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Wednesday, 01 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:
A market where there are many differentiated products is called?
  • A Monopoly
  • B Perfect competition
  • C Monopolistic competition
  • D Oligopoly
View Answer & Explanation
Question 17:
The best channel of distribution of baked bread is through?
  • A Wholesalers to retailers then to consumers
  • B Direct sales to consumers
  • C Wholesalers to consumers
  • D Retailers to consumers
View Answer & Explanation
Question 18:
A form of business organization which is characterized by limited authority and liability of individual owners is the?
  • A Sole proprietorship
  • B Partnership
  • C Joint stock company
  • D Co-operative society
View Answer & Explanation
Question 19:
The shares that must be redeemed first at liquidation of a company are?
  • A Preference shares
  • B Non-voting ordinary shares
  • C Ordinary shares
  • D Debentures
View Answer & Explanation
Question 20:
The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?
  • A Increase their output
  • B Decrease their output
  • C Keep their output constant
  • D Hoard their output
View Answer & Explanation