UTME 2014 Economics Past Questions and Answers
Prepare effectively for the JAMB UTME Economics examination with this comprehensive set of past questions from 2014. This resource provides invaluable practice, allowing you to familiarize yourself with the exam format, question types, and difficulty level. Each question is accompanied by detailed explanations and answers, highlighting potential areas of confusion and reinforcing key economic theories.
About This Exam
Prepare effectively for the JAMB UTME Economics examination with this comprehensive set of past questions from 2014. This resource provides invaluable practice, allowing you to familiarize yourself with the exam format, question types, and difficulty level. Each question is accompanied by detailed explanations and answers, highlighting potential areas of confusion and reinforcing key economic theories.
Topics Covered
Exam Structure
- Question Formatmcq
- Total Questions50
- Estimated Duration17 minutes
- Difficulty LevelMedium
Learning Objectives
- •Understand fundamental economic concepts related to microeconomics and macroeconomics.
Prerequisites
Basic understanding of high school level Economics principles and mathematical aptitude for calculations.
Sample Questions
Get a taste of what to expect in the full exam.
If the importation of a commodity is limited to a definite quantity, the control measure imposed is
excise duties
import duties
quotas
tariff
One of the characteristics of a monopolist is that, he can influence
quantity produced by other producers
prices charged by other producers
both price and quantity
price or quantity
If the production of a large firm is more efficient than that of a small firm, it is experiencing
external economies of scale
external diseconomies of scale
internal economies of scale
internal diseconomies of scale
A major obstacle to the development of Nigeria economy is
low capital formation
rural-urban migration
over dependence on oil
poor developmental policies
Price mechanism determines the allocation of commodities through
auctioning
market forces
the sales of treasury bills
government legislation
Given that , , and units. Find the average cost of the product.
A major disadvantage of localization of industry is
the risk of structural unemployment
over-utilization of installed industrial capacity
the risk of seasonal unemployment
under-utilization of installed industrial capacity
An accurate census figure is an important tool for planners in
providing employment
siting industries
providing social amenities
allocating resources
What is the percentage contribution of services to the national income?
If a rise in price causes a decrease in the quantity demanded
the demand is elastic
the demand is inelastic
the demand is unitary elastic
the demand is perfectly elastic
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How to Prepare
Key Preparation Tips
- Review all topics covered in the UTME Economics syllabus.
Mistakes to Avoid
- •Calculation errors in numerical problems (e.g., elasticity, national income, cost functions).
Success Criteria
Achieving a high score by correctly answering a majority of the questions, demonstrating a strong grasp of the UTME Economics syllabus.
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