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JAMB UTME 2018

JAMB Economics 2018 past questions

5 objective questions from the 2018 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 10%, the quantity demanded fell by 15%. Calculate the price elasticity of demand.

    1. Option A: 1.5
    2. Option B: 0.67
    3. Option C: 5
    4. Option D: 2.5
    Show the answer to question 1

    Answer: A, 1.5

    PED = % change in quantity ÷ % change in price = 15 ÷ 10 = 1.5.

  2. Question 2

    Money and banking

    The naira was introduced as Nigeria’s currency in

    1. Option A: 1960
    2. Option B: 1973
    3. Option C: 1966
    4. Option D: 1980
    Show the answer to question 2

    Answer: B, 1973

    The naira replaced the pound on 1 January 1973.

  3. Question 3

    National income

    A tax whose rate rises as income rises is

    1. Option A: regressive
    2. Option B: progressive
    3. Option C: proportional
    4. Option D: indirect
    Show the answer to question 3

    Answer: B, progressive

    Progressive taxes take a bigger share of higher incomes.

  4. Question 4

    Market structures

    A market with a single seller is a

    1. Option A: oligopoly
    2. Option B: duopoly
    3. Option C: perfect competition
    4. Option D: monopoly
    Show the answer to question 4

    Answer: D, monopoly

    Mono means one.

  5. Question 5

    Revenue

    A firm sells 95 units of a good at ₦350 each. What is its total revenue?

    1. Option A: ₦33,250
    2. Option B: ₦445
    3. Option C: ₦16,625
    4. Option D: ₦66,500
    Show the answer to question 5

    Answer: A, ₦33,250

    Total revenue = price × quantity = 350 × 95 = ₦33,250.

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