2024/2025 Jamb Questions On Economics to Expect During Your Jamb Exam

Jamb Economics questions: All the candidates who applied for 2024 JAMB, need to know that Jamb CBT is the latest method used to analyze all candidates during the exam. If you are asking what is Jamb CBT? Jamb CBT is known as a computer-based test (CBT).

Jamb CBT is a process whereby all Jamb questions with option objective answers to the question are programme online with the use of a computer, it also regulates your stopping time.

For the new candidates who haven’t used this computer-based test method to write an exam, will advise you to kindly get used to your Jamb past questions paper because a computer-based test is not friendly. You don’t need any supervisor to tell you to submit to buy time, once your programming time elapses your exam shuts down.

Passing Jamb CBT is very simple depending on the student involved, knowing the rules that govern Jamb CBT and applying them. Your Jamb score will be something to smile for.

Most Jamb candidates didn’t like the introduction of Jamb CBT because of the rate at which malpractice is reduced and the process of using it.

The Jamb economics question released here is what we have studied and gathered from teachers and some examiners who pinpoint the major economics questions which are repeated by Jamb. If you are asking for Jamb economics repeated questions kindly check here below.

The article is mainly for all candidates who wish to write the 2024/2025 Jamb Exam and score high, all the expected  2024 Jamb questions on Economics are given below.

2024 Jamb Questions and Answers on Economics

1. The concept of economic efficiency primarily refers to
A. Obtaining the maximum output from available resources at the lowest possible cost
B. Conservation of our petroleum resources
C. Equity in the distribution of the nation’s wealth
D. Producing without waste
E. The limited wants unlimited resources dilemma

2. If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will add less to the output than previous units of labour.
A. The productivity of labour
B. The law of diminishing marginal utility
C. The law of diminishing returns
D. The concept of factor intensity
E. Labour-intensive production.

3. 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 the supply curve to the right
D. Shift in the 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 4 and 5

4. An improvement in technology will enable the country to produce at
A. V B. W C. X D. Z

5. If the country is currently producing at point Y, it can increase the production of producer goods by moving to the point
A. v
B. W
C. X
D. Z

6. 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

7. 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

8. For an inferior good, a decrease in real income leads 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

9. 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

10. 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 the new quantity
C. quantity supplied to the change in price
D. price to the change in quantity supplied.

11. 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

12. 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

13. 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

14. Which of the following is not a source of government revenue?
A. Investment income,
B. Tax
C. Loans
D. Imports duties

15. Which of these factors affects the value of money?

A. Exchange rate
B. Price level
C. Durability
D. Flexibility
E. Printing rate

16. The demand curve is ____ when the elasticity is zero.

A. Elastic
B. Inelastic
C. Downward slopping
D. Upward sloping
E. Static

Jamb is easy to fail and Jamb is easy to pass. Be careful when answering Jamb questions because the options answers are similar to the questions which makes it complicated.  If you think that you know it all, we advise you to rethink and study your past questions to guide you and practice your Jamb CBT.

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