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Economics 2021 Jamb Past Questions and Answers

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Economics 2021 Jamb Past Questions


Question 26 :



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 :



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 :



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 :



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 :



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






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