Jamb Economics Questions 2018 | Check Repeated Questions on Economics Jamb 2018

Jamb Economics questions 2018 | Check Repeated Questions on Economics Jamb 2018

jamb 2017 physics questions and answers was set for all candidates to prepare perfectly for the ongoing Jamb Exams. These Jamb Questions shows the consistently repeated questions set by Jamb for Economics. We are writing a series of Jamb repeated questions for Jamb Cbt exams ongoing on Literature in English.

Jamb Economics Questions

Jamb Economics Questions

Like we wrote on jamb physics question 2017, we have also gotten the constantly repeated Questions of the Joint Admission and Matriculation board and we have updated you with it to know the type of questions to expecting when you are writing Jamb Economics questions 2018.

Many candidates have also search for jamb 2017 biology questions and answers, but this has little relationship to Jamb Economics Questions which we have shown you repeated Questions on Economics Jamb 2018.

Frequently Repeated Questions for Jamb 2018 | Jamb Economics Questions

Like we told you that this post is on the Jamb Economics Questions which will show you all the frquenly repeated questions for Economics in this year’s Jamb 2018.

According to Statistics, those who saw our randomly repeated Jamb Economics questions went home glad in their heart because they were able to master and use the questions they saw which was repeated.

Truth in Jamb Economics Questions is;

The management of the Joint Admission and Matriculation Board lacks the time and ability to set up new questions for Economics, hence the need for them to use the Jamb questions which they set frequently and randomly. Different questions are set from the Syllabus and candidates are encouraged to study them accurately.

Aside from the Jamb Economics questions, we have also seen frequently repeated questions for different course such as, jamb 2018 chemistry questions, Jamb 2018 repeated questions on physics, jamb questions and answers physics chemistry 2017, hidden facts in jamb mathematics

likely jamb Questions and Answers 2018

We can assure you that more than 80 percent of the questions below will be on your Questions in Economics on that exam day. A lot of persons are already pouring out encomiums for jamb chemistry 2018 and jamb 2018 biology questions, randomly repeated questions which we gave out free of charge. You can also get the jamb past questions and answers on physics pdf all the economics questions have answers provided making it questions and answers.

Without much ado

The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units. Over this price range, the demand curve is
A. fairly inelastic
B. fairly elastic
C. perfectly inelastic
D. perfectly elastic

  1. In economis analysis, a statement is said to be normalize if, it
    A. can be tested scientifically
    B. relates to value judgment
    C. is contradictory
    D. is incorrect
  2. Utility is the satisfaction derived from
    A. production
    B. distribution
    C. consumption
    D. demand
  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 supply curve to the right
    D. shift in demand curve to the left

Use the production possibility curve of a country represented in the diagram below to answer questions 5 and 6

  1. An improvement in technology will enable the country to produce at
    A. V B. W C. X D. Z
  2. If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
    A. v
    B. W
    C. X
    D. Z
  3. 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
  4. 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
  5. For an inferior good, a decrease in real income lead 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
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JAMB Economic Questions 2017 | Check Economic Random Repeated Questions Here.

  1. 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
  2. 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 new quantity
    C. quantity supplied to the change in price
    D. price to the change in quantity supplied.
  3. 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
  4. 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
  5. 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

Use the table below to answer questions 15 and 16 in Jamb Economics Questions

Output Produced
per day (unit)

Fixed Cost
per day (N)

Total Cost
per day (N)

20 60 100
30 60 120
40 60 130
50 60 135
60 60 150
70 60 170
80 60 190
15. The ATC at 30 units of output is
A. 120.000

Jamb Economics Questions

  1. At 60 units of output, the AVC is
    A. N150.00
    B. N90.00
  2. If the demand curve facing a frim is sharply downward sloping, the firm is likely to be
    A. a perfect competitor
    B. a monopolistic competitor as it can have a limited influence as it can have a limited influence on price
    C. an oligopolist as it can collude with other firms to have some influence on price
  3. A normal supply curve is usually positively sloped
    A. because the relationship between
    B. supply and price is negative
    C. price and demand is negative
    D. price and supply is positive
  4. The best method of production in an under-populated country is
    A. labour-extensive
    B. land-intensive
    C. capital-intensive
    D. labour-intensive
  5. Insurance companies, pension and provident funds and unit trusts are all examples of
    A government financial agencies
    B. non-govenmental organizations
    C. non-bank financial institutions
    D. rural-based revenue mobilisers
  6. For a firm, value added can be defined as the difference between the
    A. value of its output and the cost of production
    B. total revenue and total cost
    C. input prices and product prices
    D. value of its output and inputs purchased from other firms
  7. Securities are described as listed when they are:
    A. bought and sold purely for development purposes
    B. mobilized as short-term debt instruments
    C. Mobilized as long-term debt instrument
    D. Traded on a recognized stock market
  8. The commercial banks differ from non-bank financial institutions because they
    A. accept deposits withdrawable by cheque
    B. mobilize savings
    C. invest surplus plus
    D. contribute to economic development
  9. Inflation that is usually associated with periods of trade boom is
    A. cost-push inflation
    B. demand-pull inflation
    C. creeping inflation
    D. stagnation
  10. The term “Near Money” is best described as
    A. a financial assets that is convertible to cash
    B. a financial instrument that is readily convertible to cash
    C. government financial instrument that is convertible to cash
    D. time deposits with low interest rates
  11. The distinguishing characteristic between the money market and the capital market lies in whether the
    A. finds mobilized are private or public
    B. securities are primary or secondary
    C. debt instruments provided are long-term or short-term
    D. securities are in debentures of ordinary shares.
  12. If Nigeria’s composite price index in 1999 was 140.03% and 144.05% in 2000, the rate of inflation in 2000 was
    A. 4.02% B. 2.10% C. 2.06% D. 1.03%
  13. The monetary control instrument most effectively used by the Central Bank of Nigeria is the
    A. discount rate
    B. reserve ration
    C. margin requirements
    D. open market operations
  14. The major objectives of a revenue allocation formula in a country is to
    A. share revenue between the public and private sectors
    B. ensure the financial viability of the country
    C. share revenue between the different tiers of government
    D. divert revenue from areas of surplus to areas of need
  15. The effectiveness of devaluation as a solution to a balance of payments problems depends on the
    A. relative elasticities of demand
    B. foreign investments of business
    C. value of visible and invisible goods
    D. value of invisible items of both domestic and foreign trades
  16. 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
  17. 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 bty 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
  18. 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
  19. 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
  20. 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
  21. Statutory organisations usually established by Acts of parliament are called
    A. public enterprises
    B. public corporations
    C. cooperative societies
    D. joint-stock companies
  22. 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
  23. 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
  24. 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
  25. 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
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Another Segment in Jamb Economics Questions

  1. 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
  2. The demand for labour is an example of
    A. competitive demand
    B. derived demand
    C. composite demand
    D. joint demand
  3. 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
  4. 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
  5. 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 use to another
    C. resources can be transferred from one place to another
    D. resources can be transformed from one form to another
  6. The labour force of a country can be determine by xamining the
    A. Sex distribution of the population
    B. Occupations distribution of the population
    C. age structure of the population
    D. geographical distribution of the population
  7. Two basis features common to an industry are
    A. similarity of products and production processes
    B. similarity of products and source of raw materials
    C. production processes and source of capital
    D. source of capital and labour supply
  8. A country is said to be over populated when
    A. there are too many able-bodied men and women in the country
    B. the resources are more than enough to cater for the population
    C. the size of the population is greater than the annual budget
    D. the resources are inadequate to cater for the population
  9. When a union is composed of workers with same
    skill, it is called
    A. an industrial union
    B. a workers’ union
    C. a craft iunion
    D. a technical union
  10. An adverse environmental impact of the petroleum industry on the economy is
    A. the vandalisation of oil equipment
    B. oil spillage
    C. communal riots
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You can also get through recommended links Jamb Syllabus for Economics here

All this are jamb repeated questions and Jamb Economics questions 2018 which will help you to pass Jamb 2018.

Do you have any question to ask generally about Jamb 2018 especially on Jamb Economics questions? Feel free to ask by dropping it at the comment box below.


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