Jamb Economics 2018 Past Questions and Answers

Question 1:

• JAMB 2018

The purchasing power of money depends upon the__________

A. Value
B. Index
C. Price Level
D. Wages

Question 2:

• JAMB 2018

A retailer is distinguished by the nature of its sales, which is in___________

A. Bulk
B. Large
C. Units
D. Chain

Question 3:

• JAMB 2018

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

A. Scarce
B. Unlimited
C. Free
D. Many

Question 4:

• JAMB 2018

Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18

A. 303
B. 30
C. 114
D. 33

Question 5:

• JAMB 2018

The basic and essential economic problems in a community are related to choice and________

A. Freedom
B. Scarcity
C. Social class
D. Politics