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JAMB UTME Economics 2015 past questions and answers

This 2015 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 2015 set with instant marking.

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Sample JAMB UTME Economics 2015 questions

1. Country K can produce 12 tonnes of cocoa or 6 tonnes of rice with the same resources, while Country L can produce 8 tonnes of cocoa or 8 tonnes of rice. Which country has a comparative advantage in rice production?
  1. Country K, because it produces more cocoa
  2. Country L, because its opportunity cost of rice is lower
  3. Country K, because its opportunity cost of rice is lower
  4. Neither country, because their resource costs are equal

Answer: B. Country L, because its opportunity cost of rice is lower

One tonne of rice costs K 2 tonnes of cocoa but costs L 1 tonne of cocoa, so L has the lower opportunity cost.

2. A country imports 200 radios at ₦50,000 each and imposes an ad valorem tariff of 10% on their value. How much tariff revenue will the government collect, assuming all radios are imported and taxed?
  1. ₦500,000
  2. ₦5,000,000
  3. ₦1,000,000
  4. ₦10,000,000

Answer: C. ₦1,000,000

The total import value is ₦10,000,000, and 10% of this is ₦1,000,000.

3. A domestic firm exports furniture worth ₦4 million and receives payment from a buyer abroad. How is this transaction normally recorded in the country's balance of payments?
  1. As a credit in the current account
  2. As a debit in the current account
  3. As a credit in the capital account only
  4. As an official reserve loss

Answer: A. As a credit in the current account

An export of goods earns foreign exchange and is recorded as a current-account credit.

4. If the naira appreciates against the euro, other things being equal, what is the most likely immediate effect on Nigerian consumers buying goods priced in euros?
  1. The goods become more expensive in naira
  2. The goods become unavailable in Nigeria
  3. The goods' euro prices automatically fall
  4. The goods cost fewer naira to purchase

Answer: D. The goods cost fewer naira to purchase

An appreciation raises the naira's value relative to the euro, so fewer naira are needed to buy a given euro-priced item.

5. A country's export price index is 150 and its import price index is 100. What is its net barter terms-of-trade index?
  1. 50
  2. 150
  3. 250
  4. 1.5

Answer: B. 150

The terms-of-trade index is (export price index / import price index) x 100, giving 150.

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