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JAMB UTME Economics 2022 past questions and answers

This 2022 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 2022 set with instant marking.

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Sample JAMB UTME Economics 2022 questions

1. Which measure records the value of final goods and services produced within a country's borders, regardless of who owns the factors of production?
  1. Gross domestic product
  2. Gross national product
  3. Net national income
  4. Personal disposable income

Answer: A. Gross domestic product

Gross domestic product measures final output produced within the country's geographical boundaries.

2. If a country's national income is N720 billion and its population is 24 million, what is its per capita income?
  1. N3,000
  2. N30,000
  3. N300,000
  4. N2,880,000

Answer: B. N30,000

Per capita income is national income divided by population, so N720 billion divided by 24 million equals N30,000.

3. If the marginal propensity to save in an economy is 0.25, what is the simple investment multiplier?
  1. 0.25
  2. 1.25
  3. 4
  4. 25

Answer: C. 4

The simple multiplier is 1 divided by the marginal propensity to save, giving 1/0.25 = 4.

4. A sustained rise in the general price level that reduces the purchasing power of money is known as
  1. deflation
  2. disinflation
  3. stagflation
  4. inflation

Answer: D. inflation

Inflation is a sustained increase in the general price level and therefore lowers money's purchasing power.

5. To reduce excess liquidity in the banking system, a central bank sells government securities to the public; this is an example of
  1. open market operations
  2. moral suasion
  3. selective credit control
  4. foreign exchange rationing

Answer: A. open market operations

A sale of securities through open market operations withdraws funds from banks and the public.

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