practice Economics Past Questions and Answers regularly
- Avoid any plan for examination malpractices.
If can carefully put all these stated keys, I assure you that you are definitely going to come out with a flying colour at the end of the examination.
I hope that you enjoyed reading this article to the end. If you have any other question about JAMB Economics Questions and Answers 2024, kindly make use of the comment section under this article.
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