10 questions from the JAMB 2024 Economics paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2024Question 1 · Agriculture, Industry, and Petroleum Economics
Which of the following NOT among the objectives of OPEC?
A.to stabilize the price of oil in the world market
B.to established petroleum refineries in all member state
C.to stabilize the revenue from oil to producing countries
D.to make sure that oil flows to all the consuming countries
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Answer: B. to established petroleum refineries in all member state
Mandating petroleum refineries in every member state is not a core OPEC objective; OPEC focuses on coordinating oil pricing, revenue, and supply policy.
JAMB 2024Question 2 · Agriculture, Industry, and Petroleum Economics
Which of the following is a disadvantage of localization of industries?
A.Creating structural unemployment
B.Reducing cost of production
C.Encouraging the growth of skilled labour
D.Encouraging subsidiary industries
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Answer: A. Creating structural unemployment
A disadvantage of localizing industries is the risk of structural unemployment if the industry later declines.
JAMB 2024Question 3 · Basic Economic Concepts and Systems
Economic problem arises as a result of
A.money cost
B.opportunity cost
C.choice
D.scarcity
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Answer: D. scarcity
Economic problems arise fundamentally as a result of scarcity.
JAMB 2024Question 4 · Business Organisation and Government
The following will occur when maximum price is fixed below the free market price EXCEPT that
A.black market will be encouraged
B.excess demand will occur
C.excess supply will occur
D.rationing of commodities will occur
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Answer: C. excess supply will occur
A maximum price fixed below the free market price causes excess demand, not excess supply, so excess supply is the exception.
JAMB 2024Question 5 · Demand, Supply, and Market Structures
The willingness of an individual backed up with purchasing power at a given time is
A.effective demand
B.demand
C.desire
D.utility
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Answer: A. effective demand
Willingness backed by purchasing power at a given time is effective demand.
JAMB 2024Question 6 · International Trade
The bank established to finances project aimed at promoting economic and social development within the African continent is
A.African bank for commerce and industry
B.economic bank for African
C.recovery fund bank for Africa
D.African development bank
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Answer: D. African development bank
The African Development Bank finances projects promoting economic and social development across Africa.
JAMB 2024Question 7 · Money, Banking, and Public Finance
Persistent fall In the general price level is known as
A.deflation
B.devaluation
C.general price Increase
D.inflation
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Answer: A. deflation
A persistent fall in the general price level is deflation.
JAMB 2024Question 8 · National Income and Economic Planning
The comparison of the standard of living between Nigeria and Ghana is best down through the use of
A.gross National incomes
B.per capita income
C.Net National income
D.Net disposable income
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Answer: B. per capita income
Per capita income is best suited for comparing living standards between countries like Nigeria and Ghana.
JAMB 2024Question 9 · Population and Statistics
The middle value of an array figure arranged in descending order is referred to as the
A.Variance
B.mean
C.mode
D.median
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Answer: D. median
The middle value of an array arranged in order is the median.
JAMB 2024Question 10 · Theory of Consumer Behaviour
When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
A.opportunity curve
B.utility curve
C.demand curve
D.indifference curve
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Answer: D. indifference curve
Combinations of two goods giving equal satisfaction, plotted on a graph, form an indifference curve.
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