10 questions from the JAMB 2023 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2023Question 1 · Agriculture, Industry, and Petroleum Economics
Agriculture accounts for about 60% of the
A.commodity market in West Africa
B.arable land in West Africa
C.active labour force in West Africa
D.service sector activities in West Africa
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Answer: C. active labour force in West Africa
Agriculture accounts for about 60% of the active labour force in West Africa.
JAMB 2023Question 2 · Basic Economic Concepts and Systems
Macroeconomics focuses on the following units in an aggregative manner
A.household, firms, government, corporate sector and external sector
B.individual consumers, individual firms, government and external sector
C.government, household firms, individual consumers and external sector
D.individual consumers, household firms and manufacturing sector
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Answer: A. household, firms, government, corporate sector and external sector
Macroeconomics studies the aggregate behaviour of households, firms, government, the corporate sector, and the external sector.
JAMB 2023Question 3 · Demand, Supply, and Market Structures
If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
JAMB 2023Question 4 · Demand, Supply, and Market Structures
All of the following describes conditions necessary for existence of a perfect market EXCEPT
A.lack of homogeneity of goods
B.perfect knowledge
C.large buyers and sellers
D.portability of goods
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Answer: A. lack of homogeneity of goods
A perfect market requires homogeneous (identical) goods; a lack of homogeneity violates this condition rather than supporting it.
JAMB 2023Question 5 · International Trade
Which of the following would not be a reason for a government to impose a quota on imports?
A.To support strategic industry
B.To prevent dumping
C.To decrease tax revenue
D.Employment oppourtunity
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Answer: C. To decrease tax revenue
Decreasing tax revenue would never be a deliberate reason for imposing an import quota, unlike protecting industry, preventing dumping, or creating jobs.
JAMB 2023Question 6 · Money, Banking, and Public Finance
The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as
A.Principle of economy
B.Principle of convenience
C.Principle of simplicity
D.Principle of certainty
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Answer: D. Principle of certainty
The principle of certainty requires that the amount, timing, and method of tax payment be clearly known to the taxpayer.
JAMB 2023Question 7 · Money, Banking, and Public Finance
Institutions serving as links between surplus and deficit units can be identified as
A.tax officers
B.pension offices
C.financial intermediates
D.acceptance houses
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Answer: C. financial intermediates
Financial intermediaries serve as the link between surplus and deficit economic units.
JAMB 2023Question 8 · National Income and Economic Planning
Indicator of underdevelopment is
A.high life expectancy
B.low birth rate
C.low population growth rate
D.low per capita income
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Answer: D. low per capita income
A low per capita income is a key indicator of underdevelopment.
JAMB 2023Question 9 · Population and Statistics
The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is
A.Structural unemployment
B.Cyclical unemployment
C.Seasonal unemployment
D.Frictional unemployment
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Answer: A. Structural unemployment
Unemployment arising because a worker's skills are obsolete is structural unemployment.
JAMB 2023Question 10 · Theory of Consumer Behaviour
Which of the following shows why individual demand curve for a good usually slopes downward from left to right?
A.More of commodities are offered for sale at a lower than higher prices
B.Marginal utility falls as consumption increases
C.The higher the price, the higher the quantity offered for sale
D.Prices are usually falling when demand is low
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Answer: B. Marginal utility falls as consumption increases
An individual demand curve slopes downward because marginal utility falls as more of a good is consumed.
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