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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

Economics is a science which deals basically with

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A The factors of production
B Allocation of scarce resources
C Oil exportation
D The gross domestic product (GDP)
E National income

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Question 2:

Economics is a science which deals basically with

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A The factors of production
B Allocation of scarce resources
C Oil exportation
D The gross domestic product (GDP)
E National income

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Question 3:

Economist speak about 'opportunity cost' when a person

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A Has the opporunity to attain a high degree of cost minimization
B Has to forego one thing in order to have another
C Can equate his fixed costs with his variable costs
D Is able to run his business without much expenditure
E Has to maximize utility in order to maintain a high standard of living

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Question 4:

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

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A The size of that country
B The rate of immigration into that country
C The population census of that country
D The annual death rate
E The gross domestic product annual(GDP) of that country

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Question 5:

We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because

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A It is the dependent population of Nigeria, economically
B All student in Nigeria are in this group
C More than 50% of all Nigerians are in this group
D It is the most expensive group of the economy
E It is the productive group of the economy

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