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JAMB UTME

JAMB Economics past questions and answers

Objective Economics questions from past JAMB UTME papers, with the answer and a short explanation for each. Try a question, then reveal the answer to check your working.

  1. Question 1

    JAMB 2024Cost of production

    A firm's total fixed cost is ₦6,000 and its total variable cost is ₦4,900 for an output of 50 units. Calculate the average cost.

    1. Option A: ₦98
    2. Option B: ₦120
    3. Option C: ₦218
    4. Option D: ₦10,900
    Show the answer to question 1

    Answer: C, ₦218

    Average cost = total cost ÷ output = 10,900 ÷ 50 = ₦218.

  2. Question 2

    JAMB 2024National income

    Gross domestic product measures the total value of

    1. Option A: goods produced by citizens abroad
    2. Option B: goods and services produced within a country in a year
    3. Option C: a country’s exports
    4. Option D: government revenue
    Show the answer to question 2

    Answer: B, goods and services produced within a country in a year

    GDP counts production inside the country.

  3. Question 3

    JAMB 2024Population

    Thomas Malthus argued that population grows

    1. Option A: arithmetically
    2. Option B: steadily
    3. Option C: geometrically
    4. Option D: slowly
    Show the answer to question 3

    Answer: C, geometrically

    Malthus said population grows geometrically and food arithmetically.

  4. Question 4

    JAMB 2024Revenue

    A firm sells 35 units of a good at ₦150 each. What is its total revenue?

    1. Option A: ₦5,250
    2. Option B: ₦185
    3. Option C: ₦2,625
    4. Option D: ₦10,500
    Show the answer to question 4

    Answer: A, ₦5,250

    Total revenue = price × quantity = 150 × 35 = ₦5,250.

  5. Question 5

    JAMB 2023Revenue

    A firm sells 20 units of a good at ₦100 each. What is its total revenue?

    1. Option A: ₦120
    2. Option B: ₦1,000
    3. Option C: ₦4,000
    4. Option D: ₦2,000
    Show the answer to question 5

    Answer: D, ₦2,000

    Total revenue = price × quantity = 100 × 20 = ₦2,000.

  6. Question 6

    JAMB 2023Cost of production

    A firm's total fixed cost is ₦5,000 and its total variable cost is ₦4,200 for an output of 50 units. Calculate the average cost.

    1. Option A: ₦84
    2. Option B: ₦100
    3. Option C: ₦184
    4. Option D: ₦9,200
    Show the answer to question 6

    Answer: C, ₦184

    Average cost = total cost ÷ output = 9,200 ÷ 50 = ₦184.

  7. Question 7

    JAMB 2023Population

    The optimum population is the population at which

    1. Option A: the country is fullest
    2. Option B: output per head is highest
    3. Option C: there is no unemployment
    4. Option D: males equal females
    Show the answer to question 7

    Answer: B, output per head is highest

    Optimum population maximises income per head.

  8. Question 8

    JAMB 2023Market structures

    The law of demand states that, other things being equal,

    1. Option A: the higher the price, the higher the quantity demanded
    2. Option B: price has no effect on quantity demanded
    3. Option C: demand always equals supply
    4. Option D: the higher the price, the lower the quantity demanded
    Show the answer to question 8

    Answer: D, the higher the price, the lower the quantity demanded

    Price and quantity demanded move in opposite directions.

  9. Question 9

    JAMB 2022Market structures

    Selling the same good at different prices to different buyers is

    1. Option A: price control
    2. Option B: a price war
    3. Option C: price leadership
    4. Option D: price discrimination
    Show the answer to question 9

    Answer: D, price discrimination

    That is the definition of price discrimination.

  10. Question 10

    JAMB 2022Cost of production

    A firm's total fixed cost is ₦4,000 and its total variable cost is ₦3,500 for an output of 50 units. Calculate the average cost.

    1. Option A: ₦70
    2. Option B: ₦80
    3. Option C: ₦150
    4. Option D: ₦7,500
    Show the answer to question 10

    Answer: C, ₦150

    Average cost = total cost ÷ output = 7,500 ÷ 50 = ₦150.

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