JAMB Economics Past Questions 2017
10 questions from the JAMB 2017 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2017Question 1 · Agriculture, Industry, and Petroleum Economics
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
- A.favourable soil
- B.coal deposit
- C.crude oil deposit
- D.favourable climate
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Answer: C. crude oil deposit
Petro-chemical industries are sited in Rivers State because of the crude oil deposits found there.
JAMB 2017Question 2 · Agriculture, Industry, and Petroleum Economics
Localization of industry is encouraged because of ________
- A.low interest charges on loans
- B.improvements in infrastructure
- C.low foreign exchange rate
- D.high standard of living
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Answer: B. improvements in infrastructure
Improvements in infrastructure encourage industries to localize in a particular area.
JAMB 2017Question 3 · Basic Economic Concepts and Systems
Which of the following is NOT illustrated by the production possibility curve
- A.Risk
- B.Scarcity
- C.Opportunity cost
- D.Allocative efficiency
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Answer: A. Risk
The production possibility curve illustrates scarcity, opportunity cost and allocative efficiency, but not risk.
JAMB 2017Question 4 · Business Organisation and Government
Which of these is a type of partnership in business?
- A.Limited partnership
- B.limited liability company
- C.private partnership
- D.joint stock partnership
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Answer: A. Limited partnership
A limited partnership, where some partners have limited liability, is a recognised type of partnership.
JAMB 2017Question 5 · Demand, Supply, and Market Structures
Goods sold in perfectly competitive markets are generally
- A.homogenous
- B.intermediate and final
- C.durable and non-durable
- D.heterogeneous
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Answer: A. homogenous
Goods sold in a perfectly competitive market are homogeneous (identical across sellers).
JAMB 2017Question 6 · Money, Banking, and Public Finance
Which of the following budgets will increase government expenditure?
- A.zero base budget
- B.surplus budget
- C.deficit budget
- D.balanced policy
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Answer: C. deficit budget
A deficit budget, where spending exceeds revenue, increases government expenditure.
JAMB 2017Question 7 · Money, Banking, and Public Finance
Cost - push inflation occurs when_______
- A.production cost is high
- B.government embarks on deficits financing
- C.factors decrease
- D.there is too much in circulation
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Answer: A. production cost is high
Cost-push inflation occurs when the cost of production rises, pushing up prices.
JAMB 2017Question 8 · Money, Banking, and Public Finance
Which of the following is correct?
- A.Traditional budgeting focuses on goals and objectives
- B.Zero based budgeting produces a single level of appropriation for an activity
- C.Traditional budgeting starts with last year’s funding appropriation
- D.Zero based budgeting does not systematically consider alternatives to current operations
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Answer: C. Traditional budgeting starts with last year’s funding appropriation
Traditional (incremental) budgeting typically starts from the previous year's funding appropriation as its base.
JAMB 2017Question 9 · National Income and Economic Planning
Which of the following is not an indicator of economic growth?
- A.CPI
- B.PPI
- C.GDP
- D.High Level of Unemployment
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Answer: D. High Level of Unemployment
A high level of unemployment is a negative economic outcome, not an indicator of growth like GDP, CPI, or PPI.
JAMB 2017Question 10 · Population and Statistics
N∑f(x−xˉ) Is a formula used to calculate for ____________
- A.variance
- B.the quartile
- C.standard deviation
- D.mean deviation
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Answer: D. mean deviation
Sigma f(x - xbar)/N (using absolute deviations) is the formula for mean deviation.
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