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Wednesday, 01 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:
The main economic objective behind the production of goods and services in any economy is to?
  • A Maximize profits
  • B Satisfy human wants
  • C Become self reliant
  • D Create job opportunities
  • E Make people wealthy
View Answer & Explanation
Question 2:
The main economic objective behind the production of goods and services in any economy is to?
  • A Maximize profits
  • B Satisfy human wants
  • C Become self reliant
  • D Create job opportunities
  • E Make people wealthy
View Answer & Explanation
Question 3:
Demand for a commodity by a consumer is the quantity of that commodity that the consumer
  • A Demands at a given price at a point in time
  • B Demand at a given price
  • C Actually digests
  • D Produces, given its price
  • E Can store away during bnad weather
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Question 4:
Division of labour is limited by?
  • A The size of market
  • B The productivity of capital
  • C Cost of production
  • D The factors of production
  • E Government policy
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Question 5:
The production within the domestic territory of a country is called the
  • A Net national product
  • B Gross domestic product
  • C Net income
  • D Disposable income
  • E Gross national product
View Answer & Explanation