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JAMB UTME Economics 2003 past questions and answers

This 2003 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 2003 set with instant marking.

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Sample JAMB UTME Economics 2003 questions

1. A workshop employs 6 workers and produces 48 units of output per day; what is its average product of labour?
  1. 8 units per worker
  2. 42 units per worker
  3. 54 units per worker
  4. 288 units per worker

Answer: A. 8 units per worker

Average product is total output divided by the number of workers, so 48 / 6 = 8 units.

2. When additional units of a variable factor are applied to a fixed factor, the law of diminishing returns eventually means that
  1. total product must immediately fall
  2. marginal product begins to decline
  3. average product is always zero
  4. fixed cost becomes variable

Answer: B. marginal product begins to decline

With at least one factor fixed, marginal product eventually declines as more units of the variable factor are added.

3. An economy producing at a point inside its production possibility curve is most likely
  1. using all resources with maximum efficiency
  2. producing beyond its current capacity
  3. leaving some resources unemployed or underused
  4. facing no opportunity cost

Answer: C. leaving some resources unemployed or underused

A point inside the curve indicates that available resources are not being fully or efficiently used.

4. As a firm's output increases while its total fixed cost remains unchanged, its average fixed cost will
  1. rise in the same proportion as output
  2. remain permanently equal to total fixed cost
  3. become its marginal cost
  4. fall

Answer: D. fall

Average fixed cost is fixed cost divided by output, so spreading an unchanged fixed cost over more units lowers it.

5. If a 10% increase in the price of a good causes no change in quantity demanded, the price elasticity of demand is
  1. zero
  2. one
  3. greater than one
  4. infinite

Answer: A. zero

The elasticity is the percentage change in quantity demanded divided by the percentage change in price, and here the numerator is zero.

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