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JAMB UTME Economics 2002 past questions and answers

This 2002 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 2002 set with instant marking.

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Sample JAMB UTME Economics 2002 questions

1. When the price of a good rises from ₦10 to ₦12, quantity demanded falls from 100 units to 80 units. Using the original values as the base, the price elasticity of demand is
  1. 1
  2. 0.5
  3. 2
  4. 4

Answer: A. 1

Quantity demanded falls by 20% while price rises by 20%, so the absolute elasticity is 1.

2. A positive cross elasticity of demand between two goods indicates that the goods are
  1. complements
  2. substitutes
  3. inferior goods
  4. unrelated to each other

Answer: B. substitutes

A rise in the price of one good increases demand for its substitute, giving positive cross elasticity.

3. If demand for a good decreases as consumers' income increases, the good is most likely
  1. a luxury good
  2. a complementary good
  3. an inferior good
  4. a substitute good

Answer: C. an inferior good

An inferior good has negative income elasticity because demand falls as income rises.

4. If government fixes a maximum price below the market equilibrium price, the likely immediate result is
  1. a surplus of the good
  2. an increase in equilibrium price
  3. no change in quantity demanded
  4. a shortage of the good

Answer: D. a shortage of the good

At a below-equilibrium ceiling, quantity demanded exceeds quantity supplied, creating a shortage.

5. An improvement in production technology, with other factors unchanged, will usually cause the supply curve for the product to
  1. shift to the right
  2. shift to the left
  3. become vertical
  4. remain unchanged while demand shifts

Answer: A. shift to the right

Better technology lowers production cost and enables suppliers to offer more at each price.

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