Jamb Economics 2021 Past Questions and Answers

Question 26:

• JAMB 2021

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

Question 27:

• JAMB 2021

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

Question 28:

• JAMB 2021

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

Question 29:

• JAMB 2021

Oligopoly means ____________

A. Single buyer in the market.
B. Few buyers in the market.
C. Few sellers in the market
D. Many sellers in the market

Question 30:

• JAMB 2021

Use the table below to answer the question below;
The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

The Opportunity cost ratio for cocoa and lace Tor Austria and Nigeria is ____________

A. 1.5:2
B. 2:2
C. 2:1.5
D. 0.5:1.5