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Thursday, 09 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:
In market economies, resources are allocated through the?
  • A Government authorities
  • B Price system
  • C Banking system
  • D Central planning bureau
  • E Revenue allocation formula
View Answer & Explanation
Question 12:
At every point on a indifference curve, the
  • A Total utility is decreasing
  • B Prices of all goods are constant
  • C Consumer is satiated
  • D Level of utility is constant
  • E Level of utility is increasing
View Answer & Explanation
Question 13:
Under perfect competition, the long-run equilibrium requires?
  • A MR = MC
  • B MR = AC = AR
  • C MR > MC
  • D MR = MC = AR = AC
  • E AR = AC
View Answer & Explanation
Question 14:
If monopoly is attempting to maximize profit which of the following should it attempt to do?
  • A Select that output at which ATC is at minimum
  • B Set price equal to TC
  • C Maximize profit per unit
  • D Maximize revenue
  • E Equate marginal cost to marginal revnue
View Answer & Explanation
Question 15:
The amount of labour a producer hires relative to labour factor inputs depends on the?
  • A Price of labour or it wage
  • B Price of labour, machinery and other inputs
  • C Price of machinery
  • D Price of the other inputs
  • E Type of machinery
View Answer & Explanation