JAMB Economics 2018 Past Questions and Answers

Economics JAMB 2018 Q8 ✓ Answer: B

The number of people who are qualified to work and who offer themselves for employment is called

A

migrant labour

B

working population

C

labour turnover

D

mobility of labour.

Economics JAMB 2018 Q9 ✓ Answer: A

Which of the following is an advantage of localisation of industry?

A

Development of subsidiary firms

B

creation of parallel markets

C

Development of slums

D

Attraction of foreign capital.

Economics JAMB 2018 Q10 ✓ Answer: C

The Economic Community of West African States (ECOWAS) has been slow in achieving its objectives because of

A

the activities of multinationals

B

inadequate personnel at the secretariat

C

political instability

D

inadequate international support.

Economics JAMB 2018 Q11 ✓ Answer: C

Joint ventures are partnership involving

A

the poor and the rich

B

employers and workers

C

government and private investors

D

multinationals and individuals.

Economics JAMB 2018 Q12 ✓ Answer: A

In which of the following business units are the owners mostly the customers?

A

co-operatives

B

limited liability companies

C

partnership

D

public corporations.

Economics JAMB 2018 Q13 ✓ Answer: C

The formula index of export prices x 100, is index of import prices used to measure the

A

volume of trade between countries

B

direction of international trade

C

commodity terms of trade

D

volume of imports. Use the table below to answer question 14. Products Ghana Sierra Leone Coffee 8 tonnes 2 tonnes Cocoa 7 tonnes 9 tonnes [PAGE 48]

Economics JAMB 2018 Q14 ✓ Answer: D

If specialisation should take place, then

A

Ghana should produce coffee and cocoa

B

Ghana would benefit by producing cocoa only

C

Sierra Leone should not produce any of the products

D

Sierra Leone should produce coca and Ghana coffee.

Economics JAMB 2018 Q15 ✓ Answer: D

Which of the following is an invisible item?

A

Petroleum services

B

Processed rice

C

Processed milk

D

Banking services

Economics JAMB 2018 Q16 ✓ Answer: D

The full meaning of OPEC is

A

Oil and Petroleum Exporting Countries

B

Original Petroleum Exporting Countries

C

Organisation of Petrol Exporting Countries

D

Organisation of Petroleum Exporting Countries.

Economics JAMB 2018 Q17 ✓ Answer: D

The main concern of economists is to

A

control the growth of population

B

redistribute income between the rich and the poor

C

satisfy all human wants

D

allocate scarce resources to satisfy human wants.

Economics JAMB 2018 Q18 ✓ Answer: B

Productive resources can also be called

A

principles of production

B

factors of production

C

items of production

D

labour and materials resources.

Economics JAMB 2018 Q19 ✓ Answer: B

The study of Economics becomes necessary because of the

A

large population size of the world

B

scarcity of resources

C

opportunity cost of goods and services

D

need to satisfy every desire of man.

Economics JAMB 2018 Q20 ✓ Answer: B

The type of demand that exists between torchlight and battery is

A

competitive demand

B

complementary demand

C

composite demand

D

independent demand.

Economics JAMB 2018 Q21 ✓ Answer: D

The population density of a town made up of 50 square kilometre land area and 100 million people is

A

50,000 people per square kilometre

B

0.2 million people per square kilometre

C

0.5 million people per square kilometre

D

20 million people per square kilometre Use the table below to answer question 22 and 23. X F

Economics JAMB 2018 Q22 ✓ Answer: B

From the table, the mean of the distribution is

A

2.2

B

2.5

C

3.2

D

4.5 23.

Economics JAMB 2018 Q23 ✓ Answer: B

What is the median of the distribution?

A

5

B

4

C

3

D

2 [PAGE 49]

Economics JAMB 2018 Q24 ✓ Answer: D

Human wants are insatiable because wants are

A

limited while means are scarce

B

unlimited and means are also unlimited

C

limited and means are also limited

D

unlimited while means are scarce. A country's budget allocation to various sectors of the economy is shown in the pia chart below. Use it to answer question 25 and 26

Economics JAMB 2018 Q25 ✓ Answer: A

If the budget of the country was $7,200.00, how much is allocated to education

A

$2,400.00

B

$2,000.00

C

$ 200.00

D

$ 1,000.00

Economics JAMB 2018 Q26 ✓ Answer: B

What is the ratio of expenditure on health to Agriculture?

A

2:3

B

3:4

C

4:3

D

5:4

Economics JAMB 2018 Q27 ✓ Answer: D

Which of the following items is not an example of circulating capital?

A

Raw material

B

Money

C

Fuel

D

Machinery

Economics JAMB 2018 Q28 ✓ Answer: A

The principle of comparative cost advantage was propounded by

A

David Ricardo

B

Alfred Marshal

C

J.S. Mill

D

Adam Smith

Economics JAMB 2018 Q29 ✓ Answer: D

The rate at which a country's exports is exchanged for her imports is

A

trade balance

B

balance of payments

C

terms of trade

D

balance of currency account.

Economics JAMB 2018 Q30 ✓ Answer: C

Efficiency of labour in a country is determined by the following except the

A

social attitude to work

B

education and training

C

total population

D

working conditions of workers.

Economics JAMB 2018 Q31 ✓ Answer: C

The diagram below represents a production function. At which of the points does diminishing returns set in?

A

R

B

S

C

T

D

V [PAGE 50]

Economics JAMB 2018 Q32 ✓ Answer: B

Taxes and government expenditures are instruments of

A

monetary policy

B

tax policy

C

economic policy

D

fiscal policy. 33.A situation in which a commodity is sold abroad below its cost of production in the home country is known as

Economics JAMB 2018 Q34 ✓ Answer: D

The Family Support Programme in Nigeria essentially focuses on

A

the generation of employment

B

the alleviation of poverty

C

agricultural and industrial development

D

economic emancipation of women.

Economics JAMB 2018 Q35 ✓ Answer: A

The Economic Commission for Africa was set up by the

A

UNO

B

ECOWAS

C

OAU

D

IMF Use the histogram below to answer question 36 and 37.

Economics JAMB 2018 Q36 ✓ Answer: A

If the pass mark was 40, how many students passed the examination?

A

100

B

120

C

160

D

200

Economics JAMB 2018 Q37 ✓ Answer: A

How many students took the examination?

A

280

B

240

C

200

D

80

Economics JAMB 2018 Q38 ✓ Answer: C

Utility is the satisfaction derived from

A

production

B

distribution

C

consumption

D

demand.

Economics JAMB 2018 Q39 ✓ Answer: A

When a union is composed of workers with the same skill it is called

A

an industrial union

B

a workers' union

C

a craft union

D

a technical union.

Economics JAMB 2018 Q40 ✓ Answer: C

The major objective, of a revenue allocation formula in a country is to

A

share revenue between the public and private sectors

B

ensure the financial viability of the country

C

share revenue between the different tiers of government

D

divert revenue from areas of surplus to areas of needs. [PAGE 51] ANSWER KEYS:

JAMB Economics 2018 past questions