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.


Use the table below to answer the question below;

The international production set for Nigeria and Austria is;





20 tonnes

12 tonnes


1o metres

8 metres

From the table, it can be deduced that_______

  • A. Nigeria should produce cocoa and lace
  • B. Nigeria can benefit from producing lace only
  • C. Austria should produce lace and Nigeria should produce cocoa
  • D. Austria should produce cocoa and lace

17.  The PAYE ( Pay As You Earn) in Nigeria is an example of ______

  • A. Flat rate Tax
  • B. Community tax
  • C. Regressive tax
  • D. Progressive tax

18. A good measure of the standard of living usually used for international comparison is_______

  • A. Per capita income (PCI)
  • B. Gross national product (GND)
  • C. Net national income (NNI)
  • D. Gross domestic product (GDP)

19. What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

  • A. Availability of labour in the area
  • B. Availability of power
  • C. Nearness of raw material
  • D. Access to transport facilities

20. The Power Holding Company of Nigeria (PHCN) is a ________

  • A. Public limited company
  • B. Private authority
  • C. Public Corporation
  • D. Public Liability company

21. Which of the following is NOT a character of perfect competition?

  • A. Supply and demand are equal
  • B. Products are identical
  • C. There is perfect knowledge
  • D. There is no advertising

22. Inflation is likely to benefit_______

  • A. Debtors
  • B. Persons with back savings
  • C. Creditors
  • D. Persons who lived on fixed pension funds

23. When a nation’s exports are greater than its imports,_________

  • A. The net foreign trade is zero
  • B. A favourable balance of trade exists
  • C. A favourable balance of payment exists
  • D. An unfavourable balance of trade exists

24. Surplus in balance of payments leads to ________

  • A. Government budget surplus
  • B. Increase in foreign reserves
  • C. Decrease in foreign reserves
  • D. None of the above

25. Economics may be defined as ________

  • A. The study of human behaviour in the allocation of scarce resources
  • B. The study of money and banking
  • C. The study of markets and prices
  • D. The study of production and distribution

26. Money becomes a very poor store of value in a period of _______

  • A. Harvest
  • B. Deflation
  • C. Recession
  • D. Inflation

27. In Nigeria, cheques are not money because________

  • A. Most Nigerians cannot identity them
  • B. They are not legal tender
  • C. There are no banks in rural areas
  • D. They are not generally acceptable as a medium of exchange

28. Division of Labour is limited by the________

  • A. Size of labour firm
  • B. Availability of raw material
  • C. Size of the labour force
  • D. Absolute size of the country’s population

29. The value of money depends primarily on _________

  • A. The gold backing of the currency
  • B. The general price level
  • C. Government decree that it is legal tender
  • D. None of the above

30. In a free market economy. the rationing of scarce goods is done principally by_______

  • A. Consumers
  • B. The government
  • C. The price mechanism
  • D. All of the above
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