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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

Production in Economics occurs when

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A A commodity or service is sold
B Utility is created or added
C A commodity is manufactured
D Raw materials are produced or extracted from mines
E All of these

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Question 2:

Production in Economics occurs when

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A A commodity or service is sold
B Utility is created or added
C A commodity is manufactured
D Raw materials are produced or extracted from mines
E All of these

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Question 3:

From an economic point of view, an activity does not have a cost when

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A Someone else pays for it
B The returns are greater than the cost
C The choice involves giving up nothing
D The government pays for it
E It is paid for from a gift

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Question 4:

Which would you NOT consider an agro-based industry in Nigeria?

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A A diary enterprise producing milk
B A yam floor mill
C A poultry industry
D A fertilizer plant
E None of the above

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Question 5:

Price control indicate the following

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A Price is fixed at equilibrium level
B Price is fixed above equilibrium level
C Price is not fixed but determined by demand and supply
D Price is fixed below equilibrium level
E None of the above

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