JAMB UTME - Economics - 2018
Question 1 Report
The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________
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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 2 Report
| X | 2 | 3 | 4 | 5 |
| F | 2 | 5 | 2 | 1 |
From the table, the mean of the distribution is___________
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Mean= ∑fx/∑f
=(4+15+8+5)/(2+5+2+1)
=32/10
=3.2
Question 4 Report
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Question 5 Report
The minimum number of share holders for joint stock companies is_______________
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Question 6 Report
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Question 7 Report
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Question 8 Report
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Question 9 Report
| X | 2 | 3 | 4 | 5 |
| F | 2 | 5 | 2 | 1 |
What is the median of the distribution?
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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]th + [N/2 + 1]th)/2
For member of odd number items. That is, where N is odd
Solution:
From the table, there are 20 members as indicated by the cumulative frequency. Since the members are odd (10) the median age will be ([N/2]th + [N/2 + 1]th)/2
Median=([10/2]th + [10/2 + 1]th)/2
=(5th + 6th)/2
The 5th member is 3 and the 6th member is on 3
Median=(3 + 3)/2
=6/2
Median = 3
Question 10 Report
In the history of economics the concept of division of labour is usually associated With______________-
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Question 11 Report
The mean is the best measure of central tendency because it__________
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Question 12 Report
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
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Question 13 Report
The ultimate objectives of economics is to_________?
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Question 14 Report
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Question 15 Report
In the long run, all production factors are____________
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Question 16 Report
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Question 17 Report
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Question 18 Report
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Question 19 Report
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
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Question 20 Report
The money paid per hour for work done is_________
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Question 21 Report
The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________
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Question 22 Report
If the pass mark was 40, how many students passed the examination?
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Question 23 Report
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Question 24 Report
From the table, how many people scored above 6?
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number of people who scored above 6=5+4+9+6
=24
Question 25 Report
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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 26 Report
In a capitalist economy, factors of production are owned and controlled by the _____?
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Question 27 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
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Question 28 Report
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Question 29 Report
If the standard deviation of a given data is 8.2, find its variance_______________
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Question 30 Report
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Question 31 Report
The type of business finance that entitles the holder to a fixed rate of dividend is______________--
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Question 33 Report
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Question 34 Report
An ad valorem tax is imposed on_____?
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Question 35 Report
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Question 36 Report
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Question 37 Report
If the price per unit is N2, what is the average revenue when 6 men are employed?
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Average revenue is obtained by dividing the total revenue by the number of units sold. Thus we have;
660/6 = 110
Question 38 Report
When elasticity is zero, the demand curve is_____________
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Question 40 Report
