JAMB Economics questions

378 questions with answers and explanations. Tap an option to check yourself.

1. Question 161· Market structures· JAMB

   A monopolist maximises profit at the output where

   • Aprice equals average cost
   • Baverage cost is lowest
   • Cmarginal cost equals marginal revenue
   • Dtotal revenue is highest

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2. Question 162· Market structures· JAMB

   A natural monopoly arises where

   • Aproducts are identical
   • Bthe government bans competition
   • Cthere are many sellers
   • Done firm can supply the whole market at lower cost than several firms

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3. Question 163· Market structures· JAMB

   Price discrimination is possible when

   • Athere are many sellers
   • Bmarkets can be separated and have different elasticities of demand
   • Cthe product is homogeneous
   • Dbuyers can resell easily

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4. Question 164· Market structures· JAMB

   Under perfect competition in the long run, firms earn

   • Asupernormal profit
   • Bonly normal profit
   • Closses
   • Dmonopoly profit

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5. Question 165· Methods and tools of economic analysis· JAMB

   A household spends ₦15,000 of its ₦60,000 monthly budget on food. In a pie chart of the budget, the angle for food is

   • A45°
   • B60°
   • C90°
   • D25°

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6. Question 166· Methods and tools of economic analysis· JAMB

   Find the mode of 3, 5, 5, 7, 9, 5, 7.

   • A5
   • B7
   • C3
   • D9

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7. Question 167· Methods and tools of economic analysis· JAMB

   The price of a bag of rice rises from ₦50,000 to ₦60,000. Find the percentage increase.

   • A20%
   • B10%
   • C16.7%
   • D25%

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8. Question 168· Methods and tools of economic analysis· JAMB

   A graph of quantity demanded against price is used mainly to show

   • Athe relationship between two variables
   • Bonly totals
   • Cgeographical location
   • Dproportions of a whole

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9. Question 169· Methods and tools of economic analysis· JAMB

   A basket of goods cost ₦2,000 in the base year and ₦2,500 in the current year. Find the price index for the current year.

   • A80
   • B25
   • C125
   • D500

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10. Question 170· Methods and tools of economic analysis· JAMB

    The standard deviation of a set of data measures

    • Athe middle value
    • Bhow widely the values are spread about the mean
    • Cthe most frequent value
    • Dthe total of the values

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11. Question 171· Methods and tools of economic analysis· JAMB

    An index number for 2024 with base year 2020 = 100 is 135. Prices have risen by

    • A135%
    • B35%
    • C13.5%
    • D65%

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12. Question 172· Methods and tools of economic analysis· JAMB

    The arithmetic mean of ₦300, ₦500, ₦700 and ₦900 is

    • A₦700
    • B₦500
    • C₦2,400
    • D₦600

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13. Question 173· Methods and tools of economic analysis· JAMB

    The price of a good is ₦80 in 2020 (base year) and ₦100 in 2024. The price index for 2024 is

    • A125
    • B80
    • C100
    • D20

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14. Question 174· Methods and tools of economic analysis· JAMB

    A bar chart is suitable for

    • Astating laws
    • Bshowing proportions of a whole only
    • Cplotting functions
    • Dcomparing quantities across categories

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15. Question 175· Methods and tools of economic analysis· JAMB

    The mean of 20, 30, 40 and 50 is

    • A30
    • B40
    • C35
    • D140

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16. Question 176· Methods and tools of economic analysis· JAMB

    A trader's sales over five weeks were ₦4,000, ₦6,000, ₦8,000, ₦10,000 and ₦12,000. Find the mean and the range.

    • Amean ₦8,000; range ₦12,000
    • Bmean ₦8,000; range ₦8,000
    • Cmean ₦10,000; range ₦8,000
    • Dmean ₦6,000; range ₦4,000

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17. Question 177· Methods and tools of economic analysis· JAMB

    A household spends ₦18,000 of its ₦72,000 monthly income on food. In a pie chart of its spending, the angle for food is

    • A25°
    • B72°
    • C18°
    • D90°

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18. Question 178· Methods and tools of economic analysis· JAMB

    The mode of 3, 5, 5, 7, 8, 8, 8, 9 is

    • A3
    • B5
    • C7
    • D8

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19. Question 179· Methods and tools of economic analysis· JAMB

    Find the median of ₦20, ₦50, ₦30, ₦40 and ₦10.

    • A₦40
    • B₦30
    • C₦20
    • D₦50

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20. Question 180· Money and inflation· JAMB

    A ₦1,000 note can be changed into smaller notes for small purchases. This quality of money is

    • Adivisibility
    • Bdurability
    • Cportability
    • Dscarcity

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