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JAMB UTME 2022

JAMB Economics 2022 past questions

4 objective questions from the 2022 JAMB Economics paper. Answer each one, then reveal the answer and explanation.

All JAMB Economics past questions

  1. Question 1

    Market structures

    Selling the same good at different prices to different buyers is

    1. Option A: price control
    2. Option B: a price war
    3. Option C: price leadership
    4. Option D: price discrimination
    Show the answer to question 1

    Answer: D, price discrimination

    That is the definition of price discrimination.

  2. Question 2

    Cost of production

    A firm's total fixed cost is ₦4,000 and its total variable cost is ₦3,500 for an output of 50 units. Calculate the average cost.

    1. Option A: ₦70
    2. Option B: ₦80
    3. Option C: ₦150
    4. Option D: ₦7,500
    Show the answer to question 2

    Answer: C, ₦150

    Average cost = total cost ÷ output = 7,500 ÷ 50 = ₦150.

  3. Question 3

    Money and banking

    If the central bank raises the cash reserve ratio, the money supply tends to

    1. Option A: rise
    2. Option B: fall
    3. Option C: stay the same
    4. Option D: double
    Show the answer to question 3

    Answer: B, fall

    Banks have less to lend.

  4. Question 4

    Elasticity

    When the price of a commodity rose by 20%, the quantity demanded fell by 10%. Calculate the price elasticity of demand.

    1. Option A: 2
    2. Option B: -10
    3. Option C: 0.5
    4. Option D: 1.5
    Show the answer to question 4

    Answer: C, 0.5

    PED = % change in quantity ÷ % change in price = 10 ÷ 20 = 0.5.

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