Economics Jamb Past Question – Economics Past Questions are for those who applied to gain admission to this department this year and it may be their first time writing JAMB. Jamb selects courses for candidates based on the courses you offered in WAEC and the department you applied for. You may not know how the exams will be patterned. These past questions help you to have deep knowledge of how the exams will be set, Are you worried about what will be the main focus of study in the examination? worry no more. There is good news right now and in this post, you will know how you will come out with good grades in your examination.
Why you need Economics Jamb Past Question
- These past questions and answers open you up to the pattern of the questions and it makes you more time-conscious in the examination.
- Past questions are helpful tools for preparing for examinations as they provide you with practical insight into how the examination body sets its exams, how the exam you are preparing for might look as well as key themes or subject areas likely to be touched.
Economics Jamb Past Question Pattern
Economics Jamb are pattern in multiple choice format or objectives. We have compiled the questions and made it simpler for you as we have placed the exams based on the year of the examination. A lot of students who have used our past questions have given testimonies that it has helped them get their dream job.
Sample of Economics Jamb Past Question
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
ANSWER: B (external economics)
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
ANSWER: C (1)
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.
ANSWER: 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.
ANSWER: A (not available in sufficient quantities to satisfy all wants for them)
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
ANSWER: C (limited means available for satisfying wants)
6. In the long run, all production factors are
ANSWER: C (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
ANSWER: A ( internal economies of scale)
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
ANSWER: D (shift of the demand curve)
9. If a demand curve that intersects 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
ANSWER: B (only the price will increase)
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 production
B. profit maximization
C. economies of scale
D. diseconomies of scale
ANSWER: 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
ANSWER: A (not available in sufficient quantity to satisfy all wants for them)
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 the 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
ANSWER: B (increasing returns to 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
ANSWER: C (has unlimited liability in case of business failure)
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
ANSWER: D ( unwillingness to share ownership and control)
15. A disadvantage of a joint-stock company is
A. unlimited liability
B. limited liability
D. loss of controlling interest
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7 Tips to Prepare for Economics Exams
- Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be a top priority, not a hobby. Read far and wide to enhance your level of aptitude
- Get Exams Preparation Materials: These involve textbooks, dictionaries, Babcock University Post UTME Past Questions and Answers, mock questions, and others. These materials will enhance your mastery of the scope of the exams you are expecting.
- Attend Extramural Classes: Register and attend extramural classes at your location. This class will help you refresh your memory and boost your classroom understanding and discoveries of new knowledge.
- Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
- Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse, or a doctor. Make sure you are well.
- Eat when you feel like it: During the exam preparation period, you are advised not to overeat, and to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more fruits, drink milk and glucose. This will help you enhance retention.
- Reduce your time on social media: Some people live their entire lives on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spent on social media during this time. Maybe after the exams, you can go back and sleep in it.
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