JAMB Economics Past Questions 2016
10 questions from the JAMB 2016 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2016Question 1 · Agriculture, Industry, and Petroleum Economics
One of the problems facing the Nigerian oil and gas industry is____________________?
- A.Over-capacity utilization
- B.The discovery of alternative oil sources
- C.Shortage of indigenous manpower
- D.The excess supply of petroleum products
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Answer: C. Shortage of indigenous manpower
A key problem facing Nigeria's oil and gas industry is the shortage of skilled indigenous manpower.
JAMB 2016Question 2 · Agriculture, Industry, and Petroleum Economics
The slow pace of industrial growth in Nigeria can be attributed to__________?
- A.lack of raw materials
- B.lack of market for produce
- C.inadequate skilled labour
- D.over-dependence on the oil sector
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Answer: D. over-dependence on the oil sector
Nigeria's slow industrial growth is largely attributed to over-dependence on the oil sector at the expense of other industries.
JAMB 2016Question 3 · Business Organisation and Government
Public limited liability companies are owned by__________?
- A.The federal government
- B.Private and individual organizations
- C.The state government
- D.The federal and state governments
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Answer: B. Private and individual organizations
Public limited liability companies are owned by private individuals and organizations who hold their shares.
JAMB 2016Question 4 · Demand, Supply, and Market Structures
One of the important features of perfect competition is_____?
- A.Adequate knowledge of existing prices
- B.The influence on prices by individual economic units
- C.The restriction in terms of movement of goods and services
- D.The administration of a centralized price system
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Answer: A. Adequate knowledge of existing prices
A key feature of perfect competition is that buyers and sellers have adequate (perfect) knowledge of prevailing prices.
JAMB 2016Question 5 · Demand, Supply, and Market Structures
The demand for two or more commodities to satisfy a particular want is _____?
- A.Derived
- B.Composite
- C.Competitive
- D.Joint
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Answer: B. Composite
Demand for two or more commodities to satisfy a single want is composite demand.
JAMB 2016Question 6 · International Trade
A country's terms of trade can be improved by________?
- A.Revaluation of currency
- B.Collective bargaining
- C.Reducing demand for imported goods
- D.Imposing lower export duties
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Answer: A. Revaluation of currency
Revaluing the domestic currency raises export prices relative to import prices, which can improve a country's terms of trade ratio.
JAMB 2016Question 7 · Money, Banking, and Public Finance
The type of inflation that emanates from excess demand overs supply is___________?
- A.Galloping inflation
- B.Imported inflation
- C.Demand-pull inflation
- D.Cost-push inflation
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Answer: C. Demand-pull inflation
Inflation arising from aggregate demand exceeding aggregate supply is demand-pull inflation.
JAMB 2016Question 8 · National Income and Economic Planning
The major characteristics of an undeveloped nation is
- A.Over-dependence on foreign products
- B.Dominance of the industrial sector
- C.High per capita income
- D.Efficient and sensitive financial sector
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Answer: A. Over-dependence on foreign products
A major characteristic of an underdeveloped nation is over-dependence on foreign (imported) products.
JAMB 2016Question 9 · Population and Statistics
Population growth is determined by_______?
- A.Dependency ratio
- B.Labour force
- C.Per capita
- D.Net migration
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Answer: D. Net migration
Net migration (the balance of people moving in versus out) is a direct determinant of a country's population growth, alongside births and deaths.
JAMB 2016Question 10 · Theory of Consumer Behaviour
Consumers allocate their resources based on the ______?
- A.Law of diminishing marginal utility
- B.Value in use and value in exchange principle
- C.Law of returns to scale
- D.Diamond and water paradox
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Answer: A. Law of diminishing marginal utility
Consumers allocate their limited resources guided by the law of diminishing marginal utility, seeking to maximize total satisfaction.
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