PassSpark

JAMB UTME Economics 2001 past questions and answers

This 2001 JAMB UTME Economics set has 40 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2001 set with instant marking.

Practise the full 2001 setTimed exam mode

Sample JAMB UTME Economics 2001 questions

1. A student spends an evening revising Economics instead of earning ₦2,000 at a part-time job; the opportunity cost of the revision is
  1. the student's examination fee
  2. the ₦2,000 forgone
  3. the total value of all the student's alternatives
  4. the cost of the books used

Answer: B. the ₦2,000 forgone

Opportunity cost is the value of the next best alternative forgone, which is the ₦2,000 wage.

2. If an economy's production possibility curve shifts outward after the discovery of a more efficient production method, this indicates
  1. a reduction in the available resources
  2. an increase in unemployment only
  3. an increase in productive capacity
  4. a movement along an unchanged curve

Answer: C. an increase in productive capacity

Improved production technology enables the economy to produce more output with its resources, shifting the curve outward.

3. A likely benefit of division of labour in a factory is that workers
  1. become more skilled through repeated performance of a task
  2. each produce a complete item from start to finish
  3. no longer need tools or machinery
  4. are guaranteed equal wages

Answer: A. become more skilled through repeated performance of a task

Repeatedly performing a specialised task helps workers gain skill and can raise productivity.

4. In a mixed economic system, decisions about resource allocation are made by
  1. households alone
  2. the state alone
  3. foreign firms alone
  4. both private participants and the government

Answer: D. both private participants and the government

A mixed economy combines private economic activity with government ownership, regulation or provision.

5. Other things being equal, an increase in consumers' income will most likely increase the demand for
  1. a good whose price has risen
  2. a good with falling supply
  3. a normal good
  4. a complementary good only

Answer: C. a normal good

Demand for a normal good rises when consumers' income increases, other factors remaining constant.

More JAMB UTME Economics years

20262025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022000

All JAMB UTME Economics years · JAMB UTME subjects

PassSpark questions are original practice questions written to each exam's syllabus and format, in the style of past questions. They are not official past papers and are not affiliated with JAMB, WAEC, NECO, any university or any exam body.