Economics 2020 Past Questions | JAMB

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

16. The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously

  • A. total utility must fall
  • B. marginal utility must fall
  • C. marginal utility may rise
  • D. marginal utility may fall even though his total utility may be rising

17. Which of the following rewards is associated with entrepreneurship

  • A. salaries
  • B. profits
  • C. interest
  • D. rent

18. Which of the following is likely to be inflationary?

  • A. taxes increase
  • B. increase in unemployment
  • C. budget surplus
  • D. wages increase



The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  • A. curve X
  • B. curve Y
  • C. curve Z
  • D. curve X and Z

20. The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

  • A. curve Z and Y
  • B. curve X
  • C. curve Z
  • D. curve Y

21. Fiduciary issue is that part of?

  • A. the issue of notes backed entirely by gold
  • B. a country’s currency that is not negotiable
  • C. the issue of notes not backed by gold
  • D. a country’s currency officially issued

22. The type of business finances that entitles the holder to a fixed rate of dividend is?

  • A. preference stock
  • B. common stock
  • C. debentures
  • D. bank loan

23. A company’s expenditure on raw materials is regarded as?

  • A. explicit cost
  • B. implicit cost
  • C. prime cost
  • D. average cost

24. Firms are often set up close to each other in order to take advantage of?

  • A. supply of skilled labour
  • B. agglomeration economies
  • C. internal economies of scale
  • D. external economies of scale

25. A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  • A. dumping
  • B. counter trade
  • C. bilateral trade
  • D. trade liberalization

26. The problem of conducting census include 

  • A. high rate of rural-urban migration
  • B. poor geographical distribution of population
  • C. high birth rate in the country
  • D. poor town planning in urban areas

27. The factor of production that has the highest degree of mobility is? 

  • A. land
  • B. labour
  • C. capital
  • D. entrepreneur

28. In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

  • A. lack of an effective agricultural policy
  • B. employment opportunities in the agricultural sector
  • C. rural-urban drift
  • D. low prices of agricultural products

29. The most important goal of OPEC is to?

  • A. present a united front for the purpose of raise prices of crude oil
  • B. bring unity among the petroleum exporting countries
  • C. ensure political stability among member states
  • D. ensure that rules on quota production are strictly followed

30. Plywood industries are often located near the source of?

  • A. finance
  • B. labour
  • C. power supply
  • D. raw materials

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