JAMB Economics Past Questions 2021
10 questions from the JAMB 2021 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2021Question 1 · Agriculture, Industry, and Petroleum Economics
The petro-chemical industries are located in Rivers State of Nigeria due to ________
- A.Coal deposit
- B.Palm oil products
- C.Favourable soil
- D.Oil deposits
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Answer: D. Oil deposits
Petro-chemical industries are located in Rivers State because of the crude oil deposits there.
JAMB 2021Question 2 · Agriculture, Industry, and Petroleum Economics
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
- A.Availability of labour in the area
- B.Availability of power
- C.Nearness of raw material
- D.Access to transport facilities
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Answer: C. Nearness of raw material
The Ajaokuta iron and steel industry was sited mainly for its nearness to raw materials (iron ore).
JAMB 2021Question 3 · Basic Economic Concepts and Systems
Economics may be defined as ________
- A.The study of human behaviour in the allocation of scarce resources
- B.The study of money and banking
- C.The study of markets and prices
- D.The study of production and distribution
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Answer: A. The study of human behaviour in the allocation of scarce resources
Economics is the study of human behaviour in the allocation of scarce resources among competing uses.
JAMB 2021Question 4 · Basic Economic Concepts and Systems
Which of these is not usually the function of a wholesaler?
- A.Branding
- B.Storage
- C.Transport
- D.Advertising
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Answer: A. Branding
Branding is typically a producer/manufacturer function, not usually performed by wholesalers.
JAMB 2021Question 5 · Business Organisation and Government
A typical corporate form of business organization is owned by ______
- A.Shareholders
- B.A local government
- C.The president of a country
- D.Foreigners and citizens of the country.
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Answer: A. Shareholders
A typical corporate (company) form of business is owned by its shareholders.
JAMB 2021Question 6 · Demand, Supply, and Market Structures
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
- A.Scarce
- B.Normal
- C.Superior.
- D.Inferior
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Answer: D. Inferior
A commodity whose demand barely responds when price falls behaves like an inferior good in this simplified sense.
JAMB 2021Question 7 · International Trade
When a nation's exports are greater than its imports,_________
- A.The net foreign trade is zero
- B.A favourable balance of trade exists
- C.A favourable balance of payment exists
- D.An unfavourable balance of trade exists
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Answer: B. A favourable balance of trade exists
When exports exceed imports, a country has a favourable balance of trade.
JAMB 2021Question 8 · Money, Banking, and Public Finance
Inflation is likely to benefit_______
- A.Debtors
- B.Persons with back savings
- C.Creditors
- D.Persons who lived on fixed pension funds
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Answer: A. Debtors
Inflation benefits debtors since the real value of what they owe falls over time.
JAMB 2021Question 9 · Money, Banking, and Public Finance
Inflation can be curbed by _______
- A.Deficit budget
- B.Paying higher wages
- C.Increased aggregate demand
- D.Reducing aggregate demand
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Answer: D. Reducing aggregate demand
Inflation can be curbed by reducing aggregate demand in the economy.
JAMB 2021Question 10 · Population and Statistics
Which of these is not a cause of high population growth in Nigeria?
- A.Improved hygiene
- B.Reduction in death rate
- C.Family planning unit of Nigeria
- D.Increased birth rate
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Answer: C. Family planning unit of Nigeria
Nigeria's family planning programmes aim to reduce, not cause, population growth.
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