2024 JAMB Economics Past Questions

The demand curve will shift to the left when there is rise in

From the above table, calculate the national income.

In Nigeria, the bank that can correctly be described as a unit bank is

Which of the following best describes the ‘production function’?

Two goods, X and Y, are said to be complementary when

If monopoly is attempting to maximize profit, which of the following should it attempt to do?

If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is

Population density is described as the

If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

In perfect competition, price is determined by the

The regulatory authority of the capital market in Nigeria is the

In the long-run all production factors are

The supply of beverages by firms in a monopolistic market is an example of

Consider the table above showing output (Q), total cost (TC) of production and marginal cost (MC) for a firm in competitive market. Suppose price (P) = ₦ 12, what is the maximum profit the firm can make?

If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output must be

When public enterprises become commercialized, it means that

A firm incurs short-run costs when

The velocity of money is represented as

The final stage in the production process of any commodity involves its movement from

The sector that employs the largest proportion of the active labour force in Nigeria is the

The three major groups of government revenue are

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

A major function of middlemen in Nigeria is the distribution of

A distinguishing characteristics of a consumer’s cooperative is the fact that

In a normal (typical) demand schedule, the quantity demanded is

In the above diagram, which of the following is not likely to be a factor causing the change from S₁ to S₂?

One problem in the marketing of agricultural products in Nigeria is

A characteristic common to partnership and sole proprietorship is

One of the objectives of Nigeria’s current population policy is to

An effective way of controlling inflation in a mixed economy is to

An emerging agricultural export crop in Nigeria is

If budget deficits are financed by borrowing, the crowding-out effect can be offset by an increase in

Disposable income equals

The most important characteristic of money is

The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to

Insurance companies, pension and provident funds and unit trusts are all examples of

A disadvantage of concentrating industries in an area is that it could

Gresham’s law in economics shows that

The system of agricultural practice which involves hunting, gathering and growing of food crops for the family consumption only is described as

Investing heavily in the agricultural sector will lead to