JAMB UTME - Economics - 1999 | Green Bridge CBT

Pregunta 1 Informe

In the diagram above, the consumer attains equilibrium at point

Respuesta correcta

Detalles de la respuesta

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Theory Of Consumer Behaviour

The Theory Of Demand

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Pregunta 2 Informe

Import substitution industrialization refers to?

the concentration of industries for even regional development

setting up of industries for even development

a situation in which local industries are set up to produce goods formerly imported Respuesta correcta

the banning of imports which are subtitutes for domestically produce goods

Detalles de la respuesta

Import substitution industrialization refers to a situation in which local industries are set up to produce goods that were previously imported. This strategy is adopted by some countries to promote the growth of local industries and reduce their dependence on imported goods. The idea is to substitute locally produced goods for imported ones in order to save foreign exchange and promote economic development.

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Industry And Industrialization

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Pregunta 3 Informe

People hold money for?

charity

safe keeping

profit making

speculative purposes Respuesta correcta

Detalles de la respuesta

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Money And Inflation

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Pregunta 4 Informe

One of the functions money is that, it helps?

detect frauds in matters of exchange

postponed payments without loss of count

store information about the valuation of an item

Respuesta correcta

record information about the valuation of an item

Detalles de la respuesta

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Money And Inflation

Public Finance

Theory Of Costs

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Pregunta 5 Informe

Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.

Find the average total cost of producing one units?

N 60

N 45

N 35 Respuesta correcta

N 30

Detalles de la respuesta

The average total cost (ATC) is the total cost (TC) divided by the total output (Q). To find the total cost, we need to add the total fixed cost (TFC) and total variable cost (TVC). TFC = N1,000 TVC = N2,500 Q = 100 TC = TFC + TVC = N1,000 + N2,500 = N3,500 ATC = TC/Q = N3,500/100 = N35 Therefore, the average total cost of producing one unit is N35. Answer option (C) is correct.

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The Theory Of Production

Theory Of Costs

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Pregunta 6 Informe

Economic development may be defined as economic growth?

in a given country

over a long period

and improved health facilities

and improved distribution of wealth Respuesta correcta

Detalles de la respuesta

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Economic Development And Planning

Economic Growth And Development

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Pregunta 7 Informe

Normative economics deals with?

what is and not what should be

facts and not figures

facts and figures

value judgements Respuesta correcta

Detalles de la respuesta

Normative economics deals with value judgements or what should be, as opposed to positive economics which deals with what is. Normative economics involves making recommendations about how the economy or economic policies should be designed to achieve certain goals. It involves making value judgments based on ethical or moral principles, political beliefs, or personal preferences. Examples of normative economic questions include "What should be the minimum wage?" or "What is the most efficient tax system?"

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Economics As A Science

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Pregunta 8 Informe

The value of the multiplier depends on?

MPC and level of income

level of personal income

level of personal savings

government policy and MPC Respuesta correcta

Detalles de la respuesta

The multiplier is a measure of the effect of a change in one variable on another variable in an economy. It indicates the amount by which the equilibrium level of income changes when there is a change in autonomous spending. The value of the multiplier depends on the marginal propensity to consume (MPC) and the level of income. The MPC is the fraction of additional income that is spent on consumption. The higher the MPC, the higher the multiplier, and the greater the impact of a change in spending on the level of income. The level of personal savings and government policy can also affect the multiplier, but they are not the only factors that determine its value.

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The Theory Of Demand

Economic Systems

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Pregunta 9 Informe

The primary objective of establishing the Export Process Zone is to?

facilitate agricultural production

encourage the production and processing of export commodities Respuesta correcta

erect imported raw materials

erect economic structures near the port

Detalles de la respuesta

The primary objective of establishing the Export Processing Zone (EPZ) is to encourage the production and processing of export commodities. An EPZ is a designated industrial area with special incentives to attract foreign investors to set up manufacturing and processing plants that produce goods for export. These incentives include tax holidays, duty-free import of machinery and raw materials, simplified procedures for permits and licenses, and other benefits that create a favorable environment for businesses to operate. The ultimate goal is to boost exports, create employment opportunities, and attract foreign exchange earnings for the country.

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International Trade

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Pregunta 10 Informe

In the table, the income elasticity of clothing is

0.5

2.0 Respuesta correcta

2.5

5.0.l

Detalles de la respuesta

The income elasticity of clothing refers to how changes in income affect the demand for clothing. In the table, the income elasticity of clothing is given as 2.0. This means that when income increases by 1%, the demand for clothing is expected to increase by 2%. Conversely, if income were to decrease by 1%, the demand for clothing is expected to decrease by 2%. Therefore, clothing is considered a normal good as the income elasticity is positive, indicating that demand for clothing increases as income increases.

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Theory Of Costs

The Theory Of Demand

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Pregunta 11 Informe

A characteristic of the average fixed cost is that, it?

rises and falls faster than the marginal cost

is U-shaped and intersects the price axis

is always higher than the average variable cost

falls continuously but is never equal to zero Respuesta correcta

Detalles de la respuesta

The correct answer is that the average fixed cost falls continuously but is never equal to zero. Average fixed cost (AFC) is the fixed cost per unit of output produced, and it decreases as output increases. This is because fixed costs are spread over a larger number of units, so the cost per unit decreases. However, AFC will never reach zero because even when no units are produced, fixed costs still exist. Therefore, AFC will always have a positive value, but it will continually decrease as output increases.

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Theory Of Costs

The Theory Of Price Determination

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Pregunta 12 Informe

Calculate the total number of people engaged in tertiary production from the data above

5,000,000

6,250,000 Respuesta correcta

11,750,000

12,250,000

Detalles de la respuesta

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Distributive Trade

Population

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Pregunta 13 Informe

The land tenure system in Nigeria impedes agricultural production because?

land fragmentation makes possible easy access to land ownership

it discourages specialization of factors of production

it limits opportunity for mass production of agricultral goods Respuesta correcta

small land holders generally do not get enough fertilizer to use

Detalles de la respuesta

The land tenure system in Nigeria impedes agricultural production because it limits the opportunity for mass production of agricultural goods. This is due to the fact that the system is characterized by small landholders who often lack the resources and technology necessary for large-scale agricultural production. The fragmentation of land ownership also makes it difficult to consolidate land for mass production. As a result, farmers are often unable to take advantage of economies of scale, which can increase production efficiency and reduce costs. Additionally, the system discourages specialization of factors of production, which further hampers agricultural productivity.

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Money And Inflation

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Pregunta 14 Informe

The downward sloping part of the long-run average cost curve of a firm may be attributable to?

diminishing returns

the law of variable proportions

diseconomies of scale

increasing returns to scale Respuesta correcta

Detalles de la respuesta

The downward sloping part of the long-run average cost curve of a firm may be attributable to "increasing returns to scale." This means that as a firm increases its scale of production, it experiences greater efficiency and cost savings, resulting in a lower average cost of production. In other words, as the firm expands its production capacity, it can take advantage of economies of scale, such as bulk purchasing of raw materials, specialized labor, and the use of more efficient technology, resulting in lower average costs. Therefore, the long-run average cost curve may slope downward due to increasing returns to scale.

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The Theory Of Production

Public Finance

Theory Of Costs

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Pregunta 15 Informe

The major problem of cooperative societies in Nigeria is that?

they often lack cohersion and continuity

their liability is unlimited to members

voting is by proxy

their management style is poor Respuesta correcta

Detalles de la respuesta

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Agriculture

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Pregunta 16 Informe

One of the characteristics of an imperfect market is the?

large number of buyers and sellers in the market

awareness of market conditions by buyers

availability of substitutes

heterogenetity of products Respuesta correcta

Detalles de la respuesta

One of the characteristics of an imperfect market is the heterogeneity of products. This means that in an imperfect market, goods and services are not homogeneous or identical. They may have slight differences in quality, packaging, design, features, etc. This makes it difficult for buyers to make direct comparisons and for sellers to compete solely on price. As a result, imperfect markets often have higher prices and lower quantities exchanged compared to perfect markets where goods and services are homogeneous and price is the only differentiating factor.

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Market Structures

Market Structure

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Pregunta 17 Informe

In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?

N5,200

N 4,760

N4,670 Respuesta correcta

N2,080

Detalles de la respuesta

To calculate the mean income of the employees, we need to find the total income earned by all the employees and divide it by the total number of employees. So, let's calculate the total income earned by all the employees: (3 x 5,500) + (4 x 3,300) + (2 x 5,000) + 7,000 = 16,500 + 13,200 + 10,000 + 7,000 = 46,700 Now, let's count the total number of employees: 3 + 4 + 2 + 1 = 10 Therefore, the mean income of the employees is: 46,700 / 10 = 4,670 Hence, the answer is N4,670.

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Theory Of Costs

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Pregunta 18 Informe

Bills of exchange originates from a?

central bank

commercial bank Respuesta correcta

community bank

development bank

Detalles de la respuesta

Bills of exchange originate from a commercial bank. A bill of exchange is a financial document that orders the payment of a certain amount of money from one person or organization to another on a specific date in the future. This document is issued by a seller of goods or services and is used as a means of payment from the buyer. The seller can then take the bill of exchange to a commercial bank and exchange it for cash. Commercial banks are authorized to deal with such documents and are often involved in the process of exchanging bills of exchange for cash or other financial instruments.

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Banking

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Pregunta 19 Informe

De valuation helps in checking adverse balance of payments if the?

demand for imports is elastic Respuesta correcta

demand for imports is inelastic

supply of exports is elastic

demand for exports is inelastic

Detalles de la respuesta

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International Trade And Balance Of Payments

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Pregunta 20 Informe

The determinants of elasticity include?

price, time and availability of alternatives Respuesta correcta

technology and cost of production

time and availability of alternatives

price, time and technology changes

Detalles de la respuesta

Elasticity refers to the sensitivity of demand or supply for a particular good or service to changes in its price, income, or other factors. The determinants of elasticity of demand or supply are the factors that affect the degree of responsiveness of demand or supply to changes in these factors. The most important determinants of price elasticity of demand include price, time, and availability of alternatives. The price elasticity of demand tends to be higher when there are close substitutes for the good or service, when consumers have more time to adjust to price changes, and when the price represents a larger portion of the consumer's income. Other factors that may influence the elasticity of demand include the availability of credit, advertising, and changes in tastes and preferences. The determinants of elasticity of supply are similar to those of demand and include price, time, and technology changes. When prices are high, producers have an incentive to increase production, but this response depends on the time needed to adjust production levels and the availability of resources and technology.

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The Theory Of Demand

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Pregunta 21 Informe

Non-bank financial intermediaries do not?

provide credit facilities

accept deposits

accept demand deposits Respuesta correcta

sell shares

Detalles de la respuesta

Non-bank financial intermediaries (NBFIs) do provide credit facilities, accept deposits, and sell shares, but they do not accept demand deposits. Demand deposits are deposits that are withdrawable on demand, such as checking accounts at banks. NBFIs are financial institutions that do not have a banking license, but still engage in financial intermediation activities similar to banks, such as lending, investing, and borrowing. Examples of NBFIs include insurance companies, pension funds, investment funds, and finance companies.

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Pregunta 22 Informe

The relationship between the value of money and the price level is?

direct

unpredictable

diverse

inverse Respuesta correcta

Detalles de la respuesta

The relationship between the value of money and the price level is inverse. This means that when the value of money decreases, the price level increases and vice versa. In other words, when the value of money decreases, it takes more money to purchase the same goods and services, leading to an increase in prices. Conversely, when the value of money increases, it takes less money to purchase the same goods and services, leading to a decrease in prices. This relationship is important in macroeconomics and is often studied using the concept of inflation.

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Money And Inflation

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Pregunta 23 Informe

One of the major problems of product distribution in most developing countries is?

lack of storage facilities

large number of middlemen

inadequate manpower

inadequate means of transportation Respuesta correcta

Detalles de la respuesta

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Distributive Trade

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Pregunta 24 Informe

Gains from trade depends on?

comparative advantage Respuesta correcta

absolute advantage

distributive cost advantage

absolute cost advantage

Detalles de la respuesta

Gains from trade depend on comparative advantage. Comparative advantage is the ability of a country to produce a particular good or service at a lower opportunity cost than another country. In other words, if a country is able to produce a good or service at a lower cost compared to another country, it has a comparative advantage in the production of that good or service. By trading with other countries, each country can specialize in producing the goods or services in which it has a comparative advantage, leading to a more efficient allocation of resources and increased output. This results in lower prices, increased quantity and variety of goods available, and ultimately higher standards of living for all parties involved.

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International Trade

The Theory Of Demand

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Pregunta 25 Informe

In a planned economy, what shall be produced is determined primarily by?

what the consumer wants

government decisions Respuesta correcta

price mechanism

the pattern of consumer spending

Detalles de la respuesta

In a planned economy, what shall be produced is determined primarily by government decisions. This means that the government controls the production of goods and services, and decides what should be produced based on the country's economic priorities and goals. The government plans the allocation of resources, sets production targets, and determines prices, wages, and other economic factors. The government's decisions are usually based on factors such as social welfare, industrial development, and national security. In a planned economy, the role of market forces, such as the price mechanism and consumer demand, is greatly reduced, if not eliminated.

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Public Finance

Economic Systems

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Pregunta 26 Informe

If high unemployment goes hand in hand with rising prices, the situation created is?

hyperinflation

stagflation Respuesta correcta

moderate inflation

galloping inflation

Detalles de la respuesta

The situation created when high unemployment goes hand in hand with rising prices is called "stagflation". This is a period of slow economic growth, high unemployment, and high inflation. Stagflation can be caused by a combination of factors, such as a supply shock or a decrease in aggregate demand. It is a challenging economic situation because traditional policies used to address high inflation or high unemployment can have conflicting effects and may not be effective in addressing both problems at once.

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Banking

The Theory Of Consumer Behaviour

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Pregunta 27 Informe

Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

D_o and S_o; D_o and S₂

D₁ and S₂; D₂ and S_o

D₂ and S₁; D₂ and S₂ Respuesta correcta

D₂ and S_o; D_o and S₂

Detalles de la respuesta

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The Theory Of Supply

The Theory Of Demand

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Pregunta 28 Informe

Concentrating industries in one place is advantageous because there are gains in terms of?

external economies Respuesta correcta

internal economies

economies of scale

cost economies

Detalles de la respuesta

Concentrating industries in one place is advantageous because of the external economies it creates. External economies refer to the benefits that firms in an industry receive due to their proximity to other firms in the same industry. By being in close proximity, firms can share common resources such as transportation, communication networks, and skilled labor. This reduces their costs of production and helps them to become more efficient. In addition, a concentration of similar industries can create a cluster of expertise and knowledge, leading to increased innovation and collaboration. Therefore, firms can achieve cost savings and benefit from knowledge spillovers by clustering together.

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The Theory Of Supply

Industry And Industrialization

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Pregunta 29 Informe

Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?

N 1.5 m

N 2.0m

the house Respuesta correcta

the car

Detalles de la respuesta

Opportunity cost is the cost of the next best alternative foregone, when a choice is made. In this case, Abubakar has the option to either buy a house or a Mercedes Benz car. If he chooses to buy the car, his opportunity cost is the value of the house that he could have bought with the money spent on the car. Therefore, the correct answer is "the house".

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The Theory Of Supply

The Theory Of Consumer Behaviour

The Theory Of Demand

The Theory Of Price Determination

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Pregunta 30 Informe

Optimum population is defined as the level of population at which?

per capital output is maximized

Respuesta correcta

population is neither increasing nor decreasing

total national income is maximized

marginal efficiency of population is maximized

Detalles de la respuesta

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Basic Tools Of Economic Analysis

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Pregunta 31 Informe

A free trade area emerges when?

traders from one part of the country can move freely to other parts

customs regulation are harmonized among countries

a group of countries decide to remove restrictions on imports from one another

Respuesta correcta

the UNCTAD is in force

Detalles de la respuesta

A free trade area emerges when a group of countries agree to remove or significantly reduce restrictions on imports from one another. This means that goods can be traded without tariffs or quotas, which makes it easier and cheaper for businesses to sell their products across borders. In a free trade area, each country still maintains its own external tariffs on goods imported from countries outside of the agreement. The aim of a free trade area is to promote trade and economic growth by making it easier for businesses to access larger markets and take advantage of comparative advantages.

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International Trade

Economic Integration

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Pregunta 32 Informe

Fiscal policy involves changes in?

open market operations

revenue and expenditure of government Respuesta correcta

money supply to the economy

imports and exports

Detalles de la respuesta

Fiscal policy refers to the changes made by the government in its revenue and expenditure. In other words, it is the use of government spending and taxation to influence the economy. The government can increase or decrease its spending, or adjust tax rates, to stimulate or slow down economic growth, manage inflation, or address other economic issues. By doing so, fiscal policy affects the overall demand and supply of goods and services, which can impact the money supply, but it is not directly related to changes in the money supply or the regulation of imports and exports.

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Money And Inflation

Public Finance

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Pregunta 33 Informe

Inflation which is caused mainly increases in the prices of factors of production is described as?

cost-push inflation Respuesta correcta

demand-pull inflation

crawling inflation

spiral inflation

Detalles de la respuesta

Inflation caused by an increase in the prices of factors of production such as labor and raw materials is known as cost-push inflation. As the cost of producing goods and services increases, businesses raise their prices to maintain their profit margins, leading to an overall increase in the price level of goods and services in the economy.

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Theory Of Costs

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Pregunta 34 Informe

When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?

an opportunity cost

an economic rent Respuesta correcta

transfer earnings

surplus value

Detalles de la respuesta

The excess income earned by a worker over and above the minimum wage required to keep him in his current job is called "economic rent". This means that the worker is earning a premium over and above what is necessary to keep him in his current job, and is essentially receiving a reward for his unique skills, abilities, or resources that are in high demand. Economic rent is a key concept in economics, particularly in the study of labor markets and income distribution.

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Market Structure

Economics As A Science

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Pregunta 35 Informe

Which of the following falls continuously as output expands?

Average fixed cost

Marginal cost

Average variable cost

Average cost Respuesta correcta

Detalles de la respuesta

The correct answer is Average cost. Average cost is the total cost per unit of output, which includes both fixed and variable costs. As output expands, the total cost increases, but if the average cost falls, it means that the cost per unit of output decreases. This is because the fixed cost is spread out over more units of output, resulting in a decrease in the average cost. Therefore, average cost falls continuously as output expands.

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The Theory Of Supply

Theory Of Costs

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Pregunta 36 Informe

A utility maximizing household will allocate its expenditure so that?

more naira is spent on commodities with the highest utility

less naira is spent on commodities with the lowest utility

the utility of the last naira spent on each commodity is equal Respuesta correcta

the amount spent on each commodity is equal

Detalles de la respuesta

A utility maximizing household will allocate its expenditure so that the utility of the last naira spent on each commodity is equal. This is known as the principle of equal marginal utility. According to this principle, a household will continue to allocate its expenditure across different goods and services until the utility it derives from the last unit of spending on each item is equal. In other words, the household will allocate its spending in a way that maximizes the total utility it derives from all the goods and services it consumes, subject to its budget constraint. Therefore, the household will spend more on goods that provide higher levels of satisfaction (utility) and less on goods that provide lower levels of satisfaction, until the marginal utility of the last naira spent on each good is equal.

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Theory Of Consumer Behaviour

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Pregunta 37 Informe

In a perfect competition, every firm is a price?

maker

taker Respuesta correcta

giver

bidder

Detalles de la respuesta

In a perfect competition, every firm is a price taker. This means that the market determines the price of the product and individual firms have no control over it. Each firm must accept the market price in order to sell its product, and no firm can influence the market price by itself. Therefore, firms must focus on producing at the lowest possible cost to remain profitable in a competitive market.

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The Theory Of Supply

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Pregunta 38 Informe

An entrepreneur will continue to employ labour up to a point where?

costs are minimized

maximized efficiency is attained

wages are equal to marginal product of labour Respuesta correcta

marginal product of labour is equal to zero

Detalles de la respuesta

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Theory Of Price Determination

The Theory Of Demand

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Pregunta 39 Informe

A major obstacle to rapid agricultural development in Nigeria is the?

ineffective use of crude implements

inability of farmers to adopt modern technology Respuesta correcta

introduction of the Green Revolution programme

declining population growth rate

Detalles de la respuesta

The major obstacle to rapid agricultural development in Nigeria is the inability of farmers to adopt modern technology. This means that farmers are still using traditional methods and techniques which limit their productivity and efficiency. With the adoption of modern technology, farmers can increase their yields, reduce wastage and increase their income. The use of modern technology in agriculture also has the potential to attract young people to the sector, improve food security and contribute to the economic development of the country.

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Agriculture

Petroleum And The Nigerian Economy

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Pregunta 40 Informe

National income at factor cost means national income at?

current prices Respuesta correcta

nominal prices

last year prices

base year prices

Detalles de la respuesta

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National Income

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Pregunta 41 Informe

From the table calculate the national income

?18,500m

?19,000m

Respuesta correcta

?19,500m

?20,500m

Detalles de la respuesta

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National Income

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Pregunta 42 Informe

A capitalist economy is one characterized by the?

private ownership of factors of production Respuesta correcta

ownership of factors of production by rich members of the society

use of capital and labour in fixed proportions during production

use of capital intensive methods of production

Detalles de la respuesta

A capitalist economy is an economic system characterized by private ownership of factors of production. In such an economy, individuals, rather than the government or state, own and control resources such as land, labor, and capital, and make decisions about their use and allocation. The goal of the system is typically to generate profits for individuals and businesses, which can then be reinvested to drive further economic growth. This is different from systems in which ownership and control of resources are more heavily regulated or centralized, such as in socialist or communist systems.

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Pregunta 43 Informe

The main function of price in the economic system is to?

allocate scarce resources among competing uses Respuesta correcta

ensure equitable distribution of income and wealth

determine the demand for and the supply of goods and services

remove all the constraints on production of goods and services

Detalles de la respuesta

Price plays an important role in the economic system by allocating scarce resources among competing uses. It is a mechanism that balances the demand for goods and services with their supply. As prices rise, demand for goods and services decreases, leading to lower production and supply. Conversely, as prices fall, demand increases, leading to higher production and supply. Therefore, price helps to signal the scarcity of resources and guides producers and consumers in making economic decisions. It also helps to ensure efficient allocation of resources and encourages competition among producers, which can lead to improved quality and lower costs for consumers.

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Theory Of Price Determination

Agriculture In Nigeria

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Pregunta 44 Informe

The graphs illustrate

joint demand

derived demand

composite demand

competitive demand Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en Theory Of Production (WAEC)

Lee la nota de la lección en The Theory Of Demand (JAMB)

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Theory Of Production

The Theory Of Demand

Demand

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Pregunta 45 Informe

Favorable terms of trade is important to a country because it facilities?

economic prosperity for importers and exporters

export of hard currency by the government

economic prosperity for country Respuesta correcta

import of hard currency by the government

Detalles de la respuesta

Favorable terms of trade is important to a country because it facilitates economic prosperity for the country. It refers to the ratio at which a country can trade its exports for imports from other countries. When the terms of trade are favorable, a country can exchange a smaller quantity of exports for a larger quantity of imports. This means that the country can import more goods and services than it exports, which can lead to increased economic growth and prosperity. Therefore, a country with favorable terms of trade can import hard currency to finance its imports, which can lead to greater economic development.

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International Trade

International Trade And Balance Of Payments

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Pregunta 46 Informe

The price of a good will not be affected by the imposition of a sales tax on it if the?

supply is inelastic

demand is inelastic

supply is perfectly elastic

demand is perfectly elastic Respuesta correcta

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Supply (JAMB)

Lee la nota de la lección en Demand (WAEC)

The Theory Of Supply

Demand

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Pregunta 47 Informe

Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

Technology, weather and population

Technology, price and tastes

Weather, price and technology Respuesta correcta

Population, weather and teastes

Detalles de la respuesta

Lee la nota de la lección en The Theory Of Production (JAMB)

Lee la nota de la lección en Theory Of Price Determination (WAEC)

Lee la nota de la lección en Population And Labour Market (WAEC)

The Theory Of Production

Theory Of Price Determination

Population And Labour Market

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Pregunta 48 Informe

The first petroleum exploring company to discover crude petroleum in Nigeria was?

Mobil

Texaco

Agip

Shell-BP Respuesta correcta

Detalles de la respuesta

The first petroleum exploring company to discover crude petroleum in Nigeria was Shell-BP. Shell-BP began exploration activities in Nigeria in 1937 and discovered crude oil in 1956 at a location called Oloibiri in present-day Bayelsa State. This discovery marked the beginning of the Nigerian oil industry and has since transformed the Nigerian economy.

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Petroleum And The Nigerian Economy

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Pregunta 49 Informe

The shape of a production possibility frontier is determined by the?

increasing relative costs Respuesta correcta

returns to scale

diminishing returns to a fixed factor

increasing returns to a variable factor

Detalles de la respuesta

The shape of a production possibility frontier is determined by the concept of increasing relative costs. This means that as more of one good is produced, there is a trade-off in terms of the amount of the other good that can be produced. This is due to the fact that resources are not equally efficient at producing both goods, so as more resources are allocated to one good, the opportunity cost of producing an additional unit of that good increases. This results in a bowed-out shape of the production possibility frontier, reflecting the increasing trade-off between the two goods as more of one is produced.

Lee la nota de la lección en The Theory Of Supply (JAMB)

Lee la nota de la lección en The Theory Of Production (JAMB)

Lee la nota de la lección en Theory Of Costs (JAMB)

The Theory Of Supply

The Theory Of Production

Theory Of Costs

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Pregunta 50 Informe

The most acceptable economic measure for trade protection is to?

improve standards of living

protect infant industries Respuesta correcta

safegard strategic industries

promote foreign trade

Detalles de la respuesta

Trade protection refers to government actions that restrict imports or promote exports to safeguard domestic industries. The most acceptable economic measure for trade protection is to protect infant industries. Infant industries are those that are in their early stages of development and require protection from foreign competition to grow and become established. By protecting these industries, the government can help to promote economic growth and create jobs, as well as reduce the need for future protection by allowing the industry to become competitive over time.

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International Trade

Types And Basic Features Of Economic Systems

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