Economics is a key JAMB subject that examines candidates’ understanding of resource allocation, production, consumption, and financial systems. Practicing past questions helps students familiarize themselves with common question patterns, improve analytical skills, and increase speed and accuracy in answering questions. This blog provides 50 most repeated Economics JAMB past questions and answers, organized into three sections for efficient study.
Section 1: Economics JAMB Past Questions 1–20
Most repeated Economics JAMB Past Questions and Answers;
1. Economics is the study of:
a) Money only
b) Scarcity and choice
c) Politics
d) Law
Answer: b) Scarcity and choice
2. The basic problem of economics is:
a) Poverty
b) Scarcity
c) Unemployment
d) Inflation
Answer: b) Scarcity
3. Microeconomics studies:
a) National income
b) Individual consumers and firms
c) Government policies
d) Foreign trade
Answer: b) Individual consumers and firms
4. Macroeconomics studies:
a) Single firms
b) Individual demand
c) Economy-wide issues
d) Consumer preferences
Answer: c) Economy-wide issues
5. The law of demand states that:
a) As price rises, quantity demanded rises
b) As price falls, quantity demanded rises
c) Demand is constant
d) Demand depends on supply
Answer: b) As price falls, quantity demanded rises
6. A movement along the demand curve is caused by:
a) Change in income
b) Change in taste
c) Change in price
d) Change in government policy
Answer: c) Change in price
7. A shift in the demand curve is caused by:
a) Change in price
b) Change in taste, income, or population
c) Change in quantity demanded
d) Change in production cost
Answer: b) Change in taste, income, or population
8. The law of supply states that:
a) Supply is constant
b) Supply falls as price rises
c) Supply rises as price rises
d) Supply depends on demand only
Answer: c) Supply rises as price rises
9. Which of the following is a factor of production?
a) Money
b) Land
c) Price
d) Tax
Answer: b) Land
10. The reward for labor is:
a) Rent
b) Wages
c) Profit
d) Interest
Answer: b) Wages
11. The reward for capital is:
a) Rent
b) Wages
c) Profit
d) Interest
Answer: d) Interest
12. Which is a characteristic of a free market economy?
a) Government controls all resources
b) Prices determined by supply and demand
c) Fixed wages
d) No competition
Answer: b) Prices determined by supply and demand
13. GDP stands for:
a) Gross Domestic Product
b) General Domestic Policy
c) Gross Development Plan
d) Government Debt Payment
Answer: a) Gross Domestic Product
14. Inflation occurs when:
a) Prices rise over time
b) Prices fall continuously
c) There is unemployment
d) Production increases
Answer: a) Prices rise over time
15. A budget deficit occurs when:
a) Revenue exceeds expenditure
b) Expenditure exceeds revenue
c) Revenue equals expenditure
d) Government borrows money
Answer: b) Expenditure exceeds revenue
16. The central bank of a country controls:
a) Prices
b) Money supply
c) Demand and supply
d) Foreign trade
Answer: b) Money supply
17. The opportunity cost of a choice is:
a) The money spent
b) The next best alternative foregone
c) Total expenditure
d) The profit made
Answer: b) The next best alternative foregone
18. A monopoly is:
a) Many firms, same product
b) Single seller dominates the market
c) Government controls market
d) Many firms, different products
Answer: b) Single seller dominates the market
19. Perfect competition is characterized by:
a) Many sellers, identical products
b) Single seller
c) Government regulation
d) Few sellers
Answer: a) Many sellers, identical products
20. A tariff is:
a) Tax on exports
b) Tax on imports
c) Government subsidy
d) Price control
Answer: b) Tax on imports
Section 2: Economics JAMB Past Questions 21–40
Most repeated Economics JAMB Past Questions and Answers;
21. Fiscal policy deals with:
a) Money supply
b) Government spending and taxation
c) Price control
d) Wage regulation
Answer: b) Government spending and taxation
22. Monetary policy deals with:
a) Government spending
b) Money supply and interest rates
c) Taxation
d) Production planning
Answer: b) Money supply and interest rates
23. An example of a renewable resource is:
a) Coal
b) Oil
c) Forests
d) Natural gas
Answer: c) Forests
24. Non-renewable resources include:
a) Timber
b) Coal and oil
c) Solar energy
d) Water
Answer: b) Coal and oil
25. The demand for a necessity is:
a) Highly elastic
b) Inelastic
c) Perfectly elastic
d) Perfectly inelastic
Answer: b) Inelastic
26. The price elasticity of demand measures:
a) Change in supply
b) Responsiveness of quantity demanded to price changes
c) Change in government policy
d) Change in cost of production
Answer: b) Responsiveness of quantity demanded to price changes
27. Unemployment refers to:
a) People who do not want to work
b) People without jobs but seeking work
c) Retired people
d) Students
Answer: b) People without jobs but seeking work
28. A recession is:
a) Rapid economic growth
b) Fall in national income
c) Increase in employment
d) Surplus in trade
Answer: b) Fall in national income
29. The law of diminishing returns states:
a) More input always gives more output
b) Beyond a point, additional input adds less output
c) Returns increase indefinitely
d) Returns are constant
Answer: b) Beyond a point, additional input adds less output
30. A budget surplus occurs when:
a) Expenditure exceeds revenue
b) Revenue exceeds expenditure
c) Government borrows money
d) Government prints more money
Answer: b) Revenue exceeds expenditure
31. Investment refers to:
a) Saving money in a bank
b) Purchase of capital goods for production
c) Government spending
d) Exporting goods
Answer: b) Purchase of capital goods for production
32. Scarcity forces:
a) Unlimited consumption
b) Choice and prioritization
c) Price controls
d) Inflation
Answer: b) Choice and prioritization
33. The reward for entrepreneurship is:
a) Rent
b) Wages
c) Profit
d) Interest
Answer: c) Profit
34. Direct tax is:
a) Paid directly to the government
b) Paid indirectly through goods
c) Tax on exports
d) Subsidy from government
Answer: a) Paid directly to the government
35. Indirect tax is:
a) Paid directly
b) Collected through goods and services
c) Voluntary
d) A form of subsidy
Answer: b) Collected through goods and services
36. Balance of trade refers to:
a) Imports minus exports
b) Exports minus imports
c) Money supply
d) Government revenue
Answer: b) Exports minus imports
37. Foreign exchange rate is:
a) Value of local money against foreign money
b) Tax on imports
c) Export duty
d) Interest rate
Answer: a) Value of local money against foreign money
38. Inflation can be controlled by:
a) Increasing money supply
b) Reducing money supply
c) Lowering interest rates
d) Increasing wages
Answer: b) Reducing money supply
39. Depreciation in economics means:
a) Rise in value of asset
b) Fall in value of currency or capital goods over time
c) Inflation
d) Deflation
Answer: b) Fall in value of currency or capital goods over time
40. Scarcity of resources leads to:
a) Choice
b) Free goods
c) Surplus
d) Unlimited production
Answer: a) Choice
Section 3: Questions 41–50
Most repeated Economics JAMB Past Questions and Answers
41. Gross Domestic Product (GDP) measures:
a) Total imports
b) Total exports
c) Total value of goods and services produced in a country
d) Government revenue
Answer: c) Total value of goods and services produced in a country
42. National income includes:
a) Wages only
b) Rent only
c) Wages, rent, interest, and profit
d) Only profit
Answer: c) Wages, rent, interest, and profit
43. Opportunity cost arises because:
a) Resources are limited
b) Government controls economy
c) Technology improves
d) Prices fall
Answer: a) Resources are limited
44. A price floor is:
a) Maximum price allowed by law
b) Minimum price allowed by law
c) Market equilibrium price
d) Average price
Answer: b) Minimum price allowed by law
45. A price ceiling is:
a) Minimum price
b) Maximum price
c) Equilibrium price
d) Average price
Answer: b) Maximum price
46. Monetary policy tools include:
a) Taxes and spending
b) Open market operations and interest rate adjustments
c) Wage control
d) Tariffs only
Answer: b) Open market operations and interest rate adjustments
47. Consumer surplus occurs when:
a) Consumers pay more than they are willing
b) Consumers pay less than they are willing
c) Producers earn profit
d) Government taxes consumers
Answer: b) Consumers pay less than they are willing
48. Producer surplus occurs when:
a) Producers sell at cost
b) Producers sell at higher than minimum acceptable price
c) Consumers are taxed
d) Producers pay more for raw materials
Answer: b) Producers sell at higher than minimum acceptable price
49. Economic growth refers to:
a) Increase in production of goods and services
b) Inflation
c) Unemployment
d) Scarcity
Answer: a) Increase in production of goods and services
50. Economic development refers to:
a) Only production increase
b) Improvement in standard of living and well-being of people
c) Inflation control
d) Tax collection
Answer: b) Improvement in standard of living and well-being of people
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