JAMB UTME - Economics - 2019

Supply is________

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All of the options listed - I, II, III, and IV - can contribute to changes in supply. Technological advances in an industry can increase the efficiency of production and lower costs, leading to an increase in supply. Changes in labor costs, such as an increase in wages, can make production more expensive, leading to a decrease in supply. Changes in the source of supply, such as a new supplier entering the market or a current supplier becoming unavailable, can also impact supply. Finally, changes in levels of taxation, such as an increase in taxes on production, can make production more expensive and lead to a decrease in supply. Therefore, all four options can impact changes in supply.

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

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Capital formation (CF) is equal to P minus C, where P is production and C is consumption. Capital formation refers to the process of creating new capital goods, such as factories, machines, and infrastructure, which are used to produce goods and services. This process requires investment in new capital goods and is therefore reflected as a reduction in consumption. So, CF = P - C, where P is the total amount of goods and services produced and C is the amount consumed by households, businesses, and government. This equation shows that the amount of new capital being formed is equal to the difference between what is produced and what is consumed. In simpler terms, capital formation is the amount of investment made in the economy to increase its productive capacity and support future economic growth.

Consider the following figures which refer to a firm's production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

Total variable costs incurred during the week are

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The lands that belong to the community is referred to as__________

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The lands that belong to the community as a whole, rather than to individuals, are referred to as "communal land." Communal land is a type of property that is owned and managed collectively by a community, rather than by individual landowners. In many cases, communal land is held by a community as a shared resource that is used for various purposes, such as farming, grazing, or hunting. Communal land can be found in various forms, including indigenous lands, public lands, and lands held in common by small communities. These lands are often governed by customary or traditional rules and practices that have been developed over time by the community members. The use and management of communal land can be beneficial for communities that depend on the land for their livelihoods, as it allows for collective decision-making and sharing of resources. However, it can also present challenges when there are disputes over land use or when outside interests seek to exploit the resources on communal land.

The most important cost curve for the firm is_________

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Industrialization is the process of___________

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Industrialization is the process of transforming an economy from primarily agriculture and handicrafts to one based on the manufacturing of goods. This process usually involves the development of new technologies, the growth of factories, and an increase in the production of goods. The goal of industrialization is to increase economic growth and improve the standard of living for a society. During industrialization, the production of goods becomes more efficient and large-scale, and people move from rural areas to cities to work in factories. In short, industrialization is the transformation of a society from traditional ways of making things to more modern and efficient methods of production.

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

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An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

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A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

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An import quota is a permit that allows an importer to bring a certain quantity of foreign goods into a country. It is a government-imposed limit on the quantity of a certain good that can be imported into a country during a specific period of time. The purpose of an import quota is to protect domestic producers and limit the amount of foreign competition in the domestic market. The government sets the quota to regulate the flow of goods into the country and to ensure that domestic producers are not overwhelmed by foreign competition.

The second equation of exchange is__________

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The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

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The basic principle underlying the location of industry is the tendency for production of a commodity to be located on the basis of "relative costs and benefits." The location of industry is determined by a variety of factors such as access to raw materials, labor supply, transportation, energy, and infrastructure. However, the primary factor is the cost and benefit analysis of each potential location. Industries tend to locate where the benefits of the location outweigh the costs. For example, an industry that requires large quantities of water may locate near a river or lake where water is abundant and cheap. An industry that produces heavy goods may locate near a port or railhead to reduce transportation costs. An industry that produces high-value products may locate near a skilled workforce or a research and development center to take advantage of the availability of talent. In general, industries seek to minimize their costs and maximize their benefits by locating in areas that provide the best combination of factors. This is why certain industries tend to be concentrated in particular regions or countries where the relative costs and benefits of production are most favorable.

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

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If the demand for a commodity is perfectly elastic, it means that even a small change in price will cause a significant change in the quantity demanded. In other words, consumers are very sensitive to changes in price, and if the price increases, they will simply buy another substitute product that is cheaper. Now, if a tax is imposed on this commodity, it will cause the price of the commodity to increase. Since the demand is perfectly elastic, consumers will not be willing to pay the higher price and will switch to substitute products. As a result, the entire incidence of the tax falls on the seller or producer of the commodity. This is because the higher price caused by the tax will result in a decrease in the quantity demanded, and the producer will have to reduce the price in order to sell the product. Therefore, the producer bears the entire burden of the tax. In summary, if the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be entirely on the seller or producer, as consumers are very sensitive to price changes and will switch to substitute products if the price increases.

Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

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Restrictive monetary policy is designed to overcome inflation. Inflation is when the overall price level in an economy is rising, and the value of money is decreasing. The central bank can use restrictive monetary policy to reduce the amount of money in circulation and decrease aggregate demand, which will in turn help to curb inflation. For example, the central bank may increase interest rates, which makes borrowing money more expensive and reduces consumer spending. It may also sell government bonds, which reduces the amount of money available in the banking system. This type of policy is called restrictive because it restricts or slows down the growth of the economy, which helps to control inflation.

When a member's currency is declared "scarce", it is the duty of the IMF to______

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A contractionary monetary policy is used to control__________

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A contractionary monetary policy is used to control inflation. Inflation is a sustained increase in the general price level of goods and services in an economy over time. It occurs when there is too much money chasing too few goods, leading to an increase in demand and upward pressure on prices. A contractionary monetary policy is a type of economic policy used by central banks to reduce the money supply and increase the cost of borrowing, with the aim of slowing down the economy and reducing inflationary pressures. This can be achieved through several measures, such as raising interest rates, increasing reserve requirements for banks, and selling government securities in the open market. By reducing the supply of money and making it more expensive to borrow, the central bank aims to reduce spending and investment in the economy, which can help to lower inflation. A contractionary monetary policy is the opposite of an expansionary monetary policy, which is used to stimulate economic growth by increasing the money supply and lowering interest rates.

Poverty simply refers to the low level of________

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A commodity is defined as normal when its demand changes in the same direction as______

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A commodity is defined as normal when its demand changes in the same direction as income. This means that as income increases, demand for the commodity will also increase, and as income decreases, demand for the commodity will decrease. Normal goods are those goods for which demand increases as income increases, and decreases as income decreases. For example, as people's incomes increase, they may choose to buy more luxury items such as expensive cars, jewelry, or designer clothing, which would be considered normal goods. On the other hand, as people's incomes decrease, they may choose to cut back on these purchases and switch to more budget-friendly options, causing demand for normal goods to decrease.

Effective demand for a commodity is desire for that commodity backed by_______

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Effective demand for a commodity is the desire or want for that commodity backed by the ability and willingness to pay for it. This means that a person not only wants the commodity, but also has the means to purchase it and is willing to part with their money in exchange for it. For example, if someone wants to buy a new car but does not have the money to pay for it, their desire for the car is not effective demand. Similarly, if someone has the money but is not interested in buying a car, their willingness to pay is not effective demand. Effective demand requires both the desire for the commodity and the ability and willingness to pay for it. It is the combination of these two factors that drives the demand for goods and services in the economy.

The shape of the production possibility frontier is determined by the_________

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If wage rate is less than the average revenue product, the firms would be earning________

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If the wage rate is less than the average revenue product (ARP), the firms would be earning a profit. The ARP is the amount of revenue generated by one unit of labor and is typically greater than the wage rate. If the firm is paying its workers less than the amount of revenue they generate, the firm will have extra revenue left over, which is a profit. So, in this situation, the firm would either be earning a normal profit or a super normal profit, depending on the size of the gap between the wage rate and the ARP. A normal profit is the minimum level of profit necessary for a firm to stay in business, while a super normal profit is a profit that is higher than the normal profit.

The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

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To find the arithmetic mean of a set of numbers, you need to add up all the numbers and divide the sum by the total number of numbers. In this case, we have six numbers, so we need to add them up and divide by 6. Adding up the numbers, we get: 5 + 8 + 10 + 15 + 24 + 28 = 90 Then, we divide the sum by the total number of numbers: 90 / 6 = 15 Therefore, the arithmetic mean of 5, 8, 10, 15, 24 and 28 is 15.

External economies arises essentially from__________

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External economies arise essentially from the localization of industry. External economies occur when an industry or group of firms in a specific geographical area experience benefits beyond what they could achieve individually. This can include access to specialized suppliers, a skilled labor force, and a larger market for their products or services. Localization of industry refers to the concentration of firms in a specific area. This can create a cluster of related industries and suppliers, allowing for easier collaboration, lower transportation costs, and increased efficiency. Government policies, such as subsidies or tax incentives, may encourage the localization of industries, but they do not create external economies themselves. Similarly, a firm's individual policies and the free transferability of shares do not create external economies as they are focused on the internal operations of the firm. Overall, external economies are a result of the benefits that arise from firms operating in close proximity to each other in a specific geographic location, which can lead to increased efficiency and productivity for all firms involved.

The sector which contribute highly to the economy is___________

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The following are measures of location except________

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The measure of location that is not a measure of location is "Range". A measure of location gives us an idea of where most of the values in a data set are concentrated. Arithmetic mean, Harmonic mean, and Geometric mean are all measures of location that give us a single value to represent the center of the data set. For example, the arithmetic mean is the sum of all the values divided by the number of values. The harmonic mean is the reciprocal of the arithmetic mean of the reciprocals of the data values. The geometric mean is the nth root of the product of n values. On the other hand, the range is a measure of spread, which gives us an idea of how spread out the values in a data set are. The range is simply the difference between the largest and smallest values in a data set.

One of these is not an assumption of the cardinalist theory of utility?

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Which of the following is not a cause of unemployment_______

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"Good government planning" is not a cause of unemployment. Unemployment refers to the situation where individuals who are actively seeking employment are unable to find work. The causes of unemployment can be complex and multi-faceted, but typically include factors such as a lack of available jobs, poor education and lack of relevant skills, and corruption. "Good government planning" is not a direct cause of unemployment, but it can have an indirect effect by helping to create a favorable economic environment that supports job growth and job creation. For example, good government planning can help to attract businesses to an area, provide funding for education and training programs, and reduce corruption, all of which can help to reduce unemployment over time.

If we move from 8 to 6, the elasticity of demand is_______

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The determination of price by bargaining between buyers and sellers is________

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The determination of price by bargaining between buyers and sellers is called Haggling or Higgling. This is a process where buyers and sellers negotiate the price of a product or service, typically in an informal setting. The buyer wants to pay as little as possible, while the seller wants to get as much as they can. They both compromise and agree on a price that is acceptable to both parties. Haggling is common in open-air markets, street vendors, and in some cultures it's a part of the normal purchasing process. In this process, the buyer and the seller communicate and exchange information about the value of the product or service, and how much each is willing to pay or receive. The price is ultimately determined through a give-and-take negotiation, and both parties must agree on the final price for the transaction to occur.

The most reliable and acceptable index of economic growth is the__________

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A retailer is distinguished by the nature of its sales, which is in___________

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A retailer is distinguished by the nature of its sales, which is in units. Retailers sell products in small quantities directly to consumers for their personal or household use. They purchase products from wholesalers or manufacturers and sell them to the end-users at a markup. This type of retailing typically involves a physical store where customers can browse and purchase products, but it can also include online retailing. The focus of retailing is on selling individual units of products to the consumer, rather than selling in bulk to other businesses.

As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

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An isoquant shows equal level of output. An isoquant is a curve that represents all the possible combinations of inputs (such as labor and capital) that can produce the same level of output for a particular product or service. In other words, it represents all the different ways to produce the same amount of output using different combinations of inputs. So, all points on an isoquant represent the same level of output, and this level of output gives us the same satisfaction or usefulness. As we move along the isoquant, we can produce the same output using different combinations of inputs, but the level of output remains constant. In simple terms, an isoquant is a line that shows the different combinations of inputs that can produce the same level of output.

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

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The MC (marginal cost) curve will cut the AC (average cost) curve at the minimum point on the AC curve. This is because the minimum point on the AC curve represents the lowest average cost of production, and the MC curve intersecting the AC curve at this point indicates that the marginal cost of producing one more unit is equal to the average cost. In other words, at the minimum point on the AC curve, any further increase in production would lead to an increase in the average cost.

The oil boom between 1970 - 1980 caused the oil sector to become____________

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The oil boom between 1970-1980 caused the oil sector to become the main source of government revenue. This is because during this time period, the demand for oil was high and the price of oil was high, which led to an increase in profits for oil companies and the countries that produced oil. As a result, the government received a significant portion of its revenue from the oil sector, which made it the main source of government funding. This allowed the government to fund various projects and initiatives, and also had a significant impact on the economy.

The basic and essential economic problems in a community are related to choice and________

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The basic and essential economic problems in a community are related to choice and scarcity. Scarcity refers to the limited availability of resources in any given community. These resources can include natural resources, such as land, water, and minerals, as well as human-made resources, such as factories, machines, and tools. Because these resources are limited, there is never enough of them to satisfy everyone's wants and needs. This scarcity means that individuals, businesses, and governments must make choices about how to allocate these resources in the most efficient way possible. This requires making trade-offs and decisions about what goods and services to produce, how to produce them, and who should receive them. , Freedom, and Politics, are not directly related to the basic and essential economic problems of choice and scarcity. Social class, may be related to economic problems, but is not a fundamental concept in economics.

A supply curve slopes upwards from the left to the right indicating__________

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A supply curve that slopes upwards from left to right indicates a positive slope. This means that as the price of a good or service increases, the quantity supplied by suppliers also increases. In other words, producers are willing to supply more of a good or service at higher prices. To understand why this is the case, think about it from the perspective of a supplier. If the price of a good or service goes up, it becomes more profitable for suppliers to produce and sell that good or service. As a result, suppliers are incentivized to increase their production in order to take advantage of the higher prices and earn more profits. This is why the quantity supplied by suppliers tends to increase as the price of a good or service increases. It's important to note that this explanation applies to the long run. In the short run, supply may be relatively fixed and a supply curve may be upward sloping or even backward sloping, indicating that the quantity supplied doesn't change much in response to changes in price. However, over the long run, suppliers have more time to adjust their production levels and the supply curve typically slopes upward.

If two commodities are unrelated, a change in the price of one will____________

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If two commodities are unrelated, a change in the price of one will have no effect on the quantity demanded of the other. This is because unrelated commodities are not substitutes for each other, so a change in the price of one will not affect the demand for the other. For example, if the price of apples increases, it will not affect the demand for bananas, since apples and bananas are not substitutes for each other. Similarly, if the price of bananas decreases, it will not affect the demand for apples. This is because the demand for each commodity is determined by its own factors, such as income, tastes, and preferences, and not by the price of other unrelated commodities.

The term M 33 comprises M 11 together with deposits on deposit account held by_______

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The term M33 comprises M11 together with deposits on deposit accounts held by banks and discount houses. In economics, M33 refers to a measure of the money supply in an economy, which includes all of the components of M11 (i.e. notes and coins in circulation, and deposits held by banks and building societies), as well as the deposits held by discount houses. Discount houses are financial institutions that specialize in providing short-term loans to other financial institutions, such as banks. Because they hold deposits from these other financial institutions, their deposits are included in measures of the money supply like M33. , banks only, and banks, discount houses, and stock exchanges, are not complete answers because they do not include the role of discount houses in M33. discount houses only, is not a complete answer because it excludes the role of banks in M33. banks and discount houses, is the correct and complete answer.

A method of analysis that draws conclusions from data rather than general Principles already known is________

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Inductive reasoning is a method of analysis that draws conclusions from data rather than general principles already known. In simple terms, inductive reasoning takes specific observations or pieces of evidence and uses them to form a general conclusion or pattern. For example, if you observe that every time it rains, the streets get wet, you can use inductive reasoning to conclude that rain causes the streets to get wet. In contrast, deductive reasoning starts with a general principle or premise and uses it to reach a specific conclusion. For example, if you know that all birds have feathers and you observe a creature with feathers, you can use deductive reasoning to conclude that it's a bird. Inductive reasoning is often used in scientific research, where data is collected and analyzed to form hypotheses or theories that can then be tested through further experimentation.

Most of the National debts is "dead weight" in the sense that is____

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Most of the national debt is "dead weight" in the sense that it is not covered by any real asset. This means that the debt is not backed up by any tangible property or valuable resource. Instead, it is simply a financial obligation that the government owes to its creditors, who have loaned the government money. The government must pay back this debt with interest, which can add up over time and become a burden on the economy. This type of debt is sometimes referred to as "dead weight" because it does not contribute to the growth or development of the economy, but instead represents a financial obligation that must be met.