JAMB Economics practice questions
Five free Economics questions with answers and explanations. The UTME Economics paper has 40 questions. Practise the full paper in a timed CBT on your phone.
Try five Economics questions
Question 1. Opportunity cost is
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B: the next best alternative given up. Opportunity cost is the value of the next best choice you give up when you make a decision.
Question 2. Other things being equal, when the price of a normal good rises, the quantity demanded
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B: falls. This is the law of demand: price and quantity demanded move in opposite directions.
Question 3. The reward for labour as a factor of production is
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C: wages. Land earns rent, capital earns interest, labour earns wages and the entrepreneur earns profit.
Question 4. Inflation is best described as
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B: a persistent rise in the general price level. Inflation is a sustained rise in the general level of prices, not a one-off change in one price.
Question 5. A 10% rise in price causes a 20% fall in quantity demanded. The price elasticity of demand is
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C: 2. Elasticity = % change in quantity ÷ % change in price = 20 ÷ 10 = 2 (in absolute value), so demand is elastic.
What the Economics paper covers
- Basic concepts: scarcity, choice and opportunity cost
- Demand, supply and elasticity
- Production, costs and market structures
- Money, banking and inflation
- Public finance and international trade
These are the main areas. JAMB publishes the full syllabus for each subject, so use it as your checklist.
Practise the rest in a timed CBT
Etest JAMB CBT has 5,553 past questions across 11 subjects, each with the answer and an explanation. Set the timer, take the exam, then see your score subject by subject and review every answer.
Practice is free to start. Read more on the JAMB CBT practice page or in how to choose a JAMB CBT app.
Economics questions people ask
How many questions are in the JAMB Economics paper?
40 questions.
Is Economics compulsory in JAMB?
Only if your course asks for it. Use of English is compulsory; the other three subjects depend on the course you apply for, so check its requirements in JAMB's brochure.
Are these real JAMB questions?
No. The five questions on this page were written for practice. The Etest JAMB CBT app has past questions with explanations.
Is this official JAMB material?
No. Etest JAMB CBT is an independent practice app and is not linked to JAMB.