JAMB Economics Past Questions 2022
10 questions from the JAMB 2022 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2022Question 1 · Agriculture, Industry, and Petroleum Economics
The main objective of marketing boards is to
- A.accumulate revenue for government
- B.educate farmers on pricing of cash crops
- C.stabilize the incomes of cash crop farmers
- D.provide warehousing facilities
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Answer: C. stabilize the incomes of cash crop farmers
Marketing boards mainly aim to stabilize the incomes of cash crop farmers against price fluctuations.
JAMB 2022Question 2 · Basic Economic Concepts and Systems
There is unemployment of resources when production is
- A.within the production possibility curve
- B.outside the production possibility curve
- C.along the production possibility curve
- D.adequate to meet market demand
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Answer: A. within the production possibility curve
Production within (inside) the production possibility curve indicates unemployment/underutilization of resources.
JAMB 2022Question 3 · Basic Economic Concepts and Systems
Producers operating in a free market economy are more efficient as a result of
- A.the existence of competition
- B.the very few number of participants
- C.the commitment of the shareholders
- D.government regulation of their activities
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Answer: A. the existence of competition
Producers in a free market economy are more efficient due to the existence of competition.
JAMB 2022Question 4 · Business Organisation and Government
A price floor is usually fixed
- A.at the equilibrium and causes no shortage
- B.above the equilibrium and causes shortage
- C.below the equilibrium and causes surpluses
- D.above the equilibrium and causes surpluses
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Answer: A. at the equilibrium and causes no shortage
A price floor is set above equilibrium and typically causes a market surplus.
JAMB 2022Question 5 · Demand, Supply, and Market Structures
A downward sloping demand curve means that
- A.total revenue declines as price is lowered
- B.demand falls as output increases
- C.demand falls as output falls
- D.price must be lowered to sell more
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Answer: A. total revenue declines as price is lowered
A downward sloping demand curve means price must be lowered to sell a larger quantity.
JAMB 2022Question 6 · International Trade
The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------
- A.granting long-term loans
- B.assisting with technical expertise
- C.reducing tariff among members
- D.developing human resource
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Answer: C. reducing tariff among members
Reducing tariffs among members is a trade-liberalization function (associated with GATT/WTO), not a function of the IBRD (World Bank).
JAMB 2022Question 7 · Money, Banking, and Public Finance
Fiscal policy measures imply a change in
- A.only taxation to control aggregate demand
- B.bank rate to infulence lending
- C.only government expenditure to regulate an economy
- D.government revenue and expenditure to regulate an economy
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Answer: D. government revenue and expenditure to regulate an economy
Fiscal policy involves changing government revenue and expenditure to regulate the economy.
JAMB 2022Question 8 · National Income and Economic Planning
The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?
- A.$ 90.00
- B.$ 180.00
- C.$ 324.00
- D.$ 350.00
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Answer: C. $ 324.00
Mining sector contribution = 60% x 540 = $324.00.
JAMB 2022Question 9 · Population and Statistics
A positive effect of a rapid population increase is
- A.an excessive budget deficit
- B.a reduction in standard of living
- C.a wider market for goods and services
- D.a higher dependency ratio
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Answer: C. a wider market for goods and services
Rapid population growth can positively provide a wider market for goods and services.
JAMB 2022Question 10 · Theory of Consumer Behaviour
If the marginal utility of commodity is equal to its price, then
- A.the consumer is in equilibrium
- B.more of the commodity can be consumed
- C.total utility is also equal to its price
- D.the market is not in equilibrium
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Answer: D. the market is not in equilibrium
When marginal utility equals price, the consumer is in equilibrium.
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