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JAMB Economics Past Questions 2025

10 questions from the JAMB 2025 Economics paper, with answers. Tap "Show answer" under each one when you are ready.

JAMB 2025Question 1 · Basic Economic Concepts and Systems
The Consumers Co-operative society is owned by?
  1. A.Members of the society
  2. B.Debenture holders
  3. C.A management committee
  4. D.The government
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Answer: A. Members of the society

JAMB 2025Question 2 · Basic Economic Concepts and Systems
If the last Naira spent on each commodity by a consumer gave him equal satisfaction, it means the consumer has been able to
  1. A.maximize costs
  2. B.maximize utility
  3. C.increase profits
  4. D.cut costs
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Answer: B. maximize utility

JAMB 2025Question 3 · Demand, Supply, and Market Structures
Which of the following will shift the demand curve for cocoa to the right?
  1. A.An increase in consumers' income
  2. B.A rise in the price of cocoa
  3. C.A fall in the quantity demanded of cocoa
  4. D.A tax on cocoa producers
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Answer: A. An increase in consumers' income

JAMB 2025Question 4 · Demand, Supply, and Market Structures
The charging of different prices to different groups of buyers for the same goods or services is called?
  1. A.Monopolistic competition
  2. B.Monopoly
  3. C.Price discrimination
  4. D.Price determination
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Answer: C. Price discrimination

JAMB 2025Question 5 · International Trade
A country's balance of payments is in deficit when
  1. A.a country's payments for imports of invisible goods are greater than her receipts from exports of invisible goods
  2. B.the total receipts from her export of visible and invisible goods are greater than her payments for visible and invisible imports
  3. C.the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods
  4. D.It can record a surplus on current account of her balance of payments accounts
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Answer: C. the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods

JAMB 2025Question 6 · Money, Banking, and Public Finance
The lender of last resort in the banking system is he
  1. A.commercial bank
  2. B.industrial bank
  3. C.central bank
  4. D.mortgage bank
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Answer: C. central bank

JAMB 2025Question 7 · Money, Banking, and Public Finance
The transfer of ownership of a public enterprise to individual and firms is called
  1. A.restructuring
  2. B.Commercialization
  3. C.nationalization
  4. D.privatization
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Answer: D. privatization

JAMB 2025Question 8 · National Income and Economic Planning
Which of the following over estimate the value of national income?
  1. A.Wrong timing of computation
  2. B.Changes of prices of goods within the year
  3. C.Double counting
  4. D.Incomplete statistical data
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Answer: C. Double counting

JAMB 2025Question 9 · National Income and Economic Planning
In calculating the Gross National Product (GNP) by the income approach, all the following are included except
  1. A.direct taxes paid by persons and companies
  2. B.wages and salaries
  3. C.rents on houses
  4. D.retirement benefits
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Answer: A. direct taxes paid by persons and companies

JAMB 2025Question 10 · Theory of Production and Distribution
A firm's average cost decreases in the long-run because of
  1. A.decreasing marginal returns
  2. B.diminishing average returns
  3. C.increasing returns to scale
  4. D.decreasing average fixed cost
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Answer: C. increasing returns to scale

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