JAMB Economics past questions and answers

Checked by the Skolra question team · Last updated 23 October 2026

JAMB Economics: 468 past questions from 7 papers between 2019 and 2025, each with the answer and an explanation. In the UTME you answer 40 Economics questions, with Use of English and two other subjects, in 2 hours. Here are ten.

1. 1.

   In a country with large population of full-time house wives, national income

   1. A
      Will be understated
      Correct
   2. B
      Will be overstated
   3. C
      Will remain constant
   4. D
      Cannot be determined
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   Answer: A

   Housework is not included in GDP calculations. A large housewife population means significant non-market production is excluded, understating national income.

2. 2.

   If 20% rise in the price of Whisky leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

   1. A
      0.67
   2. B
      1.5
      Correct
   3. C
      -1.5
   4. D
      6.0
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   Answer: B

   Cross elasticity of demand measures how the quantity demanded of one good responds to a price change in another good. The formula is:

   XED = % change in quantity demanded of Schnapps ÷ % change in price of Whisky

   XED = 30% ÷ 20% = 1.5

3. 3.

   If the standard deviation of a set of numbers is 3.6, what is the variance?

   1. A
      1.8
   2. B
      7.2
   3. C
      10.96
   4. D
      12.96
      Correct
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   Answer: D

   The variance is defined as the square of the standard deviation.

   Given standard deviation = 3.6, variance = 3.6 × 3.6 = 12.96.

4. 4.The problem of conducting census include
   1. A
      high cost, time requirements, difficulty in ensuring accuracy, and undercount
      Correct
   2. B
      lack of need for demographic data
   3. C
      ease of access and complete cooperation from all citizens
   4. D
      excessive accuracy that overwhelms planners
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   Answer: A

   Major problems in conducting census include high costs, extensive time requirements, difficulty in ensuring complete accuracy, problems with undercount (missing populations), and challenges in obtaining cooperation from all citizens.

5. 5.Crude petroleum is a good example of a
   1. A
      service that cannot be stored
   2. B
      natural resource or primary product
      Correct
   3. C
      consumer durable good
   4. D
      manufactured good requiring industrial processing
   Show answerHide answer

   Answer: B

   Crude petroleum is a natural resource extracted directly from the earth without manufacturing. It is a primary product in the economy's production chain, typically classified as a natural/extractive resource.

6. 6.One of the techniques of monetary control used by the central bank of Nigeria is
   1. A
      regulating employment in the public sector
   2. B
      controlling import tariffs directly
   3. C
      open market operations (buying/selling securities)
      Correct
   4. D
      setting minimum wage levels
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   Answer: C

   Open market operations, where the Central Bank of Nigeria buys or sells government securities, is a key monetary control technique. This adjusts the money supply in circulation and influences interest rates and credit availability.

7. 7.

   The market supply curve slopes upwards from left to right indicating that

   1. A
      Consumers are willing to buy more of the commodity as its price rises
   2. B
      Producers are willing to supply less of the commodity as its price falls
   3. C
      There is a direct relationship between price and quantity supplied
      Correct
   4. D
      There is an inverse relationship between price and quantity supplied
   Show answerHide answer

   Answer: C

   An upward-sloping supply curve shows that price and quantity supplied move in the same direction: as the price of a commodity rises, producers are willing and able to offer more of it for sale, because a higher price means a higher potential profit, and it also draws in producers whose costs are higher. This direct (positive) relationship between price and quantity supplied is exactly what the law of supply describes, and it is why the supply curve rises from left to right.

8. 8.

   Petroleum 'glut' in international trade means______

   1. A
      a severe shortage of petroleum
   2. B
      increased oil consumption globally
   3. C
      government rationing of oil
   4. D
      an oversupply of petroleum leading to price falls
      Correct
   Show answerHide answer

   Answer: D

   A petroleum glut occurs when production overwhelmingly exceeds demand. This surplus forces prices downward and creates inventory buildup.

9. 9.

   The graph of the function X = a + bY is

   1. A
      a parabola
   2. B
      a curve convex to the origin
   3. C
      a rectangular hyperbola
   4. D
      a straight line
      Correct
   Show answerHide answer

   Answer: D

   The function X = a + bY is a linear function: X and Y appear only to the first power, there is no squaring, multiplying of the two variables together, or division involved. Here, a is the intercept (the value of X when Y is zero) and b is the constant slope, showing how much X changes for every one-unit change in Y.

10. 10.

    One of the advantages of capitalism is that

    1. A
       wealth and income are distributed equally among all citizens
    2. B
       resources are allocated efficiently through the forces of demand and supply
       Correct
    3. C
       government fixes the prices of goods and services to protect consumers
    4. D
       the state owns and controls the major means of production
    Show answerHide answer

    Answer: B

    Capitalism (the free enterprise or private enterprise economic system) is organised around private ownership of the means of production and the price mechanism, rather than central planning.

The questions come from past JAMB, WAEC and NECO papers. We use software to help write the answer options and explanations, and every answer is checked twice before it goes on the site. How we check

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