Econs: 100 Economics JAMB CBT Questions & Answers for 2025

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Note: These questions and answers belong to our past candidates and not that of this year, to get your 2025 Jamb CBT Answers, kindly contact us on Whatsapp.

Question 1: If MPC is 0.7 while government expenditure increased by N= 150m, the equilibrium national income is.

A: N= 214 million

B: N= 105 million {correct answer for question number 1.}

C: N= 45 million

D: N= 500 million

E: N= 500 million

Solution: The correct answer to the Jamb question number 1 is 'B' which is 'N= 105 million'.

Question 2: The primary motive for an individual engaging in production is to.

A: make profit {correct answer for question number 2.}

B: redistribute wealth

C: satisfy basic human wants

D: put inputs into use

E: put inputs into use

Solution: The correct answer to the Jamb question number 2 is 'A' which is 'make profit'.

Question 3: A movement along the same demand curve is caused by the.

A: price of the product {correct answer for question number 3.}

B: price of other products

C: income of the consumer

D: taste of the consumer

E: taste of the consumer

Solution: The correct answer to the Jamb question number 3 is 'A' which is 'price of the product'.

Question 4: A disadvantage of Nigeria’s dependence on imported petroleum products is the.

A: instability in the demand to the products

B: instability in the supply for the products {correct answer for question number 4.}

C: dominance of multinational firms

D: poor maintenance of the refineries

E: poor maintenance of the refineries

Solution: The correct answer to the Jamb question number 4 is 'B' which is 'instability in the supply for the products'.

Question 5: Occupational distribution of population determines the.

A: size of a population available and willing to work {correct answer for question number 5.}

B: population density of a place

C: dependency ratio of a country

D: size and categories of the labour force

E: size and categories of the labour force

Solution: The correct answer to the Jamb question number 5 is 'A' which is 'size of a population available and willing to work'.

Question 6: One of the objectives of ADB is to.

A: provide subsidies on imported goods to members countries

B: promote economic and social development of member countries

C: mobilize short-term loans for member countries {correct answer for question number 6.}

D: provide technical assistance to only poor member countries

E: provide technical assistance to only poor member countries

Solution: The correct answer to the Jamb question number 6 is 'C' which is 'mobilize short-term loans for member countries'.

Question 7: In a regulated market, price is determined by.

A: Consumers

B: producers

C: auction

D: government {correct answer for question number 7.}

E: government

Solution: The correct answer to the Jamb question number 7 is 'D' which is 'government'.

Question 8: The current industrial development strategy in Nigeria is aimed at encouraging.

A: small–scale industries

B: medium–scale Industries

C: small – and medium–scale Industries {correct answer for question number 8.}

D: medium–and large–scale Industries

E: medium–and large–scale Industries

Solution: The correct answer to the Jamb question number 8 is 'C' which is 'small – and medium–scale Industries'.

Question 9: Average product is less than marginal product when.

A: there is constant returns to scale

B: there is decreasing returns to scale

C: there is increasing returns to scale {correct answer for question number 9.}

D: diminishing returns set in

E: diminishing returns set in

Solution: The correct answer to the Jamb question number 9 is 'C' which is 'there is increasing returns to scale'.

Question 10: The choice of the method of production in an economy is determined by the.

A: level of income

B: rate of population growth

C: level of technical know-how {correct answer for question number 10.}

D: availability of natural resources

E: availability of natural resources

Solution: The correct answer to the Jamb question number 10 is 'C' which is 'level of technical know-how'.

Question 11: A disadvantage of Nigeria’s dependence on imported petroleum products is the.

A: instability in the demand to the products

B: instability in the supply for the products {correct answer for question number 11.}

C: dominance of multinational firms

D: poor maintenance of the refineries

E: poor maintenance of the refineries

Solution: The correct answer to the Jamb question number 11 is 'B' which is 'instability in the supply for the products'.

Question 12: Production takes place when.

A: output is transformed into input

B: machines replace human effort

C: input is transformed into output {correct answer for question number 12.}

D: there is specialization and division of labour

E: there is specialization and division of labour

Solution: The correct answer to the Jamb question number 12 is 'C' which is 'input is transformed into output'.

Question 13: Activities in the oil and gas industry are classified into.

A: oil exportation and distribution

B: refining and marketing of finished products

C: upstream and downstream {correct answer for question number 13.}

D: exploration and drilling

E: exploration and drilling

Solution: The correct answer to the Jamb question number 13 is 'C' which is 'upstream and downstream'.

Question 14: The primary motive for an individual engaging in production is to.

A: make profit {correct answer for question number 14.}

B: redistribute wealth

C: satisfy basic human wants

D: put inputs into use

E: put inputs into use

Solution: The correct answer to the Jamb question number 14 is 'A' which is 'make profit'.

Question 15: The function of money which makes division of labour possible is its.

A: unit of account

B: medium of exchange {correct answer for question number 15.}

C: store of value

D: standard of deferred payment

E: standard of deferred payment

Solution: The correct answer to the Jamb question number 15 is 'B' which is 'medium of exchange'.

Question 16: Production takes place when.

A: output is transformed into input

B: machines replace human effort

C: input is transformed into output {correct answer for question number 16.}

D: there is specialization and division of labour

E: there is specialization and division of labour

Solution: The correct answer to the Jamb question number 16 is 'C' which is 'input is transformed into output'.

Question 17: A manufacturer who wants to build a new plant will source funds from the.

A: commercial banks

B: money market

C: capital market {correct answer for question number 17.}

D: government

E: government

Solution: The correct answer to the Jamb question number 17 is 'C' which is 'capital market'.

Question 18: One of the characteristics of monopolistic competition is that.

A: there is mobility of factors of production {correct answer for question number 18.}

B: consumers have perfect knowledge of price

C: no single seller dominates the market

D: the firms are price – takers

E: the firms are price – takers

Solution: The correct answer to the Jamb question number 18 is 'A' which is 'there is mobility of factors of production'.

Question 19: The primary motive for an individual engaging in production is to.

A: make profit {correct answer for question number 19.}

B: redistribute wealth

C: satisfy basic human wants

D: put inputs into use

E: put inputs into use

Solution: The correct answer to the Jamb question number 19 is 'A' which is 'make profit'.

Question 20: The ultimate aim of agricultural policies in Nigeria is to achieve.

A: food sufficiency

B: full employment

C: industrialization {correct answer for question number 20.}

D: industrial capacity utilization

E: industrial capacity utilization

Solution: The correct answer to the Jamb question number 20 is 'C' which is 'industrialization'.

Question 21: Occupational distribution of population determines the.

A: size of a population available and willing to work {correct answer for question number 21.}

B: population density of a place

C: dependency ratio of a country

D: size and categories of the labour force

E: size and categories of the labour force

Solution: The correct answer to the Jamb question number 21 is 'A' which is 'size of a population available and willing to work'.

Question 22: In Nigeria, the huge public debt is as a result of.

A: balanced budgeting

B: surplus budgeting

C: deficit budgeting {correct answer for question number 22.}

D: zero budgeting

E: zero budgeting

Solution: The correct answer to the Jamb question number 22 is 'C' which is 'deficit budgeting'.

Question 23: A cumulative frequency graph is.

A: a histogram

B: an ogive {correct answer for question number 23.}

C: a bar chart

D: a pie chart

E: a pie chart

Solution: The correct answer to the Jamb question number 23 is 'B' which is 'an ogive'.

Question 24: A decrease in supply without a corresponding change in demand will lead to.

A: an increase in equilibrium price and a decrease equilibrium quantity {correct answer for question number 24.}

B: a decrease in equilibrium price and an increase in equilibrium quantity

C: a decrease in equilibrium price and equilibrium quantity

D: an increase in equilibrium price and quantity

E: an increase in equilibrium price and quantity

Solution: The correct answer to the Jamb question number 24 is 'A' which is 'an increase in equilibrium price and a decrease equilibrium quantity'.

Question 25: Double counting is a problem in computing national income when using the.

A: expenditure method

B: income method

C: output method {correct answer for question number 25.}

D: value–added method

E: value–added method

Solution: The correct answer to the Jamb question number 25 is 'C' which is 'output method'.

Question 26: The demand curve for a luxury good is.

A: negatively sloped

B: parallel to the price axis

C: parallel to the quantity axis

D: positive sloped {correct answer for question number 26.}

E: positive sloped

Solution: The correct answer to the Jamb question number 26 is 'D' which is 'positive sloped'.

Question 27: Government can boost agricultural output in Nigeria primarily by.

A: embarking on buffer stock programs

B: granting subsidies on farm Inputs

C: placing embargo on food importation {correct answer for question number 27.}

D: placing farmers on monthly income

E: placing farmers on monthly income

Solution: The correct answer to the Jamb question number 27 is 'C' which is 'placing embargo on food importation'.

Question 28: Determine the average product of the 4th unit of capital.

A: 53 {correct answer for question number 28.}

B: 86

C: 212

D: 213

E: 213

Solution: The correct answer to the Jamb question number 28 is 'A' which is '53'.

Question 29: The maximum number of shareholders for a limited liability company is.

A: Twenty

B: seven

C: five

D: infinite {correct answer for question number 29.}

E: infinite

Solution: The correct answer to the Jamb question number 29 is 'D' which is 'infinite'.

Question 30: The maximum number of shareholders for a limited liability company is.

A: Twenty

B: seven

C: five

D: infinite {correct answer for question number 30.}

E: infinite

Solution: The correct answer to the Jamb question number 30 is 'D' which is 'infinite'.

Question 31: A movement along the same demand curve is caused by the.

A: price of the product {correct answer for question number 31.}

B: price of other products

C: income of the consumer

D: taste of the consumer

E: taste of the consumer

Solution: The correct answer to the Jamb question number 31 is 'A' which is 'price of the product'.

Question 32: If the active population is 50 million and unemployed is 5 million, what is the unemployment rate?.

A: 10% {correct answer for question number 32.}

B: 45%

C: 55%

D: 90%

E: 90%

Solution: The correct answer to the Jamb question number 32 is 'A' which is '10%'.

Question 33: The choice of the method of production in an economy is determined by the.

A: level of income

B: rate of population growth

C: level of technical know-how {correct answer for question number 33.}

D: availability of natural resources

E: availability of natural resources

Solution: The correct answer to the Jamb question number 33 is 'C' which is 'level of technical know-how'.

Question 34: High dependency ratio is influenced by.

A: high infant mortality rate

B: the level of income

C: high birth rate {correct answer for question number 34.}

D: inadequate medical care for children

E: inadequate medical care for children

Solution: The correct answer to the Jamb question number 34 is 'C' which is 'high birth rate'.

Question 35: An excess demand for beans will result from.

A: an increase in the price of beans

B: a decrease in the price of beans {correct answer for question number 35.}

C: an increase in the supply of beans

D: a decrease in the supply of beans

E: a decrease in the supply of beans

Solution: The correct answer to the Jamb question number 35 is 'B' which is 'a decrease in the price of beans'.

Question 36: Production takes place when.

A: output is transformed into input

B: machines replace human effort

C: input is transformed into output {correct answer for question number 36.}

D: there is specialization and division of labour

E: there is specialization and division of labour

Solution: The correct answer to the Jamb question number 36 is 'C' which is 'input is transformed into output'.

Question 37: in developing countries, governments influence the location of industries in order to.

A: spread development {correct answer for question number 37.}

B: encourage entrepreneurs

C: redistribute wealth

D: encourage industries to earn high profits

E: encourage industries to earn high profits

Solution: The correct answer to the Jamb question number 37 is 'A' which is 'spread development'.

Question 38: The ability of commercial banks to create money depends on the.

A: Ratio

B: liquidity ratio {correct answer for question number 38.}

C: interest rate

D: capital base

E: capital base

Solution: The correct answer to the Jamb question number 38 is 'B' which is 'liquidity ratio'.

Question 39: In the long run, one of the characteristics of monopolistic competitive firms is that the.

A: make abnormal profits {correct answer for question number 39.}

B: suffer losses

C: make normal profits

D: collude with each other

E: collude with each other

Solution: The correct answer to the Jamb question number 39 is 'A' which is 'make abnormal profits'.

Question 40: A strategy for curbing unemployment is to.

A: implement government stabilization policy

B: increase government expenditure and decrease taxes {correct answer for question number 40.}

C: increase taxes and decrease government expenditure

D: ensure even distribution of job opportunities

E: ensure even distribution of job opportunities

Solution: The correct answer to the Jamb question number 40 is 'B' which is 'increase government expenditure and decrease taxes'.

Question 41: A decrease in aggregate spending in an economy will ultimately lead to.

A: Boom

B: deflation {correct answer for question number 41.}

C: inflation

D: recession

E: recession

Solution: The correct answer to the Jamb question number 41 is 'B' which is 'deflation'.

Question 42: One of the assumptions of ordinal utility theory is that.

A: choice is not consistent

B: total utility is a function of price

C: utility can be ranked {correct answer for question number 42.}

D: satisfaction is measurable

E: satisfaction is measurable

Solution: The correct answer to the Jamb question number 42 is 'C' which is 'utility can be ranked'.

Question 43: Dumping in international trade means selling a good at a.

A: higher price at home than abroad {correct answer for question number 43.}

B: lower price at home than abroad

C: price that equates marginal cost with marginal revenue

D: price above marginal cost abroad

E: price above marginal cost abroad

Solution: The correct answer to the Jamb question number 43 is 'A' which is 'higher price at home than abroad'.

Question 44: Determine the average product of the 4th unit of capital.

A: 53 {correct answer for question number 44.}

B: 86

C: 212

D: 213

E: 213

Solution: The correct answer to the Jamb question number 44 is 'A' which is '53'.

Question 45: The amount of labour hired depends on the.

A: number of skilled labour available

B: marginal productivity of labour {correct answer for question number 45.}

C: skill of labour

D: price of other inputs

E: price of other inputs

Solution: The correct answer to the Jamb question number 45 is 'B' which is 'marginal productivity of labour'.

Question 46: If Nigeria imports vehicles from Japan, the transaction will appear as a.

A: debit on Japan’s balance of payments {correct answer for question number 46.}

B: credit on Nigeria’s balance of trade

C: credit on Japan’s balance of payments

D: credit on Nigeria’s balance of payments

E: credit on Nigeria’s balance of payments

Solution: The correct answer to the Jamb question number 46 is 'A' which is 'debit on Japan’s balance of payments'.

Question 47: Consumer surplus tends to be higher when demand is.

A: perfectly elastic

B: inelastic

C: elastic {correct answer for question number 47.}

D: unitary elastic

E: unitary elastic

Solution: The correct answer to the Jamb question number 47 is 'C' which is 'elastic'.

Question 48: In national income accounting, tax is determined by the.

A: level of income {correct answer for question number 48.}

B: level of investment

C: level of consumption

D: rate of savings

E: rate of savings

Solution: The correct answer to the Jamb question number 48 is 'A' which is 'level of income'.

Question 49: National development plans in Nigeria fail mainly because of.

A: over dependence on foreign aids

B: poor implementation strategies {correct answer for question number 49.}

C: inadequate funding of projects

D: shortage of skilled manpower

E: shortage of skilled manpower

Solution: The correct answer to the Jamb question number 49 is 'B' which is 'poor implementation strategies'.

Question 50: The standard deviation of a set of data is.

A: always measured from the mode

B: always measured from the median

C: the most representative of averages

D: a measure of dispersion {correct answer for question number 50.}

E: a measure of dispersion

Solution: The correct answer to the Jamb question number 50 is 'D' which is 'a measure of dispersion'.

Question 51: One of the objectives of ADB is to.

A: provide subsidies on imported goods to members countries

B: promote economic and social development of member countries

C: mobilize short-term loans for member countries {correct answer for question number 51.}

D: provide technical assistance to only poor member countries

E: provide technical assistance to only poor member countries

Solution: The correct answer to the Jamb question number 51 is 'C' which is 'mobilize short-term loans for member countries'.

Question 52: The downturn in the prices of shares on stock markets is a highlight of.

A: efficient allocation of resources

B: the regulatory nature of the market {correct answer for question number 52.}

C: the invisible hand

D: consumer rationality

E: consumer rationality

Solution: The correct answer to the Jamb question number 52 is 'B' which is 'the regulatory nature of the market'.

Question 53: If the price of a commodity with elastic demand increases, the revenue accruing to the producer will.

A: Double

B: be constant

C: increase

D: decrease {correct answer for question number 53.}

E: decrease

Solution: The correct answer to the Jamb question number 53 is 'D' which is 'decrease'.

Question 54: Which of the following can be deduced from law of variable proportions when total output is rising?.

A: MP is greater than AP

B: MP is less than AP

C: MP is equal to AP

D: MP is equal to zero {correct answer for question number 54.}

E: MP is equal to zero

Solution: The correct answer to the Jamb question number 54 is 'D' which is 'MP is equal to zero'.

Question 55: Determine the average product of the 4th unit of capital.

A: 53 {correct answer for question number 55.}

B: 86

C: 212

D: 213

E: 213

Solution: The correct answer to the Jamb question number 55 is 'A' which is '53'.

Question 56: Average product is less than marginal product when.

A: there is constant returns to scale

B: there is decreasing returns to scale

C: there is increasing returns to scale {correct answer for question number 56.}

D: diminishing returns set in

E: diminishing returns set in

Solution: The correct answer to the Jamb question number 56 is 'C' which is 'there is increasing returns to scale'.

Question 57: Dumping in international trade means selling a good at a.

A: higher price at home than abroad {correct answer for question number 57.}

B: lower price at home than abroad

C: price that equates marginal cost with marginal revenue

D: price above marginal cost abroad

E: price above marginal cost abroad

Solution: The correct answer to the Jamb question number 57 is 'A' which is 'higher price at home than abroad'.

Question 58: Production takes place when.

A: output is transformed into input

B: machines replace human effort

C: input is transformed into output {correct answer for question number 58.}

D: there is specialization and division of labour

E: there is specialization and division of labour

Solution: The correct answer to the Jamb question number 58 is 'C' which is 'input is transformed into output'.

Question 59: In the circular flow of income, an increase in saving causes.

A: an increase in imports

B: a decrease in the income stream {correct answer for question number 59.}

C: an increase in household consumption

D: a decrease in exports

E: a decrease in exports

Solution: The correct answer to the Jamb question number 59 is 'B' which is 'a decrease in the income stream'.

Question 60: The primary motive for an individual engaging in production is to.

A: make profit {correct answer for question number 60.}

B: redistribute wealth

C: satisfy basic human wants

D: put inputs into use

E: put inputs into use

Solution: The correct answer to the Jamb question number 60 is 'A' which is 'make profit'.

Question 61: The ability of commercial banks to create money depends on the.

A: Ratio

B: liquidity ratio {correct answer for question number 61.}

C: interest rate

D: capital base

E: capital base

Solution: The correct answer to the Jamb question number 61 is 'B' which is 'liquidity ratio'.

Question 62: The mean is the best measure of central tendency because it.

A: is not affected by extreme values in a data

B: is a balancing point in an observation {correct answer for question number 62.}

C: is a midpoint value in an array of data

D: can be calculated from incomplete data

E: can be calculated from incomplete data

Solution: The correct answer to the Jamb question number 62 is 'B' which is 'is a balancing point in an observation'.

Question 63: A firm enjoying economics of scale is said to be.

A: reducing average cost as production increases {correct answer for question number 63.}

B: maximizing profits as production increases

C: benefiting from the activities of other firms

D: having an upward - sloping average cost curve

E: having an upward - sloping average cost curve

Solution: The correct answer to the Jamb question number 63 is 'A' which is 'reducing average cost as production increases'.

Question 64: A disadvantage of Nigeria’s dependence on imported petroleum products is the.

A: instability in the demand to the products

B: instability in the supply for the products {correct answer for question number 64.}

C: dominance of multinational firms

D: poor maintenance of the refineries

E: poor maintenance of the refineries

Solution: The correct answer to the Jamb question number 64 is 'B' which is 'instability in the supply for the products'.

Question 65: Activities in the oil and gas industry are classified into.

A: oil exportation and distribution

B: refining and marketing of finished products

C: upstream and downstream {correct answer for question number 65.}

D: exploration and drilling

E: exploration and drilling

Solution: The correct answer to the Jamb question number 65 is 'C' which is 'upstream and downstream'.

Question 66: An important function of the world bank is to.

A: provide short–term loans to members

B: encourage trade between members

C: promote capital–intensive productions

D: provide long–term loans to members {correct answer for question number 66.}

E: provide long–term loans to members

Solution: The correct answer to the Jamb question number 66 is 'D' which is 'provide long–term loans to members'.

Question 67: A disadvantage of Nigeria’s dependence on imported petroleum products is the.

A: instability in the demand to the products

B: instability in the supply for the products {correct answer for question number 67.}

C: dominance of multinational firms

D: poor maintenance of the refineries

E: poor maintenance of the refineries

Solution: The correct answer to the Jamb question number 67 is 'B' which is 'instability in the supply for the products'.

Question 68: A major assumption in cardinal utility theory is that.

A: utility is measurable {correct answer for question number 68.}

B: utility is not measurable

C: total utility equals marginal utility

D: total utility is constant

E: total utility is constant

Solution: The correct answer to the Jamb question number 68 is 'A' which is 'utility is measurable'.

Question 69: The function of money which makes division of labour possible is its.

A: unit of account

B: medium of exchange {correct answer for question number 69.}

C: store of value

D: standard of deferred payment

E: standard of deferred payment

Solution: The correct answer to the Jamb question number 69 is 'B' which is 'medium of exchange'.

Question 70: The ability of commercial banks to create money depends on the.

A: Ratio

B: liquidity ratio {correct answer for question number 70.}

C: interest rate

D: capital base

E: capital base

Solution: The correct answer to the Jamb question number 70 is 'B' which is 'liquidity ratio'.

Question 71: Activities in the oil and gas industry are classified into.

A: oil exportation and distribution

B: refining and marketing of finished products

C: upstream and downstream {correct answer for question number 71.}

D: exploration and drilling

E: exploration and drilling

Solution: The correct answer to the Jamb question number 71 is 'C' which is 'upstream and downstream'.

Question 72: The function of money which makes division of labour possible is its.

A: unit of account

B: medium of exchange {correct answer for question number 72.}

C: store of value

D: standard of deferred payment

E: standard of deferred payment

Solution: The correct answer to the Jamb question number 72 is 'B' which is 'medium of exchange'.

Question 73: One of the characteristics of free trade zone is.

A: common tariff against non-member countries

B: free factor mobility within the zone {correct answer for question number 73.}

C: different trade policies of non-member countries

D: harmonized trade among member countries

E: harmonized trade among member countries

Solution: The correct answer to the Jamb question number 73 is 'B' which is 'free factor mobility within the zone'.

Question 74: The current industrial development strategy in Nigeria is aimed at encouraging.

A: small–scale industries

B: medium–scale Industries

C: small – and medium–scale Industries {correct answer for question number 74.}

D: medium–and large–scale Industries

E: medium–and large–scale Industries

Solution: The correct answer to the Jamb question number 74 is 'C' which is 'small – and medium–scale Industries'.

Question 75: The function of money which makes division of labour possible is its.

A: unit of account

B: medium of exchange {correct answer for question number 75.}

C: store of value

D: standard of deferred payment

E: standard of deferred payment

Solution: The correct answer to the Jamb question number 75 is 'B' which is 'medium of exchange'.

Question 76: In order to reduce hardship faced by consumers due to high prices, government can introduce.

A: maximum prices

B: minimum prices

C: commodity boards

D: price control boards {correct answer for question number 76.}

E: price control boards

Solution: The correct answer to the Jamb question number 76 is 'D' which is 'price control boards'.

Question 77: In developing countries, it is easier to obtain accurate national income estimates through the.

A: GNP

B: GDP {correct answer for question number 77.}

C: NDP

D: NNP

E: NNP

Solution: The correct answer to the Jamb question number 77 is 'B' which is 'GDP'.

Question 78: The major problem confronting a sole proprietor is.

A: high level of risk

B: limited expertise

C: limited source of capital {correct answer for question number 78.}

D: high taxation

E: high taxation

Solution: The correct answer to the Jamb question number 78 is 'C' which is 'limited source of capital'.

Question 79: In Nigeria, the huge public debt is as a result of.

A: balanced budgeting

B: surplus budgeting

C: deficit budgeting {correct answer for question number 79.}

D: zero budgeting

E: zero budgeting

Solution: The correct answer to the Jamb question number 79 is 'C' which is 'deficit budgeting'.

Question 80: If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is.

A: 0.80

B: 1.25 {correct answer for question number 80.}

C: 2.00

D: 10.00

E: 10.00

Solution: The correct answer to the Jamb question number 80 is 'B' which is '1.25'.

Question 81: Government can boost agricultural output in Nigeria primarily by.

A: embarking on buffer stock programs

B: granting subsidies on farm Inputs

C: placing embargo on food importation {correct answer for question number 81.}

D: placing farmers on monthly income

E: placing farmers on monthly income

Solution: The correct answer to the Jamb question number 81 is 'C' which is 'placing embargo on food importation'.

Question 82: Government can boost agricultural output in Nigeria primarily by.

A: embarking on buffer stock programs

B: granting subsidies on farm Inputs

C: placing embargo on food importation {correct answer for question number 82.}

D: placing farmers on monthly income

E: placing farmers on monthly income

Solution: The correct answer to the Jamb question number 82 is 'C' which is 'placing embargo on food importation'.

Question 83: The reform in the banking sector in Nigeria is principally motivated by the need to.

A: increase the capital base of banks {correct answer for question number 83.}

B: provide more money to run the economy

C: minimize the rate of bank failures

D: enhance efficiency in bank operations

E: enhance efficiency in bank operations

Solution: The correct answer to the Jamb question number 83 is 'A' which is 'increase the capital base of banks'.

Question 84: The demand curve for a luxury good is.

A: negatively sloped

B: parallel to the price axis

C: parallel to the quantity axis

D: positive sloped {correct answer for question number 84.}

E: positive sloped

Solution: The correct answer to the Jamb question number 84 is 'D' which is 'positive sloped'.

Question 85: A cumulative frequency graph is.

A: a histogram

B: an ogive {correct answer for question number 85.}

C: a bar chart

D: a pie chart

E: a pie chart

Solution: The correct answer to the Jamb question number 85 is 'B' which is 'an ogive'.

Question 86: Cost–push inflation occurs when.

A: production cost is high {correct answer for question number 86.}

B: factor prices decrease

C: there is too much money in circulation

D: government embarks on deficit financing

E: government embarks on deficit financing

Solution: The correct answer to the Jamb question number 86 is 'A' which is 'production cost is high'.

Question 87: If the demand for a good is more elastic than its supply, the tax burden is borne.

A: equally by consumers and producers

B: more by consumers

C: more by producers {correct answer for question number 87.}

D: more by retailers and producers

E: more by retailers and producers

Solution: The correct answer to the Jamb question number 87 is 'C' which is 'more by producers'.

Question 88: Consumer surplus tends to be higher when demand is.

A: perfectly elastic

B: inelastic

C: elastic {correct answer for question number 88.}

D: unitary elastic

E: unitary elastic

Solution: The correct answer to the Jamb question number 88 is 'C' which is 'elastic'.

Question 89: The ultimate aim of agricultural policies in Nigeria is to achieve.

A: food sufficiency

B: full employment

C: industrialization {correct answer for question number 89.}

D: industrial capacity utilization

E: industrial capacity utilization

Solution: The correct answer to the Jamb question number 89 is 'C' which is 'industrialization'.

Question 90: The shape of the long-run average cost curve is best explained by the.

A: law of diminishing returns {correct answer for question number 90.}

B: law of returns to scale

C: cost of fixed inputs

D: cost of variable inputs

E: cost of variable inputs

Solution: The correct answer to the Jamb question number 90 is 'A' which is 'law of diminishing returns'.

Question 91: The Basic Needs Approach to development is directed a.

A: poverty alleviation {correct answer for question number 91.}

B: provision of educational infrastructure

C: provision of health services

D: improvement in worker’s income

E: improvement in worker’s income

Solution: The correct answer to the Jamb question number 91 is 'A' which is 'poverty alleviation'.

Question 92: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?.

A: A bag only

B: A book and a bag

C: A shirt and a bag {correct answer for question number 92.}

D: A shirt only

E: A shirt only

Solution: The correct answer to the Jamb question number 92 is 'C' which is 'A shirt and a bag'.

Question 93: Localization of industries refers to the.

A: spread of firms producing different products

B: concentration of firms of an industry {correct answer for question number 93.}

C: siting of industries near the market

D: siting of firms producing different products

E: siting of firms producing different products

Solution: The correct answer to the Jamb question number 93 is 'B' which is 'concentration of firms of an industry'.

Question 94: If the coefficient of price elasticity of supply is greater than one, the supply is said to be.

A: perfectly elastic

B: infinitely inelastic

C: fairly inelastic

D: fairly elastic {correct answer for question number 94.}

E: fairly elastic

Solution: The correct answer to the Jamb question number 94 is 'D' which is 'fairly elastic'.

Question 95: In Nigeria, the location of a steel industry at Ajaokuta is due to.

A: the availability of transport network

B: the proximity to source of power

C: the proximity to large deposits of iron ore {correct answer for question number 95.}

D: political consideration.

E: political consideration.

Solution: The correct answer to the Jamb question number 95 is 'C' which is 'the proximity to large deposits of iron ore'.

Question 96: If the active population is 50 million and unemployed is 5 million, what is the unemployment rate?.

A: 10% {correct answer for question number 96.}

B: 45%

C: 55%

D: 90%

E: 90%

Solution: The correct answer to the Jamb question number 96 is 'A' which is '10%'.

Question 97: Industries for consumer goods are concentrated in urban centres as result of.

A: large market {correct answer for question number 97.}

B: power supply

C: government policy

D: weather conditions

E: weather conditions

Solution: The correct answer to the Jamb question number 97 is 'A' which is 'large market'.

Question 98: The ultimate aim of agricultural policies in Nigeria is to achieve.

A: food sufficiency

B: full employment

C: industrialization {correct answer for question number 98.}

D: industrial capacity utilization

E: industrial capacity utilization

Solution: The correct answer to the Jamb question number 98 is 'C' which is 'industrialization'.

Question 99: Activities in the oil and gas industry are classified into.

A: oil exportation and distribution

B: refining and marketing of finished products

C: upstream and downstream {correct answer for question number 99.}

D: exploration and drilling

E: exploration and drilling

Solution: The correct answer to the Jamb question number 99 is 'C' which is 'upstream and downstream'.

Question 100: A supply curve is positively sloped because.

A: supply always exceeds demand

B: demand always exceeds supply

C: price is an incentive to consumers

D: price is an incentive to producers {correct answer for question number 100.}

E: price is an incentive to producers

Solution: The correct answer to the Jamb question number 100 is 'D' which is 'price is an incentive to producers'.