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JAMB UTME Economics 2017 past questions and answers

This 2017 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 2017 set with instant marking.

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Sample JAMB UTME Economics 2017 questions

1. The basic economic problem arises because
  1. human wants are unlimited while resources are limited
  2. all resources are owned by government
  3. prices remain constant over time
  4. people always save more than they spend

Answer: A. human wants are unlimited while resources are limited

Scarcity exists because limited resources cannot satisfy all human wants, so choices must be made.

2. A student uses an afternoon to attend a revision class instead of working at a paid job; the opportunity cost of attending the class is the
  1. fee paid for the class
  2. income from the job that the student gives up
  3. student's earlier school fees
  4. value of all the student's future earnings

Answer: B. income from the job that the student gives up

Opportunity cost is the value of the next-best alternative forgone, which here is the job income.

3. Which of the following is a positive economic statement?
  1. The government ought to reduce income inequality.
  2. Every household should receive a higher allowance.
  3. A rise in the price of rice reduces the quantity of rice demanded, other things being equal.
  4. It is unfair to tax low-income earners.

Answer: C. A rise in the price of rice reduces the quantity of rice demanded, other things being equal.

A positive statement describes a relationship that can be tested against evidence rather than expressing a value judgement.

4. A point on an economy's production possibility frontier indicates that
  1. all wants have been satisfied
  2. the economy has no opportunity cost
  3. resources are unemployed
  4. available resources are being used efficiently at that output combination

Answer: D. available resources are being used efficiently at that output combination

Points on the frontier represent attainable combinations produced with resources fully and efficiently employed.

5. An economy in which private firms operate alongside publicly owned enterprises is best described as
  1. a mixed economy
  2. a subsistence economy
  3. a command economy
  4. a barter economy

Answer: A. a mixed economy

A mixed economy combines private economic activity with government ownership or provision.

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