TABLE OF CONTENT

About Us...................................................................................Page 3
Chapter One
Aims & Objectives.....................................................................Page 5
Chapter Two
Syllabus...................................................................................Page 6
Chapter Three
Recommended Textbooks........................................................Page 7
Chapter Four
JUPEB Grading System.............................................................Page 8
 ABOUT US
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 ABOUT Joint Universities Preliminary
Examinations Board (JUPEB)
JUPEB means Joint Universities Preliminary Examinations Board. It was introduced
by the University of Lagos State (UNILAG) in December 2013. JUPEB is accepted in
over 95% of universities in Nigeria.

History of JUPEB
The Joint Universities Preliminary Examinations Board (JUPEB) is a national exami-
nations body approved by the Federal Government of Nigeria first established in De-
cember 2013 but formally introduced in April 2014 by a consortium of ten (10) part-
nering universities led by the University of Lagos.

The board is responsible for conducting common and standard examinations for
candidates, who have been exposed to a minimum of one year of approved courses
in the different Universities’ Foundation and/or Diploma Programmes and are seek-
ing Direct Entry admissions into University courses at the 200 Level in Nigerian and
partnering foreign universities.

The first JUPEB examination was conducted in August 2014 and successful candi-
dates were admitted into the 200 Level by JAMB based on recommendations from
the universities from 2015, JUPEB Examinations are often held in June annually.

The main JUPEB syllabus is the property of The Joint University Preliminary Examinations.
This ebook is only for education purposes.
No copyright issues intended.
 Chapter One
Aims & Objectives
ABOUT
Did you just register for the JUPEB program and Economics is one of the
three courses you'll be taking? Then you should read this.

We have compiled a full list of topics for JUPEB Economics and you can have
a copy of it for free. Yes, you read right!

You get to see the list of topics you will be taught in class, the
recommended textbooks you can study with at the library, and answers to
some questions you may have about the exam. Now you can just read up on
your own and be better prepared for your tests and exams.

What Course Of Study Can One Choose with JUPEB Economics?

With a pass in your JUPEB Economics exam, you are on track to getting
a degree in Accounting, Economics, Business administration, or any
Social Science course.

First Semester Courses + Unit For JUPEB Economics.

COURSE CODE COURSE TITLE CREDIT LOAD

ECN001 Principles of 3 Units

Economics I

ECN002 Principles of 3 Units

Economics II

Second Semester Courses + Unit For JUPEB Economics.

COURSE CODE COURSE TITLE CREDIT LOAD

ECN003 Applied Economics I 3 Units

ECN004 Applied Economics II 3 Units

 Chapter Two
Syllabus
JUPEB ECONOMICS SYLLABUS
SN TOPICS OBJECTIVES
FIRST SEMESTER
ECN001: PRINCIPLES OF ECONOMICS I
1 INTRODUCTION i. Definition of Economics
a) Give and explain different definitions of Economics
by different Economists

ii. Economics as a social science

a) Explain and discuss what Social Science is with
examples

iii. Distinction between Social Science and Natural

Science

iv. Nature of economic problems

a) Identify and explain economic problems such as
what, how, where, and for whom to produce

v. Scope and purpose of macro- and micro-

economics:distinctions and limitations
a) Explain, describe, and identify micro- and
macroeconomic variables
2 BASIC ECONOMIC i. Scarcity, choice, and resource allocation
PRINCIPLES a) Meaning of scarcity and the inevitability of choices
at all levels (individuals, firms, government)
b) Opportunity cost
c) Basic questions of what will be produced, how,
and for whom

ii. Different allocative mechanisms

a) Market Economies
b) Planned Economies
c) Mixed Economies

iii. Production possibility curve-shape and shifts

iv. Positive and normative statements

v. Factors of production: land, labour, capital,

enterprise

vi. Division of labour

vii. Efficient resource allocation

viii. Economic efficiency: Productive and allocative

efficiency
3 TOOLS AND METHODS i. Functional relationships- Algebraic and Geometric
OF ECONOMIC ANALYSIS Form

ii. Systems of equations- Economic equations

iii. Variables- Endogenous and Exogenous

iv. Interpretation and comprehension of statistical

data

v. Application of the use of statistical data in Nigerian

economy and solving global economic problems

vi. Inductive and deductive methods

vii. Advantages and limits of mathematical tools

4 THE PRICE SYSTEM i. Individual/demand curve

ii. Aggregation of individual demand curves to give

market demand

iii. Factors influencing demand

iv. Movements along and shifts of a demand curve

v. Price, income and cross-elasticities of demand

a) Meaning and calculation
b)Factors affecting
implications for business decisions

vi. Supply curve analysis aggregation of individual

supply curves to give market supply

vii. Factors influencing market supply including direct

taxes and subsidies movement along and shifts of a
supply curve

viii. Price elasticity of supply: determinants,

implication for speed/ ease with which businesses
react to market conditions

ix. Interaction of demand and supply: equilibrium

price and quantity

x. Government intervention via maximum price

controls, price stabilization, taxes, subsidies, direct
provision Of goods and services
5 THEORY OF CONSUMER i. Concept of utility
BEHAVIOR
ii. Law of diminishing marginal utility and its
relationship to derivation of an individual demand
schedule and curve
a) Equi-Marginal principle
b) Limitations of marginal utility theory

iii. Cardinal and ordinal approaches to the theory of

budget line to utility

iv. Budget lines

v. Income and substitution effects to price change
6 THEORY OF THE FIRM i. Short-run production function: Fixed and Variable
factors of production, Total Product Asnage Product
and Marginal Product

ii. Law of diminishing returns (Law of Variable

Proportions)

iii Long-run Production function

a) Returns to Slacale
iv. Economist's versus accountant's definition of
costs
a) Marginal cost and average cost
b) Short-run cost function-
c) Fixed costs versus variable costs
d) Explanation of the shape of SRAC
e) Long-run cost function
f) Explanation of LRAC
g) Relationship between economies of scale and
decreasing costs internal and external economies of
Scale

v. Survival of small firms

a) Growth of firms

vi. Relationship between elasticity, marginal, average,

and total revenue for a downward-sloping demand
curve

vii. Concepts of firm and industry

viii. Traditional objective of a firm-profit maximization

a) Normal and abnormal profit
7 MARKET STRUCTURE i. Different market structures-perfect competition,
monopoly, monopolistic competition, oligopoly,
structure of markets as explained by a number of
buyers and sellers.

ii. Nature of rroduct, degree of freedom of entry, and

nature of information.

iii. Contestable markets

iv. Conduct of Firms-

a) Policy and non-price policy, including price
discrimination,
b) Price leadership models and mutual
interdependence in the case of oligopolies

v. Performance of firms- in terms of

a) Output,
b) Profits and efficiency comparisons about economic
efficiency,
c) Barriers to Entry,
d) Price Competition,
e) Non-price competition and collision
8 THEORY OF INCOME i. Demand for labour,
DISTRIBUTION a) Meaning and factors affecting demand for labour,
b) Derivation of individual firm's demand for a factor
using marginal revenue product theory

ii. Supply of labour-

a) Meaning and factors affecting supply,
b) Net advantages and the long-run supply of labour

iii. Wage determination under free market Flforces

(Competitive Product and Factor Markets)

iv. The role of trade unions and government in wage

determination

v. Wage differentials and economic rent

9 GOVERNMENT i. Sources of market failure
INTERVENTION
ii. Market Imperfections- Existence of monopolistic
elements

iii. Objectives of government microeconomic policy:

Efficiency, Equity

iv. Policies to correct market failure: Regulation

v. Policies towards income and wealth distribution

vi. Effectiveness of government policies

vii. Privatization

viii. Externalities

ix. Social cost as a sum of private costs and external

costs

x. Social benefits as the sum of private benefits and

external benefits

xi. Decision making using cost-benefit analysis

xii. Private goods and public goods

xiii. Merit goods and demerit goods

ECN002: PRINCIPLES OF ECONOMICS II
10 CIRCULAR FLOW OF i. The concept of the circular flow of income
INCOME
ii. The circular flow of aggregate income without
government, with Government, and with Foreign
Sector (3- Sector Economy)

iii. The concept of aggregate savings, consumption,

and investment (aggregate demand)
11 NATIONAL INCOME i. The concept of Gross National Product (GNP), Gross
ACCOUNTING Domestic Product (GDP), Net National Product(NNP),
Disposable National Income (NI), etc

ii. Methods of measuring national income: Input,

output, income, and expenditure method

iii. Problems arising from National Income

Measurement

iv. Determinants and uses of National Income

Statistics
12 THEORY OF NATIONAL i. The Keynesian Theory: Aggregate Demand and
INCOME AND Aggregate Supply
DETERMINATION
ii. The Theory of saving, consumption and investment
functions-concepts of average and marginal
propensities

iii. Household consumption pattern:

a) Theories of consumption expenditure
b) Absolute theory of consumption, permanent
income hypothesis, life-cycle hypothesis, etc.
c) The determination of the equilibrium level of
national income
d) Inflationary and deflationary gaps: specific
adjustment policies for each
e) Shifts in the aggregate demand function and
national income equilibrium
f) The multiplier and accelerator principle
13 MONEY AND BANKING i. Nature and history of money

ii. Properties of good money

iii. The traditional functions of money and its role in

economic fevelopment.

iv. Motives for holding money.

v. Supply of money and quantity theory of money

vi. The demand for money

vii. Theory of interest rate determination

viii. The central bank, commercial banks, and

development Banks.

ix. The money and capital market

x. Other liquidity
a) Financial institutions.
b) The importance of liquidity
14 INFLATION AMD i. The meaning of inflation.
UNEMPLOYMENT
ii. Theories, types, causes, effects and remedies of
inflation with special reference to the Nigerian
economy.

iii. The construction and uses of index numbers.

iv. Real and money wages

v. The meaning of unemployment.

vi. Theories, causes, effects, and measures to curb

unemployment in Nigeria.

vii. The Phillips curve and stagflation

15 PUBLIC FINANCE i. Sources of government revenue

ii. Reasons and types of government expenditure

iii. The growth of government expenditure

iv. Taxations: principles and types of taxation

v. Problems associated with the collection of tax

revenue

vi. Revenue sharing principle

vii. Budget-types and forms of budgeting

viii. The budget of the federal government

a) National debt

SECOND SEMESTER
ECN003: APPLIED ECONOMICS I
16 ECONOMIC STRUCTURE i. The Production Sector: Primary (Agriculture),
OF WEST AFRICA Secondary (Manufacturing) and Tertiary (Services)
sectors

ii. Historical perspective of their contribution to GNP

and growth of the economy

iii. Public and private sector

17 GROWTH AND i. Under-development
DEVELOPMENT
ii. The concept of economic growth

iii. Development and under-development

iv. The development of human resources In

education, technical skills, and entrepreneurship

v. The mobilization of domestic resources

vi. The role of science and technology in the

development process
18 POPULATION i. History of world population growth

ii. Structure and distribution of world population

today

iii. Population structure and the labour force

iv. Malthusian population theory and the population

cycle

v. Population pyramids, birth rates, and death rates

vi. Concept of optimum population and population

explosion

vii. Food and resource allocation vis-A-vis population,

population and poverty versus family life education

viii. Population control

ix. The effects of HIV/AIDS on the labour force and its

productivity

x. Gender and productivity

19 INTERNATIONAL TRADE i. Fixed and floating exchange rates. The concept of
international liquidity. Benefits and problems of
international trade. The new economic order

ii. Principles of absolute and comparative advantage,

and their real-world limitations, other explanations/
determinants of trade flows. Opportunity cost
concept applied to trade

iii. Domestic and international trade international

division of labour and specialization. Theories of
absolute and comparative advantage
a) Arguments for free trade and motives for
protection
b) Types of protection and their effects
c) Economic integration: Free trade area, customs
union, Economic Union
d) Terms of trade
e) Components of the balance of payments
f) Balance of payments problems

iv. Meaning of balance of payments equilibrium and

disequilibrium

v. Causes of balance of payments

vi. Disequilibrium consequences of balance of

payments disequilibrium on domestic and external
economy
a) Fluctuations in foreign exchange rates

vii. Definitions and measurement of exchange rates-

Nominal, Real, Trade
a) Weighted Exchange Rates

viii. Determination of exchange rates

a) Floating, Fixed, Managed Float: Corrective
Measures

ix. Factors underlying exchange rates

x. Effects of changing exchange rates on the economy

ECN004: APPLIED ECONOMICS II
20 MEASUREMENT & i. Comparison of economic growth rates and living
APPLICATION IN standards over time and between countries
MACROECONOMICS
ii. Other indicators of living standards and economic
development

iii. Main schools of thought on how the macro-

economy functions- Keynesians and Monetarist

iv. Aggregate expenditure function (AE) Meaning.

v. Components of AL and their determinants income.

Determination using approach and withdrawal
injection

vi. Approach inflationary and deflationary gaps; Full

employment level of income Versus Equilibrium level
of income
21 APPLIED ISSUE IN i. Demand and supply of labour
LABOR ECONOMICS
ii. Employment statistics size and components of
labour force.

iii. Labour productivity,

iv. Definition of unemployment,

v. Unemployment Rate,

vi. Patterns and trend in umemployment,

vii. Difficulties involved in measuring unemployment

22 STABILIZATING i. Objectives of Macroeconomic Policy: Stabilization of
POLICIES IN growth
DEVELOPING
COUNTRIES ii. Policies towards developing economies, policies of
trade, and aid

iii. Types of Policy: Aims and Instruments of each

policy, How each is used to control inflation,
stimulate employment, stimulate growth and
development.

iv. Correct balance of payments

v. Disequilibrium and effectiveness of each:

a) Fiscal
b) Monetary
c) Exchange Rate Policy
d) Supply Side Policy

vi. Evaluating policy options to deal with problems

arising from conflicts between policy objectives on
inflation. Unemployment, economic growth, balance
of payments. Exchange rates and the distribution of
income and wealth

vii. Policies designed to correct the balance of

payments disequilibrium or influence the exchange
rate

viii. Conflicts between policy objectives on inflation,

balance of payments, and exchange rate

ix. Application of stabilization policies in Nigeria

23 INTERNATIONAL i. Meaning, Types/ stages, and benefits of
ECONOMIC international economic integration
INSTITUTIONS
ii. Economic Community of West African States
(ECOWAS), Economic Commission Africa (ECA) in
(AU), African Union Organization of Petroleum
Exporting Countries (OPEC European Union (EU),
World Bank, International Monetary Fund (IMF),
African Development Bank (ADB)

iii. Foreign Direct Investment and portfolio

investment.

iv. Globalization
 Chapter Three
Recommended Textbooks
1. Economics for a Developing World. Michael P. Todaro (Revised Edition)

2 Introduction to Positive Economics. Richard P. Lipsey, (7th Edition)

3. Structure of West African Economy: S.O Olayide

4. Intermediate Economics Analysis. S.M Essang and S. O Olayide

5. Economics. Paul Samuelson.

6. a) Modern Microeconomics. A. Koutsoyiannis

b) Modern Macroeconomics. A. Koutsoyiannis

7. Introduction to Mathematical Economics. Caroline Dimwiddy

8. a) Microeconomics. Edward Shapiro

b) Macroeconomics. Edward Shapiro

9. Growth and Development with Economics. A.P. Tharlwalt.

10. The Economics of Development and Planning. M.I. Jhingan

11. Advanced Economic Theory. M.I. Jhingan

12. Macroeconomic Theory: M. I. Jhingan

14. Monetary Theory, Policy and Institutions. J.C. Anyanwu

15. Modern Macroeconomics: Theory and Applications in Nigeria. J.C.

____________________________________________________________Recommended Textbooks

16. The Nigerian Economy: 1960-1999. J.C. Anyanwu et al.

17. Penguin Dictionary of Economics. Bannock, Graham, et al (eds)

18. Routledge Dictionary of Economics (2nd Edition). Rutherford, Donald

19. The Complete A-Z Economics Handbook (3rd edition). Wall, Nancy
 Chapter Four
JUPEB Grading System

Students’ academic efforts are interpreted into grades and points at the end
of the program. The table below contains information on the calculation of
these grades, points, and examples.

  POINTS 

70-100 5 Excellent

60-69 4 Very Good

50-59 3 Good

45-49 2 Merit

40-44 1 Pass

43 and below 0 Fail

______________________________________________________________ JUPEB Grading System

So if A = 5, B = 4, C = 3, D = 2, E = 1, F = 0 (and 1 point is added to a candidate who

doesn’t have an F in their result)

For example, a student who gets a C grade in all three subjects entered has a
point calculated like this:

CCC=3+3+3+1 = 10pts

Maximum point AAA in your three subject courses = 15+ 1 = 16 points.

Note: JUPEB results are released a maximum of 60 days after the final exami-
nation.