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JAMB UTME 2016

JAMB Economics 2016 past questions

5 objective questions from the 2016 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Money and banking

    When money is used to compare the worth of different goods, it serves as a

    1. Option A: store of value
    2. Option B: standard of deferred payment
    3. Option C: unit of account
    4. Option D: medium of exchange
    Show the answer to question 1

    Answer: C, unit of account

    Measuring value is the unit-of-account function.

  2. Question 2

    National income

    Net national product equals

    1. Option A: GNP minus depreciation
    2. Option B: GNP plus depreciation
    3. Option C: GDP plus subsidies
    4. Option D: GNP minus exports
    Show the answer to question 2

    Answer: A, GNP minus depreciation

    NNP allows for capital worn out.

  3. Question 3

    Population

    The body responsible for census in Nigeria is the

    1. Option A: Independent National Electoral Commission
    2. Option B: National Bureau of Statistics
    3. Option C: National Population Commission
    4. Option D: Central Bank of Nigeria
    Show the answer to question 3

    Answer: C, National Population Commission

    The NPC conducts the national census.

  4. Question 4

    Revenue

    A firm sells 65 units of a good at ₦250 each. What is its total revenue?

    1. Option A: ₦16,250
    2. Option B: ₦315
    3. Option C: ₦8,125
    4. Option D: ₦32,500
    Show the answer to question 4

    Answer: A, ₦16,250

    Total revenue = price × quantity = 250 × 65 = ₦16,250.

  5. Question 5

    Elasticity

    When the price of a commodity rose by 20%, the quantity demanded fell by 20%. Calculate the price elasticity of demand.

    1. Option A: 0
    2. Option B: 1
    3. Option C: 4
    4. Option D: 2
    Show the answer to question 5

    Answer: B, 1

    PED = % change in quantity ÷ % change in price = 20 ÷ 20 = 1.

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