JAMB Economics Past Questions 2013
10 questions from the JAMB 2013 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2013Question 1 · Agriculture, Industry, and Petroleum Economics
In order to add value to Nigeria agricultural produce, there is need to
- A.cultivate high breed crops
- B.process them into finished goods
- C.adopt modern storage methods
- D.advertise them in European markets
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Answer: B. process them into finished goods
Processing agricultural produce into finished goods adds value before sale.
JAMB 2013Question 2 · Agriculture, Industry, and Petroleum Economics
The deregulation of the petroleum sector in Nigeria will bring about
- A.efficiency in pricing and distribution of the products
- B.an end to the importation of fuel
- C.an end to foreign firms' dominance
- D.fixing appropriate production quotas
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Answer: A. efficiency in pricing and distribution of the products
Deregulating the petroleum sector is expected to bring efficiency in the pricing and distribution of petroleum products.
JAMB 2013Question 3 · Business Organisation and Government
In Nigeria, the government can reduce the cost of accommodation by fixing the rent
- A.at the prevailing rate
- B.at the equilibrium price
- C.above the equilibrium price
- D.below the equilibrium price
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Answer: D. below the equilibrium price
To reduce accommodation costs, government fixes rent below the equilibrium price (rent control).
JAMB 2013Question 4 · Demand, Supply, and Market Structures
An increase in demand without a corresponding change in supply will lead to
- A.a decrease in equilirium price and increase in equilibrium quantity
- B.an increase in equilibrium price and quantity
- C.a decrease in equilibrium price and quantity
- D.an increase in equilibrium price and a decrease in equilibrium quantity
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Answer: B. an increase in equilibrium price and quantity
An increase in demand with supply unchanged raises both equilibrium price and quantity.
JAMB 2013Question 5 · International Trade
One of the main achievements of the Economic Commission for Africa is
- A.eliminating trade restrictions among states
- B.encouraging transport and communication development
- C.guaranteeing a steady flow of foreign investment into Africa
- D.providing the machinery for collaboration on monetary issues
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Answer: B. encouraging transport and communication development
A key achievement of the Economic Commission for Africa has been encouraging transport and communication development across the region.
JAMB 2013Question 6 · Money, Banking, and Public Finance
If CBN reduces money supply, the interest rate will
- A.fluctuate
- B.rise
- C.fall
- D.remain unchanged
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Answer: B. rise
Reducing money supply makes credit scarcer, causing interest rates to rise.
JAMB 2013Question 7 · Money, Banking, and Public Finance
In Nigeria, efficiency in public corporations can be achieved through
- A.public offer
- B.indigenization
- C.privatization
- D.nationalization
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Answer: C. privatization
Privatization is a key route to achieving efficiency in Nigeria's public corporations.
JAMB 2013Question 8 · National Income and Economic Planning
One of the goals of development plans in Nigeria is to
- A.increase the profitability of multinational businesses
- B.improve the country's GDP
- C.achieve higher standard of living for the citizens
- D.deregulate the economy
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Answer: C. achieve higher standard of living for the citizens
A key goal of Nigeria's development plans is to achieve a higher standard of living for citizens.
JAMB 2013Question 9 · Population and Statistics
Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28
- A.10
- B.38
- C.35
- D.22
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Answer: D. 22
Sorted: 10,14,15,18,22,28,30,35,38 (9 values); the median (5th value) is 22.
JAMB 2013Question 10 · Theory of Consumer Behaviour
Utility is the satisfaction derived from the
- A.distribution of goods and services
- B.use of goods and services
- C.demand of goods and services
- D.production of goods and services
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Answer: B. use of goods and services
Utility is the satisfaction a consumer derives from using goods and services.
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