JUPEB Economics
Past Questions

15+ verified Economics past questions for JUPEB. Step-by-step worked answers in 5 Nigerian languages.

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Economics topics (2)

Macro
0 questions
Micro
0 questions

Sample Economics past questions

1. Inflation is sustained rise in:

  • A. Wages
  • B. General price level
  • C. Population
  • D. Unemployment

Answer: B

2. Demand curve typically slopes:

  • A. Up
  • B. Down
  • C. Flat
  • D. Vertical

Answer: B

3. Opportunity cost is best defined as:

  • A. Money spent
  • B. Next best alternative forgone
  • C. Total cost
  • D. Fixed cost

Answer: B

4. A market with one seller is called:

  • A. Oligopoly
  • B. Monopoly
  • C. Duopoly
  • D. Perfect competition

Answer: B

5. GDP stands for Gross Domestic:

  • A. Price
  • B. Product
  • C. Profit
  • D. Population

Answer: B

6. A tax on imported goods is a:

  • A. Subsidy
  • B. Tariff
  • C. Grant
  • D. Rebate

Answer: B

7. Economics is BEST defined as the study of:

  • A. Money only
  • B. How societies allocate scarce resources to satisfy unlimited wants
  • C. Stock markets
  • D. Banks only

Answer: B

AI Explanation

Economics deals with allocation of scarce resources among competing needs and wants.

8. The factors of production are:

  • A. Money, gold, silver, oil
  • B. Land, labour, capital, entrepreneur
  • C. Goods, services, customers
  • D. Banks, businesses, government

Answer: B

AI Explanation

Classical economics identifies 4 factors: Land, Labour, Capital, Entrepreneur (sometimes adding 'Enterprise').

9. Microeconomics deals primarily with:

  • A. GDP and national income
  • B. Individual consumers, firms and markets
  • C. International trade
  • D. Inflation only

Answer: B

AI Explanation

Microeconomics studies decisions of individuals/firms; macroeconomics studies the whole economy.

10. The law of demand states:

  • A. Higher price increases quantity demanded
  • B. Lower price increases quantity demanded (other things equal)
  • C. Demand is constant
  • D. Price is irrelevant

Answer: B

AI Explanation

Standard demand law: as price falls (ceteris paribus), quantity demanded rises — downward-sloping demand curve.

11. When supply exceeds demand at a price, there is a:

  • A. Shortage
  • B. Surplus
  • C. Equilibrium
  • D. Inflation

Answer: B

AI Explanation

Surplus — quantity supplied > quantity demanded at the current price. Tends to push price down.

12. Inflation is:

  • A. A fall in prices
  • B. A sustained increase in the general price level
  • C. An increase in production
  • D. More unemployment

Answer: B

AI Explanation

Inflation = sustained, generalised increase in prices. Erodes purchasing power.

13. GDP stands for:

  • A. General Direct Product
  • B. Gross Domestic Product
  • C. Gross Direct Profit
  • D. General Domestic Profit

Answer: B

AI Explanation

GDP = Gross Domestic Product — total market value of final goods/services produced in a country in a period.

14. The Central Bank of Nigeria is responsible for:

  • A. Tax collection
  • B. Monetary policy and currency management
  • C. Building roads
  • D. Education

Answer: B

AI Explanation

CBN sets monetary policy, manages the naira, licenses banks and acts as banker to government.

15. Which is a function of money?

  • A. Decoration
  • B. Medium of exchange and store of value
  • C. Personal gift only
  • D. Toy

Answer: B

AI Explanation

Money functions: medium of exchange, store of value, unit of account, standard of deferred payment.

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