likely JAMB Economics Questions and Answers To CBT Exams for all batches is now available – It is very possible to download likely objectives Economics Expo/runs Exposed for the Joint Admission and Matriculation Board, JAMB Questions and Answers online.
Here we have equally provided the Unified Tertiary Matriculation Examination, UTME Economics Past Questions and Answers, key points and hot topics for JAMB Econs to help candidates to make a good score when the result is released. Read more for randomly repeated JAMB economics questions.
Candidates writing JAMB Economics Exams 2026 looking for the current CBT Questions and Answers, this post will make available JAMB guidelines for you, other necessary information to guide you while the UTME first, second, and third batch exams is going on,
Economics JAMB Past Questions
The JAMB Economics Sample Questions and Answers is very important for you: Make sure you read the passage carefully before attempting the questions. You are expected to take only one option.
1. Which of the following is NOT one of the characteristics of developing countries?
- A. Low saving
- B. Mono- product economy
- C. High capital formation
- D. High unemployment
Answer: B (Mono- product economy)
2. Economics is often described as a science because it
- A. engages accurate predication of human beings
- B. use scientific methods to explain observed phenomena
- C. make use of controlled experiments
- D. employs the use of laboratory experiments
Answer: B (use scientific methods to explain observed phenomena)
3. Overpopulation is caused by
- A. emigration
- B. disease
- C. low Literacy rates
- D. war and conflicts
Answer: C (low Literacy rates)
4. ————- is NOT the cause of balance of payments (BOP) deficits in Nigeria
- A. Poor performance of non-oil sector
- B. High servicing of debt
- C. No import substitution strategies
- D. Export promotion
Answer: A (Poor performance of non-oil sector)
5. Increase in cost of production is caused by one of the following?
- A. Demand pull inflation
- B. Cost push inflation
- C. Structural inflation
- D. Hyper-inflation
Answer: B (Cost push inflation)
6. The number of people who are qualified to work and who offered themselves for employment are called
- A. mobility of labour
- B. working population
- C. migrant labour
- D. labour turnover
Answer: B (working population)
7. Agriculture accounts for about 60% of the
- A. service sector activities in West Africa
- B. arable land in West Africa
- C. active labour force in West Africa
- D. commodity market in West Africa
Answer: C (active labour force in West Africa)
8. ………….. measures the natural growth rate of population.
- A. Birth + Net migration = Death
- B. Birth rate – Death rate
- C. Birth rate/Death rate
- D.Natural increase – Birth rate + Net migration
Answer: B (Birth rate – Death rate)
9. The quantity of commodity a consumer is willing and able to buy at a particular time is called
- A. desire
- B. wish
- C. demand
- D. supply
Answer: C (demand)
10. All of the following describes conditions necessary for existence of a perfect market EXCEPT
- A. lack of homogeneity of goods
- B. portability of goods
- C. large buyers and sellers
- D. perfect knowledge
Answer: A (lack of homogeneity of goods)
11. Economists refer to private goods as
- A. non rival and excludable
- B. rivalrous and excludable
- C. non rival and non- excludable
- D. rivalrous and non-excludable
Answer: B (rivalrous and excludable)
12.Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds
- A. less to TR as to TC
- B. as much to TR as to TC
- C. more to TC than to TR
- D. less to TC than to TR
Answer: D (less to TC than to TR)
13.The problem of “how to produce” in any economy is solved by
- A. combining capital and labour intensive methods of production
- B. adopting the least cost method of production
- C. using capital intensive method of production
- D. employing the services of a manager
Answer: B (combining capital and labour intensive methods of production)
14. The use of tax and expenditure policy to regulate the economy is known as
- A. monetary policy
- B. physical measures
- C. deregulation
- D. fiscal policy
Answer: D (fiscal policy)
15. Which of the following is the correct order in the chain of distribution?
- A. Consumer -> Distributor → Retailer → Producer
- B. Producer → Wholesaler → Retailer → Consumer
- C. Retailer → Consumer → Producer → Wholesaler
- D. Producer → Consumer → Retailer → Wholesaler
Answer: B (Producer → Wholesaler → Retailer → Consumer)
16.Which of the following is NOT associated with minimum price legislation?
- A. wastages of resources
- B. excess supply
- C. excess demand
- D. unemployment
Answer: C (excess demand)
17.An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.
- A. communist
- B. mixed
- C. socialist
- D. capitalist
Answer: B (mixed)
18. A major characteristics of a firm operating at a long-run equilibrium position is that
- A. average variable cost is fixed
- B. all costs can be varied
- C. only variable cost changes
- D. fixed cost can not be changed
Answer: B (all costs can be varied)
19.The trade-off between two commodities along the Production Possibility Curve (PPC) shows
- A. transferable output
- B. unattainable combination
- C. scarcity principle
- D. opportunity cost principle
Answer: D (opportunity cost principle)
20.The demand for factors of production is said to be
- A. joint
- B. complementary
- C. derived
- D. composite
Answer: C (derived)
21. If two bags of rice were sold for #1,250 a month ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is
- A. constant
- B. fluctuating
- C. increasing
- D. decreasing
Answer: D (decreasing)
22.Which of the following is NOT included in-measuring the National income through the income approach?
- A. profit earned by NITEL plc
- B. Profit earned by Nigerian bottling company plc
- C. Income earned by a bricklayer
- D. Allowance given to an aged mother by a civil servant
Answer: D (Allowance given to an aged mother by a civil servant)
23. Which of the following is NOT a function of the IMF?
- A. Providing financial aid to members experiencing balance of payment difficulties
- B. Promoting international monetary cooperation
- C. Exchange rate stabilization
- D. assisting member countries in printing and issuing their currency
Answer: D (assisting member countries in printing and issuing their currency)
24.When an increase in the price of a commodity lead to a fall In the demand for another, the demand for the two commodities are said to be
- A. competitive
- B. joint
- C. composite
- D. derived
Answer: B ( joint)
25. The following are rewards for factors of production EXCEPT
- A. profit
- B. rent
- C. interest
- D. subsidy
Answer: D (subsidy)
26.Economic problem arises as a result of
- A. money cost
- B. opportunity cost
- C. choice
- D. scarcity
Answer: D (scarcity)
27.Which of the following will NOT bring about an increase in Labour force?
- A. Decrease in death rate
- B. Better medical services
- C. Immigration
- D. Emigration
Answer: D (Emigration)
28.Persistent fall In the general price level is known as
- A. deflation
- B. devaluation
- C. general price Increase
- D. inflation
Answer: A (deflation)
29. Which of the following is NOT a function of marketing boards in Nigeria?
- A. Grading of farm produce
- B. Importation of farm produce
- C. Fixing of prices for farm produce
- D. Marketing of farm produce
Answer: B (Importation of farm produce)
30. An industry operating in a perfect competitive market situation will maximum profit when
- A. DD < SS
- B. MC > AC
- C. MC = MR
- D. MC < AR
Answer: C (MC = MR)
31. An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
- A. mining
- B. manufacturing
- C. processing
- D. conversion
Answer: C (processing)
32.The satisfaction derived from the consumption of a commodity is referred to as
- A. consumption
- B. production
- C. utility
- D. demand
Answer: C (utility)
33. Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
- A. Stabilizing oil prices putting a production ceiling
- B. Refining of petroleum products in member countries
- C. Raising the revenue of member countries from oil through price increase
- D. Ensuring efficient and regular supply of oil to the two market
Answer: B (Refining of petroleum products in member countries)
34.Stock exchange market deals with
- A. sales of second hand securities
- B. sales of foreign exchange
- C. exchange of stock fish for stock
- D. exchange of treasury bills
Answer: A (sales of second hand securities)
35. Which of the following is a disadvantage of localization of industries?
- A. Creating structural unemployment
- B. Reducing cost of production
- C. Encouraging the growth of skilled labour
- D. Encouraging subsidiary industries
Answer: D (Encouraging subsidiary industries)
36. At the equilibrium price,
- A. demand equates supply
- B. price is equal to demand only
- C. demand is less than supply
- D. demand is greater than supply
Answer: A (demand equates supply)
37. The system of farming which involves the use of a large hectare of land planted with economic crops is known as
- A. peasant farming
- B. tree planting
- C. plantation farming
- D. mechanized farming
Answer: C (plantation farming)
38. The following are problems of development planning in Nigeria EXCEPT
- A. inadequate capital
- B. under-population
- C. inadequate statistical data
- D. poor implementation of economic planning
Answer: B (under-population)
39. The following determine the level of consumption EXCEPT
- A. level of income
- B. the rate of taxes paid
- C. savings
- D. the political climate
Answer: D (the political climate)
40. Which of the following is NOT an objective of Economic planning?
- A. Equitable allocation of resources
- B. Widening the income gap
- C. Achieving economic growth
- D. Creating employment
Answer: B (Widening the income gap)
Answer tips for JAMB Questions 2026
The tips below are very important while writing the Unified Tertiary Matriculation Examination, UTME. To Make the best out of the exams, we encourage candidates to do the following:
- Early Arrival to the Exams venue: Make sure you are at the Exams venue as early as possible so that you will remain calm and ready to write the exams without rushing any process.
- Read the questions carefully before taking any option: The idea here is that you will understand the questions very well. There are some questions that demand less time while others do not.
- Adhere to CBT exams Instruction accordingly: The instructions in the exams hall are very important, do not take things for granted.
- Pray: Prayer is very important, commit the exams you are about writing into the hands of the God Almighty.
- Time Management: Candidates are expected to manage their time effectively so as not to run out of it without attempting all the expected questions.
JAMB most Repeated Questions on Economics
These questions are often from hot Topics in Economics.
The following Subjects will not fail to appear:
- Economics as a science
- Economic Systems.
- Methods and Tools of Economic Analysis
- The Theory of Demand
- The Theory of Consumer Behaviour
- The Theory of Supply
- The Theory of Price Determination
- The Theory of Production
- Theory of Costs and Revenue
- Market Structures
- National Income
- Money and Inflation
- Financial Institutions
- Public Finance
- Economic Growth and Development
- Agriculture in Nigeria
- Industry and Industrialization
- Business Organizations
- Population
- International Trade
- International Economic Organizations
- Factors of Production and their Theories
Conclusion
It is important to remind candidates that infoshoutloud.com.ng team do not in anyway supply JAMB Candidates with JAMB expo but provide useful information and guidelines on how to pass and Score high in the Unified Tertiary Matriculation Examination, UTME. Make good use of the jamb syllabus, practice past Questions and prepare adequately for the exams.
Time Duration for Economics Exams:
The time expected to answer Economics questions may not be more than 50 minutes.
Do not forget that you will have three subjects to tackle, do not waste your time in one subject. The total time for the three subjects will be within 2 hours 30 minutes.
JAMB Economics Frequently Repeated questions”
There are many Questions candidates may not fail to see in Every Year JAMB Exams. These Questions are there for candidates who make good use of their Past Questions and The CBT Practice Softwares.
If you want more about JAMB Economics Questions and Answers, leave your opinion on the comments section below.
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