Economics 2019 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.

11. The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

  • A. 145
  • B. 15
  • C. 90
  • D. 6

12. A method of analysis that draws conclusions from data rather than general Principles already known is________

  • A. Deductive reasoning
  • B. Inductive reasoning
  • C. Normative reasoning
  • D. Positive reasoning

13.  The money market equilibrium is defined as_________

  • A. when the demand and supply of money are equal
  • B. when demand is greater than supply of money
  • C. when demand is less than supply of money
  • D. when supply is greater than demand for money

14. An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

  • A. stagflation
  • B. inflationary spiral
  • C. slump inflation
  • D. inflationary gap

15. An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

  • A. monetary policy
  • B. fiscal policy
  • C. credit ceiling
  • D. open market operation

16. Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

  • A. Deflation
  • B. Reinflation
  • C. Disinflation
  • D. Inflationary gap

17. The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

  • A. Economies of scale
  • B. Money cost
  • C. Opportunity cost
  • D. Cost functions

18. The most important cost curve for the firm is_________

  • A. MC
  • B. AC
  • C. TC
  • D. FC

19. In the case of highly or close complementary goods, the indifference curve is_______

  • A. A straight line
  • B. A right-angled
  • C. L – shaped
  • D. Curvature


One of these is not an assumption of the cardinalist theory of utility?

  • A. The consumer is rational
  • B. Diminishing marginal utility
  • C. The concept of money utility
  • D. Consistency and transivity of choice
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