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JAMB UTME 2024

JAMB Economics 2024 past questions

4 objective questions from the 2024 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Cost 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

    National 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

    Population

    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

    Revenue

    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.

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