Economics 2021 Jamb Past Questions and Answers

Question 1 :

• JAMB 2021

By utility we mean ____________

A. Uselessness
B. Power of satisfying a want
C. Beneficial
D. Consumable

Question 2 :

• JAMB 2021

If the quantity demanded of a commodity increase from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is ____________

A. Zero
B. 10
C. 2
D. 1

Question 3 :

• JAMB 2021

Which of these is not usually the function of a wholesaler?

A. Branding
B. Storage
C. Transport
D. Advertising

Question 4 :

• JAMB 2021

If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is ____________

A. Progressive
B. Proportional
C. Indirect
D. Regressive

Question 5 :

• JAMB 2021

The price mechanism ____________

A. Rations the consumers
B. Rewards the producers
C. Regulates supply and demand
D. Allocates scarce resources.