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Thursday, 02 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:
JAMB 1987
A production possibility curve shows?
SchoolNGR Classroom
  • A How much of the resources of society are used to produce a particular commodity
  • B The rate of inflation
  • C The rate of unemployment in the economy
  • D The various combinations of two commodities that can be produced
View Answer & Explanation
Question 2:
JAMB 1987
A production possibility curve shows?
SchoolNGR Classroom
  • A How much of the resources of society are used to produce a particular commodity
  • B The rate of inflation
  • C The rate of unemployment in the economy
  • D The various combinations of two commodities that can be produced
View Answer & Explanation
Question 3:
JAMB 1987
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
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  • A Microeconomics
  • B Macroeconomics
  • C Production
  • D Indifference curve
View Answer & Explanation
Question 4:
JAMB 1987
Which of the following best describes the concept of opportunity cost?
SchoolNGR Classroom
  • A A special bargain or scale at below market price
  • B Cost of input tends to go up as we use more of them
  • C Goods that are not produced in order to produce more of another good
  • D A cost that constantly decreases
View Answer & Explanation
Question 5:
JAMB 1987
Market is defined as?
SchoolNGR Classroom
  • A One geographical location where people meet to buy and sell
  • B The demand and supply of goods and services
  • C A group of people whose sole interest is to make profit
  • D Any organizational framework which links the buyers and sellers of a good and service
View Answer & Explanation

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