JAMB Economics practice: free CBT questions with answers
UTME Economics tests basic concepts (scarcity, choice, opportunity cost), demand, supply, price and elasticity, production and costs, market structures, national income, money and inflation, Nigerian financial institutions, public finance, development, agriculture and industry in Nigeria, population, international trade and the labour market.
In the UTME CBT, Economics is one of your three subjects besides Use of English: 40 questions, inside a 2-hour paper of 180 questions scored out of 400.
CrackIt has 527 original Economics questions across 23 syllabus topics (178 easy, 220 medium, 129 hard), each with an explanation in English and Pidgin.
5 free JAMB Economics practice questions
Original questions from our bank, written to the syllabus. Tap “Show answer” to check yourself.
Q1. Basic concepts: scarcity, choice, scale of preference and opportunity cost
Why is the study of Economics described as the science of choice?
- ABecause resources are unlimited and free for everyone
- BBecause the government dictates what every citizen must produce
- CBecause individuals are naturally greedy and selfish
- DBecause resources are scarce, forcing individuals to decide what to forego
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Answer: D. Because resources are scarce, forcing individuals to decide what to forego
Because resources are scarce and wants are unlimited, rational individuals and societies must constantly make choices. Economics studies how these choices are made.
Pidgin: Because resources small and want plenty, human beings must choose wetin dem go do first. Economics na the study of how we dey make these wise choices.
Q2. Tools of analysis: tables, graphs, mean, median and mode
If the scores of six students in an Economics test are 40, 50, 60, 70, 80, and 90, find their median score.
- A75
- B60
- C70
- D65
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Answer: D. 65
Since the data is already arranged in ascending order with an even number of observations (6), the median is the average of the two middle numbers: (60 + 70) / 2 = 65.
Pidgin: Since the number of students even, you go take the two middle numbers, add dem together, then divide by two. E give you 65.
Q3. Theory of supply: law of supply, determinants, shifts and movements
If the price of crude oil increases, leading to higher costs for petrol, what will happen to the supply curve of transportation services that rely heavily on petrol?
- AIt will become perfectly elastic
- BIt will remain completely unchanged
- CIt will shift to the right
- DIt will shift to the left
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Answer: D. It will shift to the left
An increase in the price of a key input (petrol) raises production costs, making it less profitable to supply transportation services at any given price, shifting supply to the left.
Pidgin: If petrol price go up, cost of transport go high, and dis one go make transport owners reduce supply, so the line go shift go left.
Q4. Theory of production: factors of production, laws of returns, division of labour
Which of the following is classified as working capital in a modern transport business operating in Lagos?
- AThe minibuses used for transport
- BThe administrative office building
- CThe spare tyres and engine oil in stock
- DThe long-term bank loans obtained
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Answer: C. The spare tyres and engine oil in stock
Working capital refers to circulating capital, which includes raw materials, cash, and short-term operational items like fuel, spare tyres, and engine oil used up during daily business operations.
Pidgin: Working capital na those things wey dey finish quick quick for daily business, like engine oil, fuel, and spare tyres wey transport bus dey use every day.
Q5. National income: GDP, GNP, NNP and methods of measurement
Which of the following is added to Gross Domestic Product (GDP) to arrive at Gross National Product (GNP)?
- AIndirect taxes minus subsidies
- BDepreciation or capital consumption allowance
- CNet income from abroad
- DGovernment transfer payments
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Answer: C. Net income from abroad
GNP measures the total output produced by the citizens of a country, both at home and abroad. Therefore, net factor income from abroad is added to the domestic output (GDP) to get GNP.
Pidgin: To convert GDP to GNP, you must add net income wey citizens dey bring enter house from foreign land join domestic production.
Topics covered
- Basic concepts: scarcity, choice, scale of preference and opportunity cost (27)
- Economic systems (30)
- Tools of analysis: tables, graphs, mean, median and mode (25)
- Theory of demand: law of demand, determinants, shifts and movements (28)
- Theory of supply: law of supply, determinants, shifts and movements (27)
- Price determination, equilibrium, price control and elasticity (29)
- Theory of production: factors of production, laws of returns, division of labour (17)
- Costs and revenue: fixed, variable, marginal and average cost (27)
- Market structures: perfect competition, monopoly, oligopoly (22)
- National income: GDP, GNP, NNP and methods of measurement (23)
- Money: functions, demand for money, inflation and deflation (27)
- Financial institutions: Central Bank of Nigeria, commercial banks, capital and money markets (26)
- Public finance: taxation, budget and public debt (13)
- Economic growth, development and planning (26)
- Agriculture in the Nigerian economy (23)
- Industrialisation, location of industries and business organisations (23)
- Natural resources and the petroleum industry in Nigeria (28)
- Population: theories, census and structure (27)
- International trade: comparative advantage, balance of payments, terms of trade, exchange rates (20)
- International economic organisations (20)
- Labour market: wages, unemployment and trade unions (15)
- Business organisations (8)
- Distributive trade (16)
How to score higher in Economics
- Demand and supply graphs are the heart of the paper. Practise telling a shift of the curve from a movement along it.
- Learn the cost formulas (average, marginal, fixed and variable) and the national income measures (GDP, GNP, NNP) side by side.
- Read the Nigerian sections closely: the Central Bank, petroleum and agriculture questions reward up-to-date basics.
Done with practice? See the cut-off marks for 25 universities or check your chances with the admission chance checker.
Frequently asked questions
How many questions are in JAMB UTME Economics?
In the UTME CBT, Economics is one of your three subjects besides Use of English: 40 questions, inside a 2-hour paper of 180 questions scored out of 400.
Are these real past questions?
No. CrackIt's 527 Economics questions are original, written to the official JAMB syllabus, and each has a worked explanation. CrackIt is not affiliated with JAMB, WAEC or NECO.
Is CrackIt free and does it work offline?
Yes. Practice by topic, timed tests and the Daily 10 are free, and once the app has loaded it works without data.
Can I read the explanations in Pidgin?
Yes. 526 of 527 Economics explanations have a Pidgin version: tap “Pidgin” under the answer.