Economics 2021 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.

  1. A firm is at its optimum size when ___________
  • A. It has a motive to increase output
  • B. It produces the greatest output at a minimum cost
  • C. Marginal cost equals marginal revenue
  • D. Marginal cost is less than marginal revenue

2. Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

  • A. 100 days
  • B. 30 days
  • C. 90 days
  • D. 14 days

3. The petro-chemical industries are located in Rivers State of Nigeria due to ________

  • A. Coal deposit
  • B. Palm oil products
  • C. Favourable soil
  • D. Oil deposits


Units of Quality Consumes

Total Utility

Marginal Utility

















This table illustrates the law of _________

  • A. Increasing returns
  • B. Diminishing returns
  • C. Diminishing marginal utility
  • D. Increasing total utility

5. Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  • A. Monopoly
  • B. Oligopoly
  • C. Monopolistic competition
  • D. Perfect competition

6. Full employment is a situation in which _______

  • A. Every adult is employed.
  • B. Only the disable are not employed.
  • C. All adults who can work are employed.
  • D. All those who are able and eligible can find employment

7. Mono production economies are those that____

  • A. Produce one main commodities
  • B. Have a rich cultural heritage.
  • C. Specialize in agricultural industries.
  • D. Produce only raw materials.

8. Petroleum ‘glut’ in international trade means______

  • A. Higher prices for the Consumption of petroleum.
  • B. An Oversupply of petroleum.
  • C. A fall in in petroleum production.
  • D. A higher petroleum price offered by the buyer.

9. Retailers in an economy perform the function of ______

  • A. Distribution.
  • B. Exchange
  • C. Investment
  • D. Production

10. In a sole proprietorship, the decisions are made by the ______

  • A. Government
  • B. Management
  • C. Owner
  • D. Board of Directors

11.  Palm oil industry is located in Old Bendel State because the state______

  • A. Land is suitable for oil
  • B. Is a palm tree growing area
  • C. Soil is unsuitable for other crops
  • D. Imports raw materials for palm oil industry

12. Which of the following sets fully represents factors of production?

  • A. Sunlight, machinery, man, land
  • B. Land, water, weather
  • C. Money, market, middlemen
  • D. Land, labour, capital, enterprise, technology

13.  Which of the following countries is not a member of the Economic Community of West African States?

  • A. Sudan
  • B. Gambia
  • C. Togo
  • D. Nigeria

14. Oligopoly means _________

  • A. single buyer in the market.
  • B. few buyers in the market.
  • C. few sellers in the market

15. The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

  • A. 1.5:2
  • B. 2:2
  • C. 2:1.5

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