JAMB UTME - Economics - 2018
Question 2 Report
The full meaning of NAPEP is?
Answer Details
The full meaning of NAPEP is National Poverty Eradication Programme. It is a government-led initiative aimed at reducing poverty and improving the standard of living for citizens in a given country. The program typically focuses on providing financial and other forms of support to those living in poverty, with the goal of helping them to become self-sufficient and better able to meet their own needs. The specific activities and approaches of NAPEP can vary from country to country, but the overarching goal is always to help people escape the cycle of poverty and build better lives for themselves and their families.
Question 3 Report
The savings deposit in a commercial bank is called____________?
Question 4 Report
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
Answer Details
Question 6 Report
When a union is composed of workers with the same skill , it is called____________
Answer Details
When a union is composed of workers with the same skill, it is called a craft union. This means that the union represents workers who have the same type of training or expertise in a particular craft or trade. For example, a union of electricians, plumbers, or carpenters would be considered craft unions. These workers often have specific skills that are honed through years of training and experience, and the craft union helps to protect their interests, such as negotiating better wages, benefits, and working conditions. By focusing on a specific skill, craft unions can advocate for their members' unique needs and ensure that they receive fair treatment in the workplace.
Question 7 Report
The form of capital that is required for the day-to-day running of production activities is called?
Answer Details
Liquid or current capital is the type of capital that is required for the day-to-day running of production activities. They are also changed from one form to another examples are finished goods and money.
Question 8 Report
The reward for capital is___________
Answer Details
The reward for capital is interest. Capital refers to the money or assets that are used to invest in a business or enterprise. When someone invests their capital into a business, they expect to earn a return on their investment. The return on investment for capital is called interest. Interest is the amount of money paid by the borrower to the lender for the use of their capital. This can be in the form of regular interest payments or a lump sum at the end of the investment period. The interest rate is determined by various factors such as market conditions, inflation, and risk. Therefore, interest is the primary reward for capital.
Question 9 Report
The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________
Answer Details
Frequent change of leadership of member state creates a difference in ideology and this is a major problem of ECOWAS
Question 10 Report
An upward movement along the same supply curve result in_____________
Answer Details
An upward movement along the same supply curve results in an increase in quantity supplied. This means that as the price of the good increases, suppliers are willing and able to produce and sell more of the good. This is because suppliers are motivated by profit, and as the price of the good goes up, they can earn more profit per unit sold. As a result, they will be willing to produce and sell more units of the good. It is important to note that the supply curve itself does not shift as a result of an upward movement along the curve, only the quantity supplied changes.
Question 11 Report
The study of Economics becomes necessary because of the______________
Answer Details
The study of Economics becomes necessary because of the "scarcity of resources". Economics is the study of how societies use limited resources to satisfy their unlimited wants and needs. Because resources such as land, labor, and capital are limited, and human wants and needs are unlimited, there is always scarcity. Scarcity means that people have to make choices about what goods and services they will produce and consume because they cannot have everything they want. Therefore, the study of economics helps to provide a framework for making decisions about how to allocate scarce resources in the most efficient and effective way possible to maximize benefits to society. In conclusion, the study of economics becomes necessary because of the scarcity of resources, which creates the need to make choices and allocate resources efficiently to satisfy the unlimited wants and needs of society.
Question 12 Report
The ultimate objectives of economics is to_________?
Answer Details
The ultimate objective of economics is to make the best use of scarce resources. This means that economics seeks to understand how people, businesses, and societies allocate limited resources such as land, labor, capital, and technology in order to satisfy unlimited wants and needs. The goal is to ensure that resources are used in the most efficient and effective way possible, so that people can enjoy a higher standard of living and greater economic prosperity.
Question 13 Report
The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________
Answer Details
The policy by which the government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called export promotion. This policy is aimed at increasing the volume and value of a country's exports, thereby increasing its foreign exchange earnings. Export promotion can take many forms, including providing financial incentives, such as subsidies and tax breaks, to producers of export goods. It can also involve providing training and support to help exporters improve their competitiveness, as well as promoting a country's exports through trade shows and other marketing initiatives. The goal of export promotion is to help a country's businesses increase their exports, create jobs, and boost the economy.
Question 14 Report
From the diagram shown, the optional point of production is_____________?
Answer Details
Question 15 Report
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
Answer Details
Question 16 Report
A capital market differs from the money market in that in the former _____?
Answer Details
A capital market differs from the money market in that in the former, the loans sought are long term, whereas in the money market, the loans sought are short term. A capital market refers to the financial market where companies and governments can raise long-term funds by issuing and selling securities such as stocks, bonds, and other financial instruments. Investors who buy these securities are essentially lending money to the issuing entity for a longer duration, with the expectation of receiving interest payments and eventual repayment of the principal amount. The securities traded in the capital market have longer maturities, typically longer than a year. On the other hand, the money market is a financial market where short-term financial instruments such as treasury bills, commercial paper, and certificates of deposit are traded. The loans in the money market are typically for a duration of less than a year, with the purpose of meeting short-term funding needs. The interest rates on these loans are generally lower than in the capital market, given their short-term nature. In summary, while both markets deal with financial instruments, the primary difference between them is the duration of the loans sought, with the capital market focusing on long-term funding needs and the money market on short-term funding needs.
Question 17 Report
The main concern of economists is to________
Answer Details
Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.
Question 18 Report
If the price per unit is N2, what is the average revenue when 6 men are employed?
Answer Details
Average revenue is obtained by dividing the total revenue by the number of units sold. Thus we have;
660/6 = 110
Question 19 Report
Utility is the satisfaction derived from____________
Answer Details
Utility is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service.
Question 20 Report
Import duty and tariffs is an instrument used for international trade restriction and so is __________?
Answer Details
In other to encourage or discourage the importation of certain goods from certain countries discriminate duties are charged on these goods.
Question 21 Report
In the history of economics the concept of division of labour is usually associated With______________-
Answer Details
The concept of division of labor is usually associated with Adam Smith, a Scottish economist who lived in the 18th century. Smith is known as the father of modern economics and his book "The Wealth of Nations" is considered a landmark in the history of economic thought. Division of labor is the process of breaking down the production of goods or services into smaller tasks, with each worker specializing in a particular task. Smith argued that this specialization allows workers to become more efficient and productive, as they become more skilled at their specific task over time. He famously used the example of a pin factory to illustrate the benefits of division of labor, showing how the productivity of the workers could be increased by breaking down the process of pin-making into smaller, specialized tasks. Smith believed that the division of labor not only increased productivity, but also led to economic growth and prosperity. By allowing each worker to focus on their specific task, and by encouraging trade and exchange between different workers and regions, the economy as a whole could become more efficient and produce more goods and services. This, in turn, would lead to greater wealth and prosperity for society as a whole. Overall, Smith's ideas about the division of labor had a profound impact on the development of modern economics and are still widely studied and discussed today.
Question 22 Report
In a developing economy, productivity is measured by the____________
Answer Details
Question 23 Report
The minimum number of share holders for joint stock companies is_______________
Answer Details
Question 24 Report
The coefficient of the price elasticity of supply is always_____________
Answer Details
The coefficient of the price elasticity of supply is positive. This means that as the price of a good or service increases, the quantity of it that is supplied will increase as well. Conversely, if the price decreases, the quantity supplied will decrease. The degree to which the quantity supplied responds to changes in price is what the coefficient of the price elasticity of supply measures. A perfectly elastic supply has an elasticity of infinity, meaning that even a small change in price will result in a large change in the quantity supplied. On the other hand, a perfectly inelastic supply has an elasticity of zero, meaning that the quantity supplied does not change in response to price changes.
Question 25 Report
The following are types of capital except:___________
Answer Details
The different types of capital include: Fixed capital, which are assets not used up in the course of production. Circulatory or Working capitals are assets which are used up in the process of production Eg. Raw materials, fuel etc Social capital is the assets provided by the government that aid production. Examples include electricity, water etc.
Saving capital is not a type of capital
Question 27 Report
From the table, Calculate the median___________
Answer Details
When a group data is involved, cumulative frequency is used. The formula will be:
Median=[(N+1)/2]th
For member of odd number items. That is, where N is odd
Median=([N/2[N/2+1]th)/2
For member of odd number items. That is, where N is odd
Solution:
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
| Cumulative Frequency | 2 | 3 | 7 | 10 | 13 | 14 | 20 |
When a group data is involved, cumulative frequency is used. The formula will be:
Median=[(N+1)/2]th
For member of odd number items. That is, where N is odd
Median=([N/2[N/2+1]th)/2
For member of odd number items. That is, where N is odd
Solution:
Question 28 Report
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the mean?
Answer Details
Mean= ∑fx/∑f
=(16+10+48+48+54+20+144)/(2+1+4+3+3+1+6)
=340/20
=17.0
By calculation, the mean of the distribution is not 18
Question 29 Report
The establishment of industries in rural areas will help to reduce____________-
Answer Details
The establishment of industries in rural areas will help to reduce Urban-Rural migration. Urban-Rural migration refers to the movement of people from urban (city) areas to rural (countryside) areas in search of better living conditions, employment opportunities, and a lower cost of living. This migration often leads to overcrowding, strain on urban resources, and an increase in poverty in both urban and rural areas. When industries are established in rural areas, it creates employment opportunities for people living in those areas. This leads to an improvement in the standard of living of the local population, as they can find employment opportunities near their homes and do not need to move to urban areas. As a result, people are less likely to migrate from rural areas to urban areas in search of better opportunities, which helps to reduce Urban-Rural migration. In addition, the establishment of industries in rural areas also leads to an increase in economic activity in those areas, which stimulates local economies and creates new business opportunities. This, in turn, can lead to a reduction in poverty, an improvement in infrastructure and services, and an overall improvement in the quality of life for people living in rural areas.
Question 30 Report
Factors affecting size of Labour Force include the following EXCEPT?
Answer Details
Factors that affect the size of Labour Force include the following: Size of population of a country, official school leaving age, retirement age, pursuit of higher education, age, structure of population, role of women in the society, number of working hours and working days, the number of disabled, the number of people willing to work, migration.
Question 31 Report
Human wants are insatiable because wants are____________
Answer Details
Want may be defined as insatiable desire or need by human beings to own goods or services that give satisfaction. Human wants or needs are many, and are usually described as insatiable because the means of satisfying them are limited or scarce
Question 32 Report
Efficiency of labour in a country is determined by the following except the____________
Answer Details
Efficiency of labour may be defined as the ability of labour to increase output without increasing the quantity of labour. Increase in efficiency is usually expressed in terms of increase in output of labour within a shorter period of time without any fall in the quality of goods and services produced. Factors which affect efficiency of labour include Education and training, attitude to work, working conditions of workers. However, total population is not a factor that affects efficiency of workers.
Question 33 Report
If the standard deviation of a given data is 8.2, find its variance_______________
Answer Details
The variance of a given data is the square of the standard deviation. Therefore, if the standard deviation of a given data is 8.2, the variance can be calculated as follows: Variance = Standard deviation^2 Variance = 8.2^2 Variance = 67.24 So, the variance of a given data with a standard deviation of 8.2 is 67.24.
Question 34 Report
The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________
Answer Details
Term of trade refer to the rate at which a country’s exports exchange for its import. It is expressed as a relation between the prices a country receives for its export and the prices it pay for import. Term of trade is usually measured by this mathematical formula:
Question 35 Report
The number of people who are qualified to work and who offer themselves for employment is called____________?
Answer Details
The term used to describe the number of people who are qualified to work and who offer themselves for employment is called the "Working Population". The working population refers to individuals who are of working age and are either employed or actively seeking employment. This group of people is considered to be the supply of labor in the economy and is an important factor in determining the overall health and stability of the labor market. It's important to note that the working population can be influenced by various factors such as migration, education levels, and the availability of job opportunities. Understanding the size and composition of the working population can provide valuable insights into the current state of the labor market and can inform decisions related to economic and labor policies.
Question 36 Report
A group formed to enable members adopt a common policy in labour negotiation is known as?
Answer Details
Employer’s association is formed to enable members to adopt a common policy in labour negotiation. A good example of employers association is that of the Nigerian Employers’ Consultative Association (NECA).
Question 37 Report
As a factor of production, the reward for land is?
Answer Details
The reward for land as a factor of production is rent. Rent is the payment made by a tenant or user of land to the owner of the land in exchange for the right to use the land. Land, as a factor of production, refers to the natural resources such as water, air, forests, minerals, and other resources that are used in the production process. Unlike labor and capital, land is considered to have a fixed supply, which means that its availability is limited. Therefore, the price of land is determined by the demand for it, which is influenced by factors such as location, natural resources, and economic activity. In summary, the reward for land is rent, which is the payment made by a tenant or user of land to the owner of the land in exchange for the right to use the land.
Question 38 Report
The two major types of international trade are Bilateral trade and?
Answer Details
The two major types of international trade are bilateral trade and multilateral trade. Bilateral trade refers to the exchange of goods and services between two countries. It involves the negotiation and agreement of terms and conditions between two parties, and it usually results in a trade surplus or deficit for each country. On the other hand, multilateral trade involves the exchange of goods and services among three or more countries. This type of trade is governed by international trade agreements, such as the World Trade Organization, and aims to promote free trade and economic cooperation among member countries. In summary, bilateral trade involves trade between two countries, while multilateral trade involves trade among three or more countries and is governed by international trade agreements.
Question 39 Report
From the table, how many people scored above 6?
Answer Details
number of people who scored above 6=5+4+9+6
=24
Question 40 Report
Consider the following statements:
1. Climate and availability of water largely determines the pattern of the population distribution.
2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land
Which of the statement(s) given above is/are correct
Answer Details
Both statements are correct. Climate and availability of water are important factors that can affect where people choose to live. Areas with a favorable climate and a reliable source of water are often more attractive to people, leading to higher population densities in those regions. On the other hand, areas with harsh climates or limited access to water may have lower population densities. Density of population refers to the number of people living in a given area. By understanding the population density in different regions, we can get a better understanding of how densely populated an area is and how the population is distributed over the land. This information is useful in a variety of fields, including urban planning, resource management, and public health.
