JAMB Economics 2022 past questions

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

Ten questions from the 2022 JAMB Economics paper, with answers and explanations. We hold 83 questions from this paper, and the Skolra app has all of them.

JAMB Economics 2022 questions and answers

1. 1.

   The stock exchange is an example of the

   1. A
      Foreign exchange market
   2. B
      Capital market
      Correct
   3. C
      Money market
   4. D
      Product market
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   Answer: B

   The stock exchange is the primary example of a capital market, where long-term securities are bought and sold.

2. 2.

   Positive check as envisaged by Thomas Malthus can be prevented if

   1. A
      Death rate increases
   2. B
      Population growth is controlled
      Correct
   3. C
      Prices increase
   4. D
      Food supply decreases
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   Answer: B

   Malthus's positive checks occur when population exceeds food supply. Prevention requires controlling population growth.

3. 3.

   Marginal cost is?

   1. A
      Average cost of production
   2. B
      The cost of producing one additional unit
      Correct
   3. C
      Total cost of production
   4. D
      Fixed cost per unit
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   Answer: B

   Marginal cost is the additional cost incurred when producing one more unit of output.

4. 4.

   Scale of preference shows

   1. A
      Available budget for spending
   2. B
      Consumer ranking of wants in order
      Correct
   3. C
      Production quantities
   4. D
      Price levels of goods
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   Answer: B

   Scale of preference is the consumer's ranking of wants according to preference.

5. 5.

   In a free market economy, the rationing of scarce goods is done principallyby?

   1. A
      Price
      Correct
   2. B
      Rationing coupons
   3. C
      Queuing
   4. D
      Government allocation
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   Answer: A

   In free markets, price performs the rationing function by limiting quantity demanded to supply.

6. 6.

   If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

   1. A
      Store of value
   2. B
      Medium of exchange
   3. C
      Unit of account
   4. D
      Double coincidence of wants
      Correct
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   Answer: D

   The requirement to find someone who has exactly what you want and wants what you have is 'double coincidence of wants.'

7. 7.

   In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

   1. A
      2.5 million
   2. B
      2 million
   3. C
      1.25 million
      Correct
   4. D
      4.5 million
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   Answer: C

   City population = (45/360) × 10 million = 1.25 million.

8. 8.

   In the event of bankruptcy, owners of joint-stock companies lose

   1. A
      Their personal assets
   2. B
      Tax exemptions
   3. C
      Government support
   4. D
      Their investment capital
      Correct
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   Answer: D

   Joint-stock company owners have limited liability. In bankruptcy, they lose only their investment, not personal assets.

9. 9.

   The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

   1. A
      Promoting development projects
   2. B
      Providing loans to member countries
   3. C
      Facilitating international trade
   4. D
      Issuing currency
      Correct
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   Answer: D

   The IBRD (World Bank) provides loans and promotes development but does NOT issue currency. Currency issuance is the function of national central banks.

10. 10.

    Which of the following is not emphasized in a product possibility curve?

    1. A
       Consumer preference
       Correct
    2. B
       Resource scarcity
    3. C
       Production efficiency
    4. D
       Opportunity cost
    Show answerHide answer

    Answer: A

    A PPC shows what an economy CAN produce, not what consumers PREFER.

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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Practise all 83 questions we hold from the 2022 paper, on a timed CBT screen

Every question has the answer and an explanation, in the Skolra app.

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