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Economics Past Questions and Answers

Jamb Economics Questions

Question 21:

Which sector can you say is growing fastest in the Nigeria economy?

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A Agriculture
B Industry
C Education
D Transport
E Labour

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Question 22:

Which is NOT a method of raising capital funds in Nigeria?

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A Borrowing from abroad
B Internal borrowing
C Nigerianization of foreign companies
D Gifts from abroad
E Saling government bonds

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Question 23:

If a firm doubles its output and its cost increase by 60%, the firm is experiencing

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A Increase cost
B Economies of scale
C Decreasing returns
D Decreasing cost
E None of the above

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Question 24:

The fundamental problem of Economics is?

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A Money
B Poverty
C Unemployment
D The scarcity of resources relative to wants
E Inflation

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Question 25:

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

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A Zero
B Not measurable
C Its price in money
D Infinite
E Equal to one

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