Jamb Economics Past Questions and Answers

Question 2201:

• JAMB 2021

Economics may be defined as ____________

A. The study of human behaviour in the allocation of scarce resources
B. The study of money and banking
C. The study of markets and prices
D. The study of production and distribution

Question 2202:

• 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

From the table, it can be deduced that ____________

A. Nigeria should produce cocoa and lace
B. Nigeria can benefit from producing lace only
C. Austria should produce lace and Nigeria should produce cocoa
D. Austria should produce cocoa and lace

Question 2203:

• JAMB 2021

The PAYE ( Pay As You Earn) in Nigeria is an example of ____________

A. Flat rate Tax
B. Community tax
C. Regressive tax
D. Progressive tax

Question 2204:

• JAMB 2021

A good measure of the standard of living usually used for international comparison is ____________

A. Per capita income (PCI)
B. Gross national product (GND)
C. Net national income (NNI)
D. Gross domestic product (GDP)

Question 2205:

• JAMB 2021

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

A. Availability of labour in the area
B. Availability of power
C. Nearness of raw material
D. Access to transport facilities