The JAMB Economics Questions and Answers for 2023 provide a comprehensive and valuable resource for candidates preparing for the Economics examination.
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JAMB
The Joint Admissions and Matriculation Board (JAMB) is an examination board in Nigeria that conducts the Unified Tertiary Matriculation Examination (UTME) for students seeking admission into tertiary-level institutions. This examination is a prerequisite for admission to Nigerian universities, public and private mono-technics, polytechnics, and colleges of education.
To be eligible for the UTME, candidates must have completed the West Africa Senior School Certificate Examination (WASSCE) or its equivalent, such as the National Examination Council (NECO) Senior School Certificate Examination. The current registrar of JAMB is Prof Ishaq Oloyede, appointed in 2016. The exam date for JAMB 2023 is yet to be announced.
JAMB Economics Questions and Answers for 2023
Since the exam date for JAMB 2023 is yet to be announced, we have provided some practice JAMB Economics Questions and Answers
1. Developments outside a given firm that reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects
ANSWER: B (external economics)
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
A. 0.33
B. 0.0001
C. 1
D.10000
ANSWER: C (1)
3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.
ANSWER: D (constant returns to scale)
4. Economic goods are termed scarce when they are
A. not available in sufficient quantities to satisfy all wants for them
B. not produced in sufficient quantities to satisfy the effective demand for them
C. of high quality
D. of primary importance in satisfying the needs of society.
ANSWER: A (not available in sufficient quantities to satisfy all wants for them)
5. Which of the following situations can give rise to economic problems
A. unlimited human wants
B. wants of varying importance
C. limited means available for satisfying wants
D. means used in different ways
ANSWER: C (limited means available for satisfying wants)
6. In the long run, all production factors are
A. fixed
B. semi-fixed
C. variable
D. semi-variable
ANSWER: C (variable)
7. The advantage that firms obtain directly from expanding their operations is referred to as
A. internal economies of scale
B. external economies of scale
C. economics of localization
D. economies of resource allocation
ANSWER: A ( internal economies of scale)
8. The effect of changes in the condition of demand on a demand schedule with the price constant is a
A. movement along the demand curve
B. deflation of the demand curve
C. hyperbola formation by the demand curve
D. shift of the demand curve
ANSWER: D (shift of the demand curve)
9. If a demand curve that intersects a perfectly inelastic supply shifts rightward, then
A. the equilibrium price and quantity will increase
B. only the price will increase
C. only quantity will increase
D. the price will remain constant
ANSWER: B (only the price will increase)
10. If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing
A. a large scale of production
B. profit maximization
C. economies of scale
D. diseconomies of scale
ANSWER: D ( diseconomies of scale)
11. Economic goods are termed scarce goods when they are
A. not available in sufficient quantity to satisfy all wants for them
B. not produced in sufficient quantities to satisfy the effective demand of them
C. of high quality
D. of primary importance in satisfying the needs of a society
ANSWER: A (not available in sufficient quantity to satisfy all wants for them)
12. If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under condition of
A. increasing returns to the variable factor
B. increasing returns to scale
C. constant return to the variable factor
D. external economies of scale
ANSWER: B (increasing returns to scale)
13. The ordinary partner in a partnership
A. takes no active part in the management of the business
B. has limited liability in case of business
C. has unlimited liability in case of business failure
D. cannot be sued personally on matters relating to the business
ANSWER: C (has unlimited liability in case of business failure)
14. A possible factor which limits the extent of growth of a firm is the
A. existence of a monopoly
B. bureaucratic delays in decision making
C. use of by-products
D. unwillingness to share ownership and control
ANSWER: D ( unwillingness to share ownership and control)
15. A disadvantage of a joint-stock company is
A. unlimited liability
B. limited liability
C. continuity
D. loss of controlling interest
ANSWER: D (loss of controlling interest)
16. An effect of inflation is that it
A. discourages trade by barter
B. favours debtors at the expense of creditors
C. increases the real income of salary earners
D. increases the value of a country’s export
ANSWER: B ( favours debtors at the expense of creditors)
17. Budget deficit is the amount by which
A. total expenditure exceeds revenue
B. recurrent expenditure exceeds revenue
C. capital expenditure exceeds revenue
D. recurrent expenditure exceeds capital expenditure
ANSWER: B (recurrent expenditure exceeds revenue)
18. Under flexible exchange rates, a deficit could be corrected by
A. freezing the gold point
B. appreciation of other currencies
C. removing export subsidies
D. removing tariffs
ANSWER: B (appreciation of other currencies)
19. If W stands for wages/salaries, P for profits, R for interest and Z for rent on land and real estate, then national income is
A. WPRZ
B. W+P+Z-R
C. PRZ+W
D. W+P+R+Z
ANSWER: D (W+P+R+Z)
20. A made obstacle to economic development is
A. a rise in industrial output
B. low farm productivity
C. free trade
D. ineffective trade union
ANSWER: B (low farm productivity)
NOTE – The above JAMB Economics Questions and Answers are just for practice.
What are Effective Strategies for Passing Jamb Economics Questions?
Achieving success in any examination necessitates dedicated and thorough preparation, and the JAMB Economics examination is no exception. To excel in this subject, it is crucial to devote ample time to studying and familiarizing yourself with the JAMB Economics syllabus.
A valuable tip is to review previous JAMB Economics questions and their corresponding answers. You’ll be pleasantly surprised to find that a significant portion of the questions are repeated from past exams.
This indicates the importance of studying JAMB past questions on Economics, as it can significantly enhance your chances of scoring well in the examination. Taking the time to review and understand these past questions will undoubtedly boost your confidence and proficiency in tackling the upcoming JAMB Economics examination.
JAMB Examinations
The UTME is also open to international candidates who seek admission into Nigerian tertiary institutions through the West African Examination Council (WAEC).
Upon completion of the examination for a particular year, the JAMB board convenes to determine the cut-off marks for universities, polytechnics, colleges of education, and mono technics. Generally, universities tend to have higher cut-off marks compared to other institutions that require lower marks for admission.
The cut-off marks set by JAMB serve as benchmarks for determining the minimum scores that candidates need to attain in order to be considered for admission into their desired institutions. These marks may vary based on factors such as the number of available slots, the competitiveness of the course, and the performance of candidates in the UTME.
In conclusion, the UTME conducted by JAMB is a significant examination in Nigeria, serving as a gateway for students seeking admission to tertiary institutions. The examination assesses candidates’ knowledge and abilities, and the cut-off marks set by JAMB play a crucial role in determining eligibility for admission into universities, polytechnics, colleges of education, and mono technics.
Disclaimer: The above information is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.
Categories: General
Source: HIS Education