Jamb economics questions and answers 2023 what jamb will set useful in 2023/2024
Economics is an important core subjects for all jamb candidates who want to study any courses in the faculty of social sciences.
The importance of economics can’t not be overemphasized and you shouldn’t joke with this subject.
Jamb economics questions and answers 2023/2024
The jamb economics questions and answers will show you what jamb will likely set in the forth coming 2023/2024 jamb cbt exams, we won’t fail to remind you that past questions and answers remains the key for outstanding success in all field of endeavor.
What we will be doing here is to put down some random jamb repeated questions and answers that comes up in almost every year’s jamb
Disclaimer: this is my personal opinion, don’t limit your scope of reading to this material.
In the the just concluded 2023/2024 Jamb exams we where able to prove to thousands of jamb candidates that yes past questions is the the king, it’s my own opinion and I can confidently say that about 80% of the 2021 jamb questions will come from past questions.
ANY candidates who take his or her time to do a thorough work or research won’t find it difficult getting at least 65 in economics alone.
Frequently Repeated Questions for Jamb 2023/2024 | Jamb Economics Questions
Like we have promised to provide you with random repeated questions we feel that might be out it’s your duty to make sure that you study this question very well because they might be twisted somehow just to confuse you.
In the just concluded 2022 Jamb we where able to prove not only that those who took our advice smile out of the exam hall.
Facts about 2023/2024 jamb economics questions and answers
We want you to know that the Joint Admissions and Matriculation Board JAMB won’t have enough time to set new questions for millions of candidates that will be sitting for the much anticipated 2023/2024 jamb examination.
They are running out of time and their main focus will be to make sure that jamb accredited centres are up to standard.
likely jamb Questions and Answers for economics 2023/2024
I can beat my chest that about 50% of the below questions i will be dropping will come out though some might be twisted to make it look different,that’s why you must be well prepared and equipped with jamb syllabus for economics garnish with relevant text books that are comprehensive enough for you.
1. The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units. Over this price range, the demand curve is
A. fairly inelastic
B. fairly elastic
C. perfectly inelastic
D. perfectly elastic
2. In economis analysis, a statement is said to be normalize if, it
A. can be tested scientifically
B. relates to value judgment
C. is contradictory
D. is incorrect
3. Utility is the satisfaction derived from
4. If there is an increase in demand without a corresponding increase in supply, there will be
A. fall in price
B. rise in price
C. shift in supply curve to the right
D. shift in demand curve to the left
How do you see the questions and answers? Hope it’s quite interesting and a bit confusing? Well don’t fail to back this up with other past questions mostly from 1984 to 2014.
Use the production possibility curve of a country represented in the diagram below to answer questions 5 and 6
5. An improvement in technology will enable the country to produce at
A. V B. W C. X D. Z
6. If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
7. In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
A 3y and 3x
B. 6y and 4x
C. 3y and 6x
D. 5y and 5x
8. When two variables are positively related, the graph of the relationship
A. is a straight line
B. is a downward-sloping curve
C. is an upward sloping curve
D. has a negative intercept
9. For an inferior good, a decrease in real income lead to
A. an outward shift of the demand curve
B. an inward shift of the demand curve
C a lowed equilibrium price
D. a change in quantity demanded
10. In a planned economy the emphasis is on
A. individual choice and decisions
B. public ownership and control
C. private ownership and control
D. prices and competition
11. Price elasticity of supply is a ratio of the change in
A. quantity supplied to the c change in demand
B. original quantity to a change in new quantity
C. quantity supplied to the change in price
D. price to the change in quantity supplied.
12. the long-run average cost curve is called a planning curve because it shows what happens to costs when.
A. variable inputs are increased
B. fixed factors are increased
C. different sizes of plants are built
D. a bigger size of plants is built
13. Imperfect market is characterized by
A. many buyers and few sellers
B. a large number of buyers and sellers
C. non-preferential treatment
D. perfect mobility of factors of production
14. Short-run period in production is a period for a firm to be able to change its
A. variable inputs
B. total outputs
C. total revenue
D. scale of operation
Use the table below to answer questions 15 and 16
per day (unit)
per day (N)
per day (N)
15. The ATC at 30 units of output is
16. At 60 units of output, the AVC is
17. If the demand curve facing a frim is sharply downward sloping, the firm is likely to be
A. a perfect competitor
B. a monopolistic competitor as it can have a limited influence as it can have a limited influence on price
C. an oligopolist as it can collude with other firms to have some influence on price
We are going to stop here for now while we being you more update in few days to come, please don’t stop visiting this page for more update about the forth coming jamb economics 2023/2024 exams.