Skip to content

JAMB UTME 2015

JAMB Economics 2015 past questions

5 objective questions from the 2015 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Revenue

    A firm sells 50 units of a good at ₦200 each. What is its total revenue?

    1. Option A: ₦250
    2. Option B: ₦10,000
    3. Option C: ₦5,000
    4. Option D: ₦20,000
    Show the answer to question 1

    Answer: B, ₦10,000

    Total revenue = price × quantity = 200 × 50 = ₦10,000.

  2. Question 2

    Money and banking

    The lender of last resort in Nigeria is the

    1. Option A: First Bank of Nigeria
    2. Option B: Central Bank of Nigeria
    3. Option C: Bank of Industry
    4. Option D: Nigerian Exchange
    Show the answer to question 2

    Answer: B, Central Bank of Nigeria

    The central bank lends to commercial banks when no one else will.

  3. Question 3

    National income

    Gross national product equals

    1. Option A: GDP minus depreciation
    2. Option B: GDP plus net income from abroad
    3. Option C: GDP plus indirect taxes
    4. Option D: GDP minus exports
    Show the answer to question 3

    Answer: B, GDP plus net income from abroad

    GNP adds net factor income from abroad.

  4. Question 4

    Population

    The dependency ratio compares

    1. Option A: men with women
    2. Option B: births with deaths
    3. Option C: dependants with the working population
    4. Option D: urban with rural people
    Show the answer to question 4

    Answer: C, dependants with the working population

    It compares the young and old with those of working age.

  5. Question 5

    Elasticity

    When the price of a commodity rose by 10%, the quantity demanded fell by 5%. Calculate the price elasticity of demand.

    1. Option A: 2
    2. Option B: 0.5
    3. Option C: -5
    4. Option D: 1.5
    Show the answer to question 5

    Answer: B, 0.5

    PED = % change in quantity ÷ % change in price = 5 ÷ 10 = 0.5.

Practise JAMB Economics on SchoolEasy CBT

In SchoolEasy, students answer timed questions on screen, see an explanation for every answer, and track their progress topic by topic. Teachers turn past questions into class tests that mark themselves.

Practise in the appRequest a demo for your school

School management made effortless.

We strive to build the best school management software for schools from all over the world.

Available soon on all digital platforms

Download on theApp StoreGet it onGoogle Play