JAMB UTME - Economics - 2018
Pregunta 1 Informe
The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?
Detalles de la respuesta
The formation of cartels or monopolies in order to obtain better bargaining or deals from other countries is characteristic of countries producing the same or identical goods. When multiple countries produce the same or very similar goods, they may face competition from each other in the global marketplace. This competition can lead to lower prices and lower profits for all the countries involved. To avoid this, these countries may form a cartel or monopoly by agreeing to work together to limit production or fix prices. By doing so, they can increase their bargaining power and negotiate better deals with other countries or buyers. For example, the Organization of the Petroleum Exporting Countries (OPEC) is a cartel made up of oil-producing countries that work together to regulate the supply and price of oil in the global market. By working together, they can maintain higher prices for their oil and negotiate better deals with buyers. Overall, the formation of cartels or monopolies can be a way for countries producing similar goods to gain more control over the market and secure better economic outcomes for themselves.
Pregunta 2 Informe
The ultimate objectives of economics is to_________?
Detalles de la respuesta
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.
Pregunta 3 Informe
If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________
Detalles de la respuesta
Pregunta 4 Informe
The full meaning of NAPEP is?
Detalles de la respuesta
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.
Pregunta 5 Informe
The privatization exercise in Nigeria is a move towards a____________
Detalles de la respuesta
The privatization exercise in Nigeria is a move towards a market economy. A market economy is a type of economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand. In a market economy, resources are owned and controlled by individuals and private enterprises, rather than the government. In Nigeria's case, the privatization exercise involves the transfer of ownership and control of state-owned enterprises (SOEs) to private individuals or companies. This shift from state ownership and control to private ownership and control is a characteristic feature of a market economy. By reducing the role of the government in the economy, the privatization exercise in Nigeria is aimed at promoting competition, encouraging innovation, and improving efficiency in the management of these formerly state-owned enterprises.
Pregunta 6 Informe
Which of the following is an invisible item?
Detalles de la respuesta
The invisible item in the list is "Banking services". In economics, visible items are tangible goods that can be physically seen and touched, while invisible items are intangible services that cannot be physically seen or touched. Petroleum services, processed rice, and processed milk are all visible items because they are tangible goods that can be seen, touched, and measured. On the other hand, banking services are intangible and cannot be physically seen or touched. Examples of banking services include providing loans, managing savings accounts, facilitating transactions, and offering financial advice. Therefore, banking services are considered an invisible item because they are intangible and cannot be physically seen or touched.
Pregunta 7 Informe
The study of Economics becomes necessary because of the______________
Detalles de la respuesta
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.
Pregunta 8 Informe
The mean is the best measure of central tendency because it__________
Detalles de la respuesta
The mean is considered the best measure of central tendency because it is a balancing point in an observation. Central tendency refers to the tendency of data to cluster around a particular value in a distribution. The three measures of central tendency are mean, median, and mode. The mean is the arithmetic average of a set of data and is calculated by summing all of the values and dividing by the number of values in the set. The mean is the balancing point in an observation because it takes into account all the values in a set of data and calculates their average. It is the sum of all the values in the set divided by the total number of values. Because the mean is based on all the values in the data set, it is less likely to be affected by extreme values (outliers) than other measures of central tendency, such as the median or mode. In addition to being a balancing point in an observation, the mean has several other advantages as a measure of central tendency. For example, it is easy to calculate and is a useful tool for comparing different data sets. It can also be calculated from incomplete data, which is not the case with other measures of central tendency. Overall, the mean is the best measure of central tendency because it is a balancing point in an observation and takes into account all the values in a data set, making it less likely to be influenced by extreme values.
Pregunta 9 Informe
In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?
Detalles de la respuesta
The form of utility that refers to the enhancement of a commodity's usefulness by moving it from a place where it has little utility to another area where its utility is higher is called "place utility." For example, a bottle of water may have low utility in a store shelf where there is an abundance of water, but it would have a higher utility in a desert where water is scarce. By moving the water bottle from the store shelf to the desert, the place utility of the water bottle is increased. On the other hand, marginal utility refers to the additional satisfaction or benefit that a person derives from consuming an extra unit of a good or service, while form utility refers to the value added to a commodity by transforming it into a more useful form, such as processing raw materials into finished products. Total utility, on the other hand, refers to the overall level of satisfaction or benefit that a person derives from consuming a particular quantity of a good or service.
Pregunta 10 Informe
An upward movement along the same supply curve result in_____________
Detalles de la respuesta
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.
Pregunta 11 Informe
If the price per unit is N2, what is the average revenue when 6 men are employed?
Detalles de la respuesta
Average revenue is obtained by dividing the total revenue by the number of units sold. Thus we have;
660/6 = 110
Pregunta 13 Informe
The expression of cost in terms of alternative forgone is referred to as ____?
Detalles de la respuesta
The expression of cost in terms of alternative forgone is referred to as "Opportunity cost". Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action or decision. In other words, it is the value of the next best alternative that you have to give up in order to choose a certain option. For example, if you have $100 and you can either buy a new book or go to a concert, the opportunity cost of buying the book is the value you would have received from going to the concert (and vice versa). If you choose to buy the book, you give up the experience of going to the concert, and if you choose to go to the concert, you give up the value you would have received from the book. Opportunity cost is an important concept in decision making, economics, and business, because it helps us understand the trade-offs that we make when we make choices with limited resources. By considering the opportunity cost of different options, we can make more informed and rational decisions about how to allocate our resources.
Pregunta 14 Informe
A major determinant of the demand for a luxury good is____________?
Detalles de la respuesta
Pregunta 15 Informe
If the pass mark was 40, how many students passed the examination?
Detalles de la respuesta
Pregunta 16 Informe
The type of business finance that entitles the holder to a fixed rate of dividend is______________--
Detalles de la respuesta
The type of business finance that entitles the holder to a fixed rate of dividend is called "preferred stock." Preferred stock is a type of investment in a company that gives shareholders a higher priority claim on dividends compared to common stockholders. This means that if the company distributes profits as dividends, the holders of preferred stock will receive their dividend payments first, before common stockholders. In addition to priority dividend payments, preferred stockholders may also have other advantages over common stockholders, such as the ability to vote on certain matters, and a greater degree of safety in the event of bankruptcy or liquidation. The key feature of preferred stock is that it provides a fixed rate of dividend, which is agreed upon at the time of issuance. This means that the company is obligated to pay a certain amount of dividend to preferred stockholders, regardless of how the company performs financially. This can make preferred stock a relatively stable investment option, especially for investors who are seeking a regular income stream.
Pregunta 17 Informe
Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?
Detalles de la respuesta
To calculate the population density of Nigeria, we need to divide the total population of Nigeria by its total land area. So, Population density of Nigeria = Total population of Nigeria / Total land area of Nigeria Plugging in the values, we get: Population density of Nigeria = 180,000,000 / 923,768 sq km Solving this equation, we get: Population density of Nigeria = 195 people per sq km (rounded to the nearest whole number) Therefore, is the correct answer. Nigeria has a population density of approximately 195 people per square kilometer, which means that on average, there are 195 people living in every square kilometer of land in Nigeria. This number is relatively high compared to some other countries, but it is important to note that population density varies widely depending on factors such as geography, climate, and economic development.
Pregunta 18 Informe
The Economic Commission for Africa was set up by the_________
Detalles de la respuesta
The Economic Commission for Africa (ECA) was set up by the United Nations (UN) in 1958. The ECA is one of the UN's five regional commissions and it was established to promote economic and social development in Africa. The ECA's primary objective is to provide research and policy analysis, as well as technical assistance, to African governments, with the goal of supporting their efforts to achieve sustainable and inclusive economic growth. The ECA also works to promote regional integration and cooperation among African countries, as well as to foster partnerships with other regions of the world. Therefore, the correct answer is the UNO.
Pregunta 19 Informe
The diagram below represents a production function. At which of the points does diminishing returns set in __________
Detalles de la respuesta
Diminishing returns set in at point T in the production function. In a production function, adding more units of input (such as labor or capital) typically leads to an increase in output at a certain rate. However, as the amount of input increases beyond a certain point, the rate of output increase begins to decline. This is known as the law of diminishing returns. In the diagram, points R and S represent the increasing phase of the production function where output increases at an increasing rate as more input is added. However, at point T, the rate of increase in output begins to slow down, indicating that the law of diminishing returns has set in. Beyond point T, adding more input will result in smaller increases in output, and may even cause a decrease in output if the input becomes too excessive, as shown by point V. Therefore, point T is where diminishing returns set in, indicating the optimal level of input for maximum output.
Pregunta 20 Informe
From the diagram shown, the optional point of production is_____________?
Detalles de la respuesta
Pregunta 21 Informe
An ad valorem tax is imposed on_____?
Detalles de la respuesta
An ad valorem tax is imposed on the value of a commodity. This type of tax is calculated as a percentage of the value of a product, rather than a fixed amount. For example, if a product is worth $100 and the ad valorem tax rate is 10%, the tax would be $10. The word "ad valorem" is Latin for "according to value". Ad valorem taxes are commonly used on consumer goods, such as clothing or electronics, and are applied at the point of sale. The purpose of this tax is to raise revenue for the government and to potentially regulate certain products by making them more expensive.
Pregunta 22 Informe
Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?
Detalles de la respuesta
The business organization that is allowed to raise capital by sales of shares to more than twenty people is a Public limited liability company (PLC). A Public limited liability company is a type of business organization that is owned by shareholders who own shares of the company. These shares can be bought and sold by the general public, allowing the company to raise capital by selling shares to more than twenty people. In contrast, a Private limited liability company (Ltd) is a type of business organization that is owned by a small group of shareholders who are often family members or close friends. Private limited liability companies are not allowed to sell shares to the general public and are limited to selling shares to a maximum of 20 people. Partnerships and Sole proprietorships are not allowed to issue shares at all, as they are not considered separate legal entities from their owners. Instead, they raise capital by borrowing money from banks, investors or using their own funds.
Pregunta 23 Informe
If the standard deviation of a given data is 8.2, find its variance_______________
Detalles de la respuesta
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.
Pregunta 24 Informe
The population density of a town made up of 50 square kilometer land area and 100 million people is________
Detalles de la respuesta
To calculate the population density, we need to divide the total population by the land area. Population density = Total population / Land area In this case, the total population is 100 million and the land area is 50 square kilometers. So, Population density = 100 million / 50 square kilometers Simplifying the above expression, we get: Population density = 2 million people per square kilometer Therefore, the correct option is "2 million people per square kilometer".
Pregunta 25 Informe
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
Detalles de la respuesta
The reduction in the value of a country's currency in relation to the value of the currencies of other nations is known as "Devaluation". When a country's currency is devalued, it means that the value of its currency has decreased compared to the currencies of other countries. This can happen for a number of reasons, including a decrease in the demand for the country's goods and services, a decrease in the country's economic growth, or a decrease in the country's foreign reserves. A devaluation makes a country's exports cheaper and more competitive on the global market, which can help boost the country's economy. However, it can also lead to higher prices for imported goods, which can negatively impact the country's consumers. In simple terms, devaluation is when a country's currency becomes less valuable compared to other currencies.
Pregunta 26 Informe
The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?
Detalles de la respuesta
The bank type responsible for the formulation of rules and regulations guiding the banking industry is the Central bank. A central bank is an independent financial institution that oversees the monetary policy and banking system of a country. Its main functions include regulating commercial banks, managing the country's money supply, and controlling inflation. The central bank is also responsible for formulating rules and regulations that guide the banking industry, as well as ensuring compliance with these rules. In many countries, the central bank is the lender of last resort, meaning that it provides emergency loans to commercial banks in times of financial crisis. Examples of central banks include the Federal Reserve in the United States, the European Central Bank in Europe, and the Bank of Japan in Japan.
Pregunta 27 Informe
When a variable is associated with time period, it is_____________
Detalles de la respuesta
Pregunta 28 Informe
The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________
Detalles de la respuesta
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:
Pregunta 29 Informe
The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________
Detalles de la respuesta
Pregunta 30 Informe
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
Detalles de la respuesta
Pregunta 31 Informe
In a capitalist economy, factors of production are owned and controlled by the _____?
Detalles de la respuesta
Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.
Pregunta 32 Informe
Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?
Detalles de la respuesta
Y = C + I
Y = 50 + 0.75 + 45
Y - 0.75 = 50 + 45
Y (1 - 0.75) = 95
0.25y = 95
Y = 95/0.25
Y = 380
Pregunta 33 Informe
The need to construct a scale of preference is necessitated by____________
Detalles de la respuesta
The need to construct a scale of preference is necessitated by scarcity and the need for choice. Resources are limited, but human wants and needs are unlimited. This creates a situation of scarcity, where people must make choices about how to allocate their resources to satisfy their most pressing needs and wants. A scale of preference is a tool that helps individuals to prioritize their wants and needs, so that they can make informed choices about how to allocate their limited resources. For example, imagine you have a limited amount of money to spend on groceries for the week. You have a long list of items you want to buy, but you can't afford to buy them all. By constructing a scale of preference, you can prioritize the items on your list according to how important they are to you. You might decide that buying bread, milk, and vegetables are your top priorities, while buying luxury items like chocolates and wine are lower on your list. This allows you to make the most of your limited resources and satisfy your most pressing needs first. Therefore, the need to construct a scale of preference is necessitated by scarcity and the need for choice, as it helps individuals to allocate their limited resources in a way that best satisfies their wants and needs.
Pregunta 34 Informe
The form of capital that is required for the day-to-day running of production activities is called?
Detalles de la respuesta
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.
Pregunta 35 Informe
Mortgage banks give loans to investors on a long term basics to_____________
Detalles de la respuesta
Mortgage banks give loans to investors on a long-term basis to build houses. When people want to buy a home, they may not have enough money to pay for it all at once. In this case, they can apply for a mortgage loan from a bank. A mortgage is a loan that is used to buy a property and is usually paid back over a period of several years. Mortgage banks specialize in giving out loans for the purpose of purchasing property, such as homes or other buildings. The loan is typically secured by the property being purchased, which means that if the borrower cannot repay the loan, the bank can take possession of the property to recoup its losses. Investors who want to build houses can also get mortgage loans from banks. In this case, the loan is used to finance the construction of the property, and the property serves as collateral for the loan. Overall, the primary purpose of mortgage banks is to give long-term loans to investors who want to buy or build houses. By providing this service, mortgage banks help to stimulate the housing market and make it easier for people to achieve their dreams of homeownership.
Pregunta 36 Informe
Concentrating industries in one place is advantageous because there are gains in terms of_____________
Detalles de la respuesta
External economies of scale are economies of scale which a firm enjoys by virtue of being in an industry or environment where for instance, similar firms are located, as this question asks about. They are still economies of scale though, so technically B could also be correct. This is one of those tricky questions.
Pregunta 37 Informe
The economic term used to refer to human wants, desires or needs is known as?
Detalles de la respuesta
The economic term used to refer to human wants, desires, or needs is "Ends". In economics, ends refer to the goals or objectives that individuals or society aims to achieve. These are the things that people want or need, such as food, shelter, clothing, entertainment, or education. Ends are considered to be unlimited because there are always new wants or needs that arise as people's tastes and preferences change, as well as advances in technology and innovation. However, the resources to satisfy these ends are limited, which creates a problem of scarcity. To achieve these ends, individuals must use alternative means, or resources, such as labor, capital, or natural resources. Therefore, the correct option is "Ends".
Pregunta 38 Informe
The following are types of capital except:___________
Detalles de la respuesta
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
Pregunta 39 Informe
| X | 2 | 3 | 4 | 5 |
| F | 2 | 5 | 2 | 1 |
What is the median of the distribution?
Detalles de la respuesta
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
Pregunta 40 Informe
The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________
Detalles de la respuesta
Frequent change of leadership of member state creates a difference in ideology and this is a major problem of ECOWAS
