JAMB UTME - Economics - 2018
Pergunta 1 Relatório
Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?
Detalhes da Resposta
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.
Pergunta 2 Relatório
The labour force of a country is determined by the___________
Detalhes da Resposta
Pergunta 3 Relatório
Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?
Detalhes da Resposta
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.
Pergunta 4 Relatório
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?
Detalhes da Resposta
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
Pergunta 5 Relatório
When a union is composed of workers with the same skill , it is called____________
Detalhes da Resposta
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.
Pergunta 6 Relatório
When elasticity is zero, the demand curve is_____________
Detalhes da Resposta
When the elasticity of demand is zero, the demand curve is said to be perfectly inelastic. This means that a change in price will not cause any change in the quantity demanded. In other words, no matter how much the price changes, the quantity demanded will remain the same. For example, if the price of insulin for diabetes treatment were to double, people who depend on it to survive would have no choice but to continue buying the same amount. This is because they cannot reduce their consumption of insulin, and therefore, the demand for insulin is perfectly inelastic. In terms of the demand curve, a perfectly inelastic demand curve is vertical, meaning that it is a straight line perpendicular to the horizontal axis. This is because, as mentioned earlier, the quantity demanded remains constant regardless of the price. So, when graphed, the demand curve will be a straight vertical line.
Pergunta 7 Relatório
A group formed to enable members adopt a common policy in labour negotiation is known as?
Detalhes da Resposta
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).
Pergunta 8 Relatório
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
Detalhes da Resposta
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.
Pergunta 9 Relatório
If the price per unit is N2, what is the average revenue when 6 men are employed?
Detalhes da Resposta
Average revenue is obtained by dividing the total revenue by the number of units sold. Thus we have;
660/6 = 110
Pergunta 10 Relatório
The need to construct a scale of preference is necessitated by____________
Detalhes da Resposta
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.
Pergunta 11 Relatório
An economy in which both the public and private sectors contribute to economic growth is a__________?
Detalhes da Resposta
The correct answer is a mixed economy. A mixed economy is an economic system that combines elements of both the public (government) and private sectors. In a mixed economy, the government and private businesses work together to create economic growth and promote social welfare. In a mixed economy, the government is responsible for providing essential services such as healthcare, education, and infrastructure. The private sector, on the other hand, is responsible for creating goods and services that meet the demands of the market. This type of economy allows for the benefits of both capitalism (private enterprise) and socialism (public enterprise) to coexist. It allows the government to regulate and control certain aspects of the economy, while still allowing the private sector to operate and innovate freely. Many modern economies around the world are considered mixed economies, including the United States, Canada, and the United Kingdom.
Pergunta 12 Relatório
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
Detalhes da Resposta
Pergunta 13 Relatório
The form of capital that is required for the day-to-day running of production activities is called?
Detalhes da Resposta
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.
Pergunta 14 Relatório
The mean is the best measure of central tendency because it__________
Detalhes da Resposta
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.
Pergunta 15 Relatório
The minimum number of share holders for joint stock companies is_______________
Detalhes da Resposta
Pergunta 16 Relatório
If the standard deviation of a given data is 8.2, find its variance_______________
Detalhes da Resposta
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.
Pergunta 18 Relatório
If the pass mark was 40, how many students passed the examination?
Detalhes da Resposta
Pergunta 19 Relatório
The full meaning of NAPEP is?
Detalhes da Resposta
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.
Pergunta 20 Relatório
An ad valorem tax is imposed on_____?
Detalhes da Resposta
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.
Pergunta 21 Relatório
The following are types of capital except:___________
Detalhes da Resposta
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
Pergunta 22 Relatório
In the history of economics the concept of division of labour is usually associated With______________-
Detalhes da Resposta
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.
Pergunta 23 Relatório
The type of business finance that entitles the holder to a fixed rate of dividend is______________--
Detalhes da Resposta
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.
Pergunta 24 Relatório
The ultimate objectives of economics is to_________?
Detalhes da Resposta
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.
Pergunta 25 Relatório
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?
Detalhes da Resposta
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.
Pergunta 26 Relatório
The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________
Detalhes da Resposta
Frequent change of leadership of member state creates a difference in ideology and this is a major problem of ECOWAS
Pergunta 27 Relatório
Which of the following is an advantage of localization of industry?
Detalhes da Resposta
Localization of industries refers to the concentration of firms or industries producing similar product in one area. As major firms concentrate in one area, other subsidiary firms that assist the major firms in the production of goods usually emerge.
Pergunta 28 Relatório
The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________
Detalhes da Resposta
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.
Pergunta 29 Relatório
The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?
Detalhes da Resposta
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.
Pergunta 30 Relatório
From the diagram shown, the optional point of production is_____________?
Detalhes da Resposta
Pergunta 31 Relatório
Occupational distribution of information is mainly influenced by___________
Detalhes da Resposta
Occupational distribution of population refers to the classification of the working population into different types of work they engage in. The occupational distribution in any population is influenced by factors which includes: The level of education, Availability of natural resources, The level of technology, The type of production activities.
Pergunta 32 Relatório
Mortgage banks give loans to investors on a long term basics to_____________
Detalhes da Resposta
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.
Pergunta 33 Relatório
Import duty and tariffs is an instrument used for international trade restriction and so is __________?
Detalhes da Resposta
In other to encourage or discourage the importation of certain goods from certain countries discriminate duties are charged on these goods.
Pergunta 34 Relatório
The population density of a town made up of 50 square kilometer land area and 100 million people is________
Detalhes da Resposta
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".
Pergunta 35 Relatório
In an open economy, the GNP is measured as_____________?
Detalhes da Resposta
In an open economy, GNP (Gross National Product) is measured as: C + I + G + (X - M), where: - C represents private consumption expenditures by individuals and households. - I represents gross investment by businesses, such as spending on capital goods like machinery, buildings, and equipment. - G represents government spending on goods and services. - X represents exports, which are goods and services produced domestically and sold to foreign countries. - M represents imports, which are goods and services produced in foreign countries and purchased domestically. The formula above takes into account both domestic and foreign economic activities. The net difference between exports (X) and imports (M) is included to determine the impact of international trade on the economy. Therefore, by using the formula C + I + G + (X - M) to measure GNP in an open economy, we can get a better understanding of the overall economic activity, including the impact of international trade on the economy.
Pergunta 36 Relatório
In a capitalist economy, factors of production are owned and controlled by the _____?
Detalhes da Resposta
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.
Pergunta 37 Relatório
The basic economic problems of society include___________
Detalhes da Resposta
The basic economic problems of society refer to the fundamental challenges that arise from the limited availability of resources and the unlimited wants and needs of individuals and society as a whole. The three main economic problems are scarcity, choice, and opportunity cost. Scarcity refers to the limited availability of resources, such as land, labor, and capital, relative to the unlimited wants and needs of individuals and society. This means that choices must be made about what to produce, how to produce it, and for whom it should be produced. The second economic problem is choice. Because resources are scarce, individuals and societies must make choices about what goods and services to produce and consume. This requires answering questions like "what to produce," "how much to produce," "how to produce it," and "for whom to produce it." These choices have important consequences for the allocation of resources and the distribution of income and wealth. The third economic problem is opportunity cost. This refers to the cost of choosing one option over another, as measured by the value of the best alternative foregone. In other words, every time we make a choice, we give up the opportunity to do something else with those resources. This means that the cost of any choice is not only the direct cost of producing or consuming a good, but also the opportunity cost of not using those resources in some other way. In summary, the basic economic problems of society include scarcity, choice, and opportunity cost. These problems arise from the limited availability of resources relative to the unlimited wants and needs of individuals and society, and require making choices about what to produce, how to produce it, and for whom it should be produced.
Pergunta 38 Relatório
Concentrating industries in one place is advantageous because there are gains in terms of_____________
Detalhes da Resposta
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.
Pergunta 39 Relatório
| X | 2 | 3 | 4 | 5 |
| F | 2 | 5 | 2 | 1 |
From the table, the mean of the distribution is___________
Detalhes da Resposta
Mean= ∑fx/∑f
=(4+15+8+5)/(2+5+2+1)
=32/10
=3.2
Pergunta 40 Relatório
The money paid per hour for work done is_________
Detalhes da Resposta
The money paid per hour for work done is called a "wage rate". Wage rate is the amount of money an employee is paid for each hour of work. It's a basic unit of pay that reflects the compensation an employee receives for the time and effort they put into their job. The wage rate can be influenced by various factors, including the employee's experience, qualifications, and the type of work they do. It's important to note that wage rate is different from salary, which is a fixed amount of money paid to an employee for a set period of time, usually annually or monthly. A bonus, on the other hand, is an additional payment made to an employee in recognition of good work or as a reward for achieving a specific goal.
