JAMB Economics Past Questions 2018
10 questions from the JAMB 2018 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2018Question 1 · Agriculture, Industry, and Petroleum Economics
The full meaning of NNPC is?
- A.Nigerian National Population commission
- B.Nigerian National Petroleum Corporation
- C.National Number of Petroleum Companies
- D.None of the above
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Answer: B. Nigerian National Petroleum Corporation
NNPC stands for the Nigerian National Petroleum Corporation.
JAMB 2018Question 2 · Basic Economic Concepts and Systems
The expression of cost in terms of alternative forgone is referred to as ____?
- A.Scarce resources
- B.Decision making
- C.Opportunity cost
- D.Choice
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Answer: C. Opportunity cost
Cost expressed in terms of the next best alternative forgone is opportunity cost.
JAMB 2018Question 3 · Business Organisation and Government
A limited liability company is owned by________________
- A.a bank
- B.an individual
- C.two or more partners
- D.share holders
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Answer: D. share holders
A limited liability company is owned by its shareholders.
JAMB 2018Question 4 · Demand, Supply, and Market Structures
An upward movement along the same supply curve result in_____________
- A.a decrease in price
- B.an increase
- C.an increase in quantity supplied
- D.a decrease In quantity supplied
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Answer: C. an increase in quantity supplied
Moving upward along a given supply curve corresponds to an increase in quantity supplied as price rises.
JAMB 2018Question 5 · International Trade
The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?
- A.International monetary Fund
- B.Countries with comparative advantage
- C.Countries with superlative advantage
- D.Countries producing same or identical goods
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Answer: D. Countries producing same or identical goods
Countries producing the same or identical goods often form cartels/monopoly groups (like OPEC) to gain better bargaining power.
JAMB 2018Question 6 · Money, Banking, and Public Finance
An ad valorem tax is imposed on_____?
- A.Exports
- B.Imports
- C.The Value of a Commodity
- D.Special Commodities
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Answer: C. The Value of a Commodity
An ad valorem tax is levied as a percentage of the value of a commodity.
JAMB 2018Question 7 · National Income and Economic Planning
In an open economy, the GNP is measured as_____________?
- A.C + 1 + G(X-M)
- B.C + 1 + G
- C.C + 1 + G + X
- D.C + 1 + G + M
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Answer: A. C + 1 + G(X-M)
In an open economy, GNP is measured as C + I + G + (X - M).
JAMB 2018Question 8 · Population and Statistics
One of the major forms of migration that tends to create problem in all developing countries is that of___________
- A.Rural-urban migration
- B.Rural-rural migration
- C.Urban-rural migration
- D.Seasonal migration
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Answer: A. Rural-urban migration
Rural-urban migration is a major migration problem common to developing countries.
JAMB 2018Question 9 · Theory of Production and Distribution
The factor of production that has the highest degree of mobility is__________?
- A.entrepreneurship
- B.land
- C.labour
- D.capital
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Answer: D. capital
Capital has the highest degree of mobility among factors of production, as it can move easily between uses and locations.
JAMB 2018Question 10 · Theory of Production and Distribution
Efficiency of labour in a country is determined by the following except the____________
- A.Social attitude to work
- B.Education and training
- C.Total population
- D.Working conditions of workers
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Answer: C. Total population
Total population size is not itself a direct determinant of labour efficiency, unlike social attitude, education/training, and working conditions.
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