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JAMB UTME 2023

JAMB Economics 2023 past questions

4 objective questions from the 2023 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Revenue

    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 1

    Answer: D, ₦2,000

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

  2. Question 2

    Cost 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 2

    Answer: C, ₦184

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

  3. Question 3

    Population

    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 3

    Answer: B, output per head is highest

    Optimum population maximises income per head.

  4. Question 4

    Market 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 4

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

    Price and quantity demanded move in opposite directions.

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