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UTME 2024

JAMB Economics past questions and answers

10 questions from the most recent UTME Economics papers in our bank, across different topics. Try each one, then open the answer to see a worked solution.

  1. Question 1 · UTME 2024 · Economics as a Science

    Which of the following is not emphasised by a production possibility curve?

    1. AScarcity of resources
    2. BUnemployment of labour
    3. CInefficiency in the use of resources
    4. DEconomic development
    Show answer and solution

    Answer: D. Economic development

    What the question is asking: What the PPC shows.

    Key idea: The PPC shows scarcity (limits to output) and, at points inside it, unemployment and inefficiency. It does not show economic development, which involves welfare and structural change.

  2. Question 2 · UTME 2024 · Business Organisations

    The following are types of business organisation EXCEPT

    1. Aa co-operative society
    2. Ba partnership
    3. Centrepreneurship
    4. Da public corporation
    Show answer and solution

    Answer: C. entrepreneurship

    What the question is asking: Types of business organisation.

    Key idea: Co-operatives, partnerships and public corporations are forms of business organisation. Entrepreneurship is a factor of production (risk-taking and organising).

  3. Question 3 · UTME 2024 · Methods and Tools of Economic Analysis

    If the standard deviation of a set of numbers is 3.6, what is the variance?

    1. A12.96
    2. B12.69
    3. C12.9
    4. D12.98
    Show answer and solution

    Answer: A. 12.96

    What the question is asking: Variance from standard deviation.

    Key idea: Variance = (standard deviation)².

    Step 1 – 3.6² = 12.96.

  4. Question 4 · UTME 2024 · Market Structures

    A market situation with few sellers and many buyers is called

    1. Aduopoly
    2. Bmonopoly
    3. Cperfect competition
    4. Doligopoly
    Show answer and solution

    Answer: D. oligopoly

    What the question is asking: Oligopoly.

    Key idea: Oligopoly is a market with a few sellers and many buyers. Duopoly has two sellers; monopoly one.

  5. Question 5 · UTME 2024 · International Trade

    The following can be used to improve a country's balance of payments EXCEPT

    1. Aanti-dumping policies
    2. Bgranting subsidies to export producers
    3. Cdecreasing taxation on personal income
    4. Dincreasing import duties
    Show answer and solution

    Answer: C. decreasing taxation on personal income

    What the question is asking: Improving the balance of payments.

    Key idea: Measures that raise exports or cut imports help. Lower personal income tax raises spending, including on imports, so it would not improve the balance of payments.

  6. Question 6 · UTME 2024 · Theory of Demand

    If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

    1. Ainferior goods
    2. Bsubstitutes
    3. Ccomplements
    4. Dbought together
    Show answer and solution

    Answer: B. substitutes

    What the question is asking: Substitutes.

    Key idea: When a rise in the price of X makes people buy Y instead, the goods can replace each other – they are substitutes.

  7. Question 7 · UTME 2024 · Agriculture in Nigeria

    The cultivation of land and rearing of animals for man's use is

    1. Aforestry
    2. Bagriculture
    3. Cmonoculture
    4. Dhorticulture
    Show answer and solution

    Answer: B. agriculture

    What the question is asking: Agriculture.

    Key idea: Agriculture covers growing crops and rearing livestock. Forestry, monoculture and horticulture are narrower activities.

  8. Question 8 · UTME 2024 · National Income

    The following determine the level of consumption EXCEPT

    1. Athe level of income
    2. Bthe rate of taxes paid
    3. Csavings
    4. Dthe political climate
    Show answer and solution

    Answer: D. the political climate

    What the question is asking: What determines consumption.

    Key idea: Consumption depends mainly on disposable income – the level of income and taxes – and on how much people choose to save. The political climate is not one of these economic determinants.

  9. Question 9 · UTME 2024 · International Economic Organisations

    Which of the following is NOT a function of the IMF?

    1. AProviding financial aid to members experiencing balance of payments difficulties
    2. BPromoting international monetary co-operation
    3. CExchange rate stabilisation
    4. DAssisting member countries in printing and issuing their currency
    Show answer and solution

    Answer: D. Assisting member countries in printing and issuing their currency

    What the question is asking: Functions of the IMF.

    Key idea: The IMF promotes monetary co-operation, exchange-rate stability and gives short-term help with balance of payments problems. Issuing currency is done by each country's central bank.

  10. Question 10 · UTME 2024 · Theory of Consumer Behaviour

    If the marginal utility of a commodity is equal to its price, then

    1. Athe market is not in equilibrium
    2. Bmore of the commodity can be consumed
    3. Ctotal utility is also equal to its price
    4. Dthe consumer is in equilibrium
    Show answer and solution

    Answer: D. the consumer is in equilibrium

    What the question is asking: Consumer equilibrium.

    Key idea: A consumer of one good is in equilibrium when the satisfaction from the last unit (MU, valued in money) equals its price; buying more or less would make him worse off.

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