1.
Theory of the firm
A firm sells 363 units at ₦1,300 each. Find its total revenue.
Answer: B. TR = price × quantity = 1,300 × 363 = ₦471,900.
JAMB UTME Economics practice questions
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The UTME is JAMB's computer-based entrance exam for Nigerian universities, polytechnics and colleges of education. You sit Use of English and three other subjects in 2 hours: 60 questions for Use of English and 40 for each other subject.
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10 free sample questions
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2.
Elasticity
When the price of a good rose from ₦500 to ₦550, quantity demanded fell from 3,600 to 3,420 units. Find the price elasticity of demand.
Answer: C. PED = % change in quantity ÷ % change in price = 5% ÷ 10% = 0.5 (ignoring the minus sign).
3.
Consumption and savings
A household earns ₦136,000 and spends ₦122,400 on consumption. Find its average propensity to consume.
Answer: A. APC = consumption ÷ income = 122,400 ÷ 136,000 = 0.9.
4.
Basic concepts
In Economics, monopsony is best described as
Answer: B. Monopsony: a market with only one buyer.
5.
National income
If the marginal propensity to consume is 0.5, find the value of the multiplier.
Answer: B. Multiplier = 1 ÷ (1 − MPC) = 1 ÷ 0.5 = 2.
6.
Money
Inflation is
Answer: A. Inflation is a sustained increase in the general level of prices.
7.
Production
Land, labour, capital and ___ are the factors of production.
Answer: B. The entrepreneur organises the other three factors.
8.
Market structures
A market with only one seller is called
Answer: A. "Mono" means one: a single seller controls supply.
9.
Demand
According to the law of demand, when price rises the quantity demanded
Answer: B. Other things equal, higher prices reduce the quantity demanded.
10.
Theory of the firm
A firm has total revenue of ₦64,300 and total cost of ₦77,600. Find its profit (a loss is shown as negative).
Answer: A. Profit = TR − TC = 64,300 − 77,600 = −₦13,300.
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Questions in the MyGradePrep bank for each topic.
| Topic | Questions |
|---|---|
| Theory of the firm | 240 |
| National income | 187 |
| Costs and revenue | 120 |
| Elasticity | 63 |
| Consumption and savings | 62 |
| Basic concepts | 61 |
| Production | 61 |
| Money and inflation | 60 |
| Population and labour | 60 |
| Demand and supply | 60 |
| Price index | 60 |