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JAMB Economics Past Questions 2019

10 questions from the JAMB 2019 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.

JAMB 2019Question 1 · Agriculture, Industry, and Petroleum Economics
Industrialization is the process of___________
  1. A.concentrating a firm in a place
  2. B.transforming as economy based on extractive to manufacturing
  3. C.transferring a government industry to individual
  4. D.transforming finished goods into semi-finished goods
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Answer: B. transforming as economy based on extractive to manufacturing

Industrialization is the process of transforming an economy from extractive activities to manufacturing.

JAMB 2019Question 2 · Basic Economic Concepts and Systems
Supply is________
  1. A.A stock
  2. B.A Flow
  3. C.Constant
  4. D.A table
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Answer: B. A Flow

Supply is a flow concept, measured over a period of time.

JAMB 2019Question 3 · Basic Economic Concepts and Systems
The basic and essential economic problems in a community are related to choice and________
  1. A.Freedom
  2. B.Scarcity
  3. C.Social class
  4. D.Politics
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Answer: B. Scarcity

The essential economic problems of a community relate to making choices due to scarcity.

JAMB 2019Question 4 · Demand, Supply, and Market Structures
In the short-run, the monopoly makes_______
  1. A.Normal profit
  2. B.Abnormal Profit
  3. C.Loss
  4. D.Sales
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Answer: B. Abnormal Profit

In the short run, a monopolist typically makes abnormal (supernormal) profit.

JAMB 2019Question 5 · Demand, Supply, and Market Structures
Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________
  1. A.marginal product
  2. B.marginal cost curve
  3. C.demand curve
  4. D.average cost curve
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Answer: C. demand curve

Whether restricting output raises a monopolist's revenue depends on the shape (elasticity) of the demand curve.

JAMB 2019Question 6 · International Trade
When a member's currency is declared "scarce", it is the duty of the IMF to______
  1. A.suspend the member state indefinitely
  2. B.ban all exports from that state
  3. C.suspend dealings in that currency for one year
  4. D.ration it among the countries demanding it
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Answer: D. ration it among the countries demanding it

When a member's currency is declared scarce, the IMF's duty is to ration it among countries demanding it.

JAMB 2019Question 7 · Money, Banking, and Public Finance
The second equation of exchange is__________
  1. A.MV = PT
  2. B.P =
  3. C.P =
  4. D.P=MV
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Answer: C. P =

The second equation of exchange, solving for price level, is P = MV/T.

JAMB 2019Question 8 · National Income and Economic Planning
The sector which contribute highly to the economy is___________
  1. A.Primary sector
  2. B.Secondary sector
  3. C.Tertiary sector
  4. D.Education sector
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Answer: C. Tertiary sector

The tertiary (services) sector contributes highly to many modern economies.

JAMB 2019Question 9 · Population and Statistics
The following are measures of location except________
  1. A.Arithmetic mean
  2. B.Harmonic mean
  3. C.Range
  4. D.Geometric mean
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Answer: C. Range

Range is a measure of dispersion, not a measure of location (central tendency) like the means.

JAMB 2019Question 10 · Theory of Production and Distribution
The demand for labour is a________
  1. A.Derived demand
  2. B.Joint demand
  3. C.Complementary demand
  4. D.Composite demand
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Answer: A. Derived demand

Demand for labour is a derived demand, arising from the demand for the goods and services labour produces.

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