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JAMB UTME 2020

JAMB Economics 2020 past questions

5 objective questions from the 2020 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Money and banking

    Inflation is best described as

    1. Option A: a persistent rise in the general price level
    2. Option B: a fall in the general price level
    3. Option C: an increase in national output
    4. Option D: a rise in exports
    Show the answer to question 1

    Answer: A, a persistent rise in the general price level

    Inflation is a sustained rise in prices.

  2. Question 2

    Factors of production

    The reward for the entrepreneur is

    1. Option A: profit
    2. Option B: wages
    3. Option C: rent
    4. Option D: interest
    Show the answer to question 2

    Answer: A, profit

    Entrepreneurs earn profit for bearing risk.

  3. Question 3

    Market structures

    A market with a single buyer is a

    1. Option A: monopsony
    2. Option B: monopoly
    3. Option C: duopoly
    4. Option D: oligopoly
    Show the answer to question 3

    Answer: A, monopsony

    A monopsony has one buyer.

  4. Question 4

    Elasticity

    When the price of a commodity rose by 30%, the quantity demanded fell by 60%. Calculate the price elasticity of demand.

    1. Option A: 2
    2. Option B: 0.5
    3. Option C: 30
    4. Option D: 18
    Show the answer to question 4

    Answer: A, 2

    PED = % change in quantity ÷ % change in price = 60 ÷ 30 = 2.

  5. Question 5

    Cost of production

    A firm's total fixed cost is ₦2,000 and its total variable cost is ₦2,100 for an output of 50 units. Calculate the average cost.

    1. Option A: ₦42
    2. Option B: ₦82
    3. Option C: ₦40
    4. Option D: ₦4,100
    Show the answer to question 5

    Answer: B, ₦82

    Average cost = total cost ÷ output = 4,100 ÷ 50 = ₦82.

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