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JAMB UTME 2021

JAMB Economics 2021 past questions

5 objective questions from the 2021 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Market structures

    In perfect competition, each firm is a

    1. Option A: price maker
    2. Option B: price taker
    3. Option C: price leader
    4. Option D: price discriminator
    Show the answer to question 1

    Answer: B, price taker

    No single firm can affect the market price.

  2. Question 2

    Factors of production

    The reward for land is

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

    Answer: D, rent

    Land earns rent.

  3. Question 3

    Cost of production

    A firm's total fixed cost is ₦3,000 and its total variable cost is ₦2,800 for an output of 50 units. Calculate the average cost.

    1. Option A: ₦56
    2. Option B: ₦116
    3. Option C: ₦60
    4. Option D: ₦5,800
    Show the answer to question 3

    Answer: B, ₦116

    Average cost = total cost ÷ output = 5,800 ÷ 50 = ₦116.

  4. Question 4

    Money and banking

    Commercial banks create money mainly through

    1. Option A: printing notes
    2. Option B: minting coins
    3. Option C: granting loans
    4. Option D: collecting taxes
    Show the answer to question 4

    Answer: C, granting loans

    Loans create new deposits.

  5. Question 5

    Elasticity

    When the price of a commodity rose by 10%, the quantity demanded fell by 45%. Calculate the price elasticity of demand.

    1. Option A: 0.22
    2. Option B: 35
    3. Option C: 4.5
    4. Option D: 5.5
    Show the answer to question 5

    Answer: C, 4.5

    PED = % change in quantity ÷ % change in price = 45 ÷ 10 = 4.5.

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