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JAMB UTME Economics 2008 past questions and answers

This 2008 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 2008 set with instant marking.

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Sample JAMB UTME Economics 2008 questions

1. If a country's GDP at market prices is 500 million, depreciation is 40 million, net factor income from abroad is -10 million, indirect taxes are 30 million and subsidies are 5 million, what is its net national product at factor cost?
  1. 415 million
  2. 425 million
  3. 435 million
  4. 455 million

Answer: B. 425 million

NNP at factor cost is 500 - 40 - 10 - 30 + 5 = 425 million.

2. A country's nominal GDP is 900 billion and its GDP deflator is 120; what is its real GDP at base-year prices?
  1. 720 billion
  2. 780 billion
  3. 1,080 billion
  4. 750 billion

Answer: D. 750 billion

Real GDP equals nominal GDP divided by the deflator and multiplied by 100, so 900/120 x 100 = 750 billion.

3. If the marginal propensity to consume in an economy is 0.8, what is the simple expenditure multiplier?
  1. 5
  2. 4
  3. 1.25
  4. 0.8

Answer: A. 5

The simple multiplier is 1/(1-MPC), which gives 1/0.2 = 5.

4. Workers lose their jobs because new production technology replaces the skills they possess; this is primarily an example of
  1. seasonal unemployment
  2. frictional unemployment
  3. structural unemployment
  4. voluntary unemployment

Answer: C. structural unemployment

Structural unemployment results from a mismatch between workers' skills and the structure or technology of available jobs.

5. A graduate who has left one job and is actively searching for a more suitable position is most likely experiencing
  1. cyclical unemployment
  2. frictional unemployment
  3. technological unemployment
  4. disguised unemployment

Answer: B. frictional unemployment

Frictional unemployment occurs temporarily while people move between jobs or search for work.

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