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JAMB UTME Economics 2005 past questions and answers

This 2005 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 2005 set with instant marking.

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Sample JAMB UTME Economics 2005 questions

1. A workshop's output rises from 48 units with 3 workers to 60 units with 4 workers, while other inputs stay fixed. What is the marginal product of the fourth worker?
  1. 15 units
  2. 18 units
  3. 12 units
  4. 60 units

Answer: C. 12 units

The fourth worker adds 60 - 48 = 12 units to output.

2. When the price of a good rises by 10% and its quantity demanded falls by 20%, what is the price elasticity of demand in absolute value?
  1. 2
  2. 0.5
  3. 10
  4. 30

Answer: A. 2

The absolute elasticity is the percentage quantity change divided by the percentage price change, or 20/10 = 2.

3. A tailor leaves a job paying N420,000 per year to run a shop. The shop earns N900,000 in revenue and has cash expenses of N550,000 per year. What is the shop's economic profit after allowing for the foregone wage?
  1. N350,000
  2. N70,000
  3. -N420,000
  4. -N70,000

Answer: D. -N70,000

Economic profit is N900,000 - N550,000 - N420,000 = -N70,000.

4. In a market, quantity demanded is Qd = 80 - 2P and quantity supplied is Qs = 20 + P. What is the equilibrium price?
  1. 15
  2. 20
  3. 30
  4. 60

Answer: B. 20

Equating demand and supply gives 80 - 2P = 20 + P, so P = 20.

5. A firm's total fixed cost is N1,000 and its variable cost is N150 per unit. What is its total cost at an output of 6 units?
  1. N1,900
  2. N1,150
  3. N900
  4. N2,150

Answer: A. N1,900

Total cost equals fixed cost plus variable cost, so N1,000 + (6 x N150) = N1,900.

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