JAMB Most Repeated Economics Past Questions and Answers

My info connect brings you more of the constantly updated Jamb Repeated Questions. Our focus today will be on Jamb Most repeated Economics Past Questions and Answers. Do well to take note of these likely exam questions.

If you are taking Jamb in your 2019 utme exam, here are some of the most repeated Jamb Questions and Likely Jamb questions and Answers for Economics. These questions will cover a high majority of all parts of your Economics syllabus.

If you are preparing for your jamb, do well to followup this series on Jamb Recent repeated questions and Likely Jamb Questions and Answers

Early preparation is key to success. So, take note of some of these questions because some of these questions are likely going to repeated.

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  1. International and inter-regional trade differ primarily because

Ans:  Products flow easily within regions of a country

2. A major factor affecting the value of money is the?

Ans: price level

3. Cost-push inflation is caused by?

Ans:  increase in factor prices

4. The expression ‘Terms of Trade’ is used to describe

Ans: The rate at which exports exchange for imports

5. If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?

Ans:  50 oranges

6. One of the major advantages of specialization is that?

Ans:  the worker wastes less time between operations

7. Commercial bank reserves at the Central Bank have the effect of?

Ans: controlling credit and money supply

8. A firm achieves least-cost in production by substituting factors until?

Ans: the ratio of their marginal -physical-products equals the ratio of their prices

9. A situation in which all inputs are doubled and output also doubles is known as?

Ans: constant returns to scale

10. Under a system of freely floating exchange rates, an increase in the international value of a country’s currency will cause

Ans its imports to rise

11. The three groups of government revenue are?

Ans:  investment income, direct tax and indirect tax

12. Technical progress that leads to a reduction in costs results in

Ans: a decrease in equilibrium price and increase in equilibrium quantity

13. If P8 and P9 represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D = number of deaths, B = number of births, I = number of immigrants, E = number of Emigrants. Then the size of the population in 1979 is given by

Ans: P9 = P8 + B – D + I – E

14.A tax is defined as regressive if?

Ans: the proportion if income taen by the tax falls as income increases

15. A balance budget is defined as a condition of?

Ans: equality of planned receipts and planned expenditure


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16. In economic life, choice among alternatives depends on the?

Ans:  scale of preference of the decision maker

17. Which of the following is not characteristic of a perfect competition?

Ans: supply and demand are equal

18. A commercial bank is unique in that it is only the institution that

Ans: can store peoples’ valuables

19. Which is an example of an invisible item in the trade Account of Ghana?

Ans:  Payment for shipping and insurance by a Ghanaian company to companies outside Ghana

20. A budget deficit means

Ans: That a government is spending more than in takes in taxation

21. Inferior goods are referred to in Economics as goods

Ans: Whose consumption falls when consumers’ income rises

22. When a nation is experiencing balance of payment surplus, it is in a better position to

Ans:  increase her foreign exchange reserves

23. A normal good with close substitutes is likely to have its price elasticity of demand

Ans: greater than unity

24. The following is NOT a reason for the existence of small firms

Ans: Expansion brings diminishing returns

25. Demand for a factor of production is

Ans: a derived demand

26. A firm achieves least-cost in production by substituting factors until?

Ans:  the ratio of their marginal -physical-products equals the ratio of their prices

27. At the point of profit maximization by a firm, marginal cost is?

Ans: Rising

28. As consumption of beer increases, its marginal utility to a drinker will

Ans: Decrease

29. If the demand of a product with perfectly elastic supply increases, there will be

Ans: An increase in quantity offered but price will remain the same

30. An increase in liquid reserve requirements by the central bank of Nigeria will result in

Ans: an increase in commercial banks excess reserves

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