Skip to content

JAMB UTME 2019

JAMB Economics 2019 past questions

5 objective questions from the 2019 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Market structures

    A market dominated by a few sellers is

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

    Answer: B, an oligopoly

    Oligo means few.

  2. Question 2

    National income

    Value added tax is an example of

    1. Option A: a direct tax
    2. Option B: a progressive tax
    3. Option C: a poll tax
    4. Option D: an indirect tax
    Show the answer to question 2

    Answer: D, an indirect tax

    VAT is charged on goods and services.

  3. Question 3

    Money and banking

    Which of these is a tool of monetary policy?

    1. Option A: Budget deficit
    2. Option B: Import duties
    3. Option C: Income tax
    4. Option D: Open market operations
    Show the answer to question 3

    Answer: D, Open market operations

    The central bank buys and sells securities to control money supply.

  4. Question 4

    Elasticity

    When the price of a commodity rose by 20%, the quantity demanded fell by 40%. Calculate the price elasticity of demand.

    1. Option A: 0.5
    2. Option B: 20
    3. Option C: 2
    4. Option D: 8
    Show the answer to question 4

    Answer: C, 2

    PED = % change in quantity ÷ % change in price = 40 ÷ 20 = 2.

  5. Question 5

    Cost of production

    A firm's total fixed cost is ₦1,000 and its total variable cost is ₦1,400 for an output of 50 units. Calculate the average cost.

    1. Option A: ₦28
    2. Option B: ₦48
    3. Option C: ₦20
    4. Option D: ₦2,400
    Show the answer to question 5

    Answer: B, ₦48

    Average cost = total cost ÷ output = 2,400 ÷ 50 = ₦48.

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