JAMB UTME - Economics - 2018
Question 1 Report
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Question 2 Report
From the diagram shown, the optional point of production is_____________?
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Question 3 Report
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Question 4 Report
A capital market differs from the money market in that in the former _____?
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Question 5 Report
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Question 6 Report
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Question 7 Report
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Question 8 Report
The factor of production that has the highest degree of mobility is__________?
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Question 9 Report
From the table, Calculate the median___________
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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[N/2+1]th)/2
For member of odd number items. That is, where N is odd
Solution:
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
| Cumulative Frequency | 2 | 3 | 7 | 10 | 13 | 14 | 20 |
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[N/2+1]th)/2
For member of odd number items. That is, where N is odd
Solution:
Question 10 Report
The basic economic problems of society include___________
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Question 11 Report
In an open economy, the GNP is measured as_____________?
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Question 12 Report
The mean is the best measure of central tendency because it__________
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Question 13 Report
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Question 14 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 15 Report
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Question 16 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 17 Report
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Question 18 Report
The diagram below represents a production function. At which of the points does diminishing returns set in __________
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Question 19 Report
In the history of economics the concept of division of labour is usually associated With______________-
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Question 20 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 21 Report
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Question 23 Report
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Question 25 Report
The transfer of public share holding in corporations to private enterprise is___________?
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Question 26 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 27 Report
If the standard deviation of a given data is 8.2, find its variance_______________
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Question 28 Report
From the graph above the consumer will attain equilibrium at point_______________
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Question 29 Report
A country's budget allocation to various sectors of the economy is shown in the pie chart.
If the budget of the country was $7,200.00, how much is allocated to education?
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Question 30 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 31 Report
An ad valorem tax is imposed on_____?
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Question 32 Report
The effects on the demand for product A caused by a change in the price of product B is Called____________
Question 33 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 34 Report
Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture
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Total budget = N100,000,000
Portion of pie chart covered in degree = 360
Expenditure on manufacturing = x/N100,000,000 × 3600 = 360
3600x = 360 × N100,000,000
x = 360×N100,000,000/3600
x=N10,000,000
Therefore, the budget allocated to Manufacturing is N10,000,000
Total budget = N100,000,000
Portion of pie chart covered in degree = 720
Expenditure on Agriculture = x/N100,000,000 × 3600 = 720
3600x = 720 × N100,000,000
x = 720 × N100,000,000/3600
x = N20,000,000
Therefore, the budget allocated to Agriculture is N20,000,000
Ratio of expenditure on Manufacturing to Agriculture;
Ratio = 10,000,000:20,000,000
=1:2
Question 35 Report
The need to construct a scale of preference is necessitated by____________
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Question 36 Report
Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?
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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
Question 38 Report
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Question 39 Report
The ultimate objectives of economics is to_________?
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Question 40 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
