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Thursday, 02 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:
In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?
  • A N5,200
  • B N 4,760
  • C N4,670
  • D N2,080
View Answer & Explanation
Question 2:
In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?
  • A N5,200
  • B N 4,760
  • C N4,670
  • D N2,080
View Answer & Explanation
Question 3:
Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?
  • A N 1.5 m
  • B N 2.0m
  • C The house
  • D The car
View Answer & Explanation
Question 4:
The shape of a production possibility frontier is determined by the?
  • A Increasing relative costs
  • B Returns to scale
  • C Diminishing returns to a fixed factor
  • D Increasing returns to a variable factor
View Answer & Explanation
Question 5:
Normative economics deals with?
  • A What is and not what should be
  • B Facts and not figures
  • C Facts and figures
  • D Value judgements
View Answer & Explanation