2020 JAMB Economics Past Questions

The term “ceteris paribus” in economics means

The voting power in cooperative societies are vested on

Economics is the study of human behavior as it relates to the

In the production process, total output is at maximum when

From the shaded area of the diagram above, an appropriate population policy will be to

In a capitalist economy system, the problem of what to produce is decided mainly by:

By definition, VC is related to TC and FC by the equation

Scarcity in economics implies that

Choice in economic life is necessitated by

The fundamental problem of economics is

One of the following is an advantage of sole proprietorship

The advantages which firms obtain directly from expanding their operation is referred to as

A country is said to have absolute advantage when she

An economy in which both the public and private sectors contribute to economic growth is a

If the marginal utility of good X exceeds that of good Y, this implies that

Population growth can be calculated as:

An important market in which there is only one buyer of a commodity is

In the pie chart shown above, the percentage for children is equivalent to

Life insurance companies contribute to economic development by holding a part of their assets in

When demand is elastic, it means that consumers

Which of these alternatives is wrong? Central banks are

Optimum population is desirable because it enables an economy to attain maximum

In the diagram above, the price P₂ in price control situation is referred to as

In Nigeria, revenue sharing from the federation account is between the

An advantage of electronic banking is that, it

The Malthusian theory was concerned about the relationship between

Which of the following is not true about debentures?

If national income rises by 6% and population rises by 3% , per capita income will

A good indicator of economic development is an increase in:

In the graph above, FG indicates

If C stands for consumption expenditure, I for investment, X for export and M for import. The national income is

The most important requirement for increasing agricultural output in Nigeria is

Economic growth is different from economic development because economic growth

If the government expenditure exceeds revenue, the result is

If high unemployment goes hand in hand with rising prices, the situation created is

Ad valorem tax means

To perform its function as a store of wealth and standard for deferred payment, money must be

The monetary control instrument most effectively used by the central bank of Nigeria is the

Devaluation is effective when

In perfect competition a firm’s price is equal to its marginal revenue which is again equal to average revenue. This firm maximizes its profits when its marginal cost (MC) is equal to price (P). Which of the curves in the diagram below represents the firm’s marginal cost (MC)?