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JAMB UTME 2017

JAMB Economics 2017 past questions

5 objective questions from the 2017 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Elasticity

    When the price of a commodity rose by 30%, the quantity demanded fell by 30%. Calculate the price elasticity of demand.

    1. Option A: 0
    2. Option B: 1
    3. Option C: 9
    4. Option D: 2
    Show the answer to question 1

    Answer: B, 1

    PED = % change in quantity ÷ % change in price = 30 ÷ 30 = 1.

  2. Question 2

    Money and banking

    The main problem of trade by barter is the

    1. Option A: double coincidence of wants
    2. Option B: high rate of inflation
    3. Option C: high interest rate
    4. Option D: burden of taxation
    Show the answer to question 2

    Answer: A, double coincidence of wants

    Each trader must want what the other has.

  3. Question 3

    Revenue

    A firm sells 80 units of a good at ₦300 each. What is its total revenue?

    1. Option A: ₦380
    2. Option B: ₦12,000
    3. Option C: ₦24,000
    4. Option D: ₦48,000
    Show the answer to question 3

    Answer: C, ₦24,000

    Total revenue = price × quantity = 300 × 80 = ₦24,000.

  4. Question 4

    Population

    The movement of people from villages to towns is called

    1. Option A: emigration
    2. Option B: brain drain
    3. Option C: rural-urban migration
    4. Option D: immigration
    Show the answer to question 4

    Answer: C, rural-urban migration

    Movement from rural to urban areas is rural-urban migration.

  5. Question 5

    National income

    Per capita income is national income

    1. Option A: divided by the population
    2. Option B: multiplied by the population
    3. Option C: minus the population
    4. Option D: divided by exports
    Show the answer to question 5

    Answer: A, divided by the population

    It is income per head.

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