JAMB UTME - Economics - 2018
Question 1 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 2 Report
In a capitalist economy, factors of production are owned and controlled by the _____?
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Question 3 Report
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the mean?
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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 4 Report
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Question 6 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 7 Report
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Question 8 Report
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Question 9 Report
If the standard deviation of a given data is 8.2, find its variance_______________
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Question 10 Report
The ultimate objectives of economics is to_________?
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Question 11 Report
In the history of economics the concept of division of labour is usually associated With______________-
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Question 12 Report
From the graph above the consumer will attain equilibrium at point_______________
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Question 13 Report
The minimum number of share holders for joint stock companies is_______________
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Question 14 Report
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Question 15 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 16 Report
A major determinant of the demand for a luxury good is____________?
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Question 17 Report
The effects on the demand for product A caused by a change in the price of product B is Called____________
Question 18 Report
The type of business finance that entitles the holder to a fixed rate of dividend is______________--
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Question 19 Report
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Question 20 Report
The factor of production that has the highest degree of mobility is__________?
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Question 21 Report
An upward movement along the same supply curve result in_____________
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Question 22 Report
The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?
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Question 23 Report
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Question 24 Report
The coefficient of the price elasticity of supply is always_____________
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Question 25 Report
An ad valorem tax is imposed on_____?
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Question 26 Report
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Question 27 Report
The privatization exercise in Nigeria is a move towards a____________
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Question 28 Report
A country's budget allocation to various sectors of the economy is shown in the pie chart.
What is the ratio of expenditure of health to Agriculture?
Answer Details
Total budget =$7,200
Expenditure on Health = x/$7200 × 3600 = 600
3600x = 600 × $7200
x = 600×$7200/3600
x = $1,200
Therefore, the budget allocated to Health is $1,200
Expenditure on Agriculture =x /$7200 × 3600 = 800
3600x = 800 × $7200
x = 800 × $7200/3600
x=$1,600
Therefore, the budget allocated to Agriculture is $1,600
Ratio of expenditure on Health to Agriculture;
Ratio=1200:1600
=3:4
Question 29 Report
The money paid per hour for work done is_________
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Question 30 Report
When elasticity is zero, the demand curve is_____________
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Question 31 Report
An economy in which both the public and private sectors contribute to economic growth is a__________?
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Question 32 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 33 Report
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Question 34 Report
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Question 35 Report
The main concern of economists is to________
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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 36 Report
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Question 37 Report
From the diagram shown, the optional point of production is_____________?
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Question 38 Report
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Question 39 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 40 Report
