JAMB UTME - Economics - 2018

The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________

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The reward for capital is___________

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The reward for capital is interest. Capital refers to the money or assets that are used to invest in a business or enterprise. When someone invests their capital into a business, they expect to earn a return on their investment. The return on investment for capital is called interest. Interest is the amount of money paid by the borrower to the lender for the use of their capital. This can be in the form of regular interest payments or a lump sum at the end of the investment period. The interest rate is determined by various factors such as market conditions, inflation, and risk. Therefore, interest is the primary reward for capital.

Factors affecting size of Labour Force include the following EXCEPT?

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Factors that affect the size of Labour Force include the following: Size of population of a country, official school leaving age, retirement age, pursuit of higher education, age, structure of population, role of women in the society, number of working hours and working days, the number of disabled, the number of people willing to work, migration.

In the long run, all production factors are____________

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In the long run, all production factors are variable. This means that in the long run, a firm can adjust all of its inputs, including labor, capital, and resources, to produce the level of output it desires. Unlike the short run, where some production factors are fixed and cannot be changed, the long run allows firms to make changes to all of their inputs, such as investing in new technology or equipment, hiring or firing employees, and even moving to a new location. For example, in the short run, a bakery may only be able to increase its production by hiring more workers or working longer hours, as its oven and baking equipment are fixed. But in the long run, the bakery could invest in new, larger equipment to increase its production capacity, as well as relocate to a larger facility or even open new stores. Therefore, in the long run, all production factors can be adjusted, making them variable, while in the short run, some factors are fixed, making them less adaptable to changes in production levels.

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

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The two major types of international trade are Bilateral trade and?

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The two major types of international trade are bilateral trade and multilateral trade. Bilateral trade refers to the exchange of goods and services between two countries. It involves the negotiation and agreement of terms and conditions between two parties, and it usually results in a trade surplus or deficit for each country. On the other hand, multilateral trade involves the exchange of goods and services among three or more countries. This type of trade is governed by international trade agreements, such as the World Trade Organization, and aims to promote free trade and economic cooperation among member countries. In summary, bilateral trade involves trade between two countries, while multilateral trade involves trade among three or more countries and is governed by international trade agreements.

A group formed to enable members adopt a common policy in labour negotiation is known as?

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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).

The money paid per hour for work done is_________

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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.

In an open economy, the GNP is measured as_____________?

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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.

The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?

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The bank type responsible for the formulation of rules and regulations guiding the banking industry is the Central bank. A central bank is an independent financial institution that oversees the monetary policy and banking system of a country. Its main functions include regulating commercial banks, managing the country's money supply, and controlling inflation. The central bank is also responsible for formulating rules and regulations that guide the banking industry, as well as ensuring compliance with these rules. In many countries, the central bank is the lender of last resort, meaning that it provides emergency loans to commercial banks in times of financial crisis. Examples of central banks include the Federal Reserve in the United States, the European Central Bank in Europe, and the Bank of Japan in Japan.

When a union is composed of workers with the same skill , it is called____________

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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.

By utility we mean____________

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An ad valorem tax is imposed on_____?

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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.

Occupational distribution of information is mainly influenced by___________

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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.

The basic economic problems of society include___________

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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.

The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

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Frequent change of leadership of member state creates a difference in ideology and this is a major problem of ECOWAS

The study of Economics becomes necessary because of the______________

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The study of Economics becomes necessary because of the "scarcity of resources". Economics is the study of how societies use limited resources to satisfy their unlimited wants and needs. Because resources such as land, labor, and capital are limited, and human wants and needs are unlimited, there is always scarcity. Scarcity means that people have to make choices about what goods and services they will produce and consume because they cannot have everything they want. Therefore, the study of economics helps to provide a framework for making decisions about how to allocate scarce resources in the most efficient and effective way possible to maximize benefits to society. In conclusion, the study of economics becomes necessary because of the scarcity of resources, which creates the need to make choices and allocate resources efficiently to satisfy the unlimited wants and needs of society.

Which of the following is not a direct tax?

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The minimum number of share holders for joint stock companies is_______________

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When elasticity is zero, the demand curve is_____________

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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.

A major determinant of the demand for a luxury good is____________?

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The type of business finance that entitles the holder to a fixed rate of dividend is______________--

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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.

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

The establishment of industries in rural areas will help to reduce____________-

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The establishment of industries in rural areas will help to reduce Urban-Rural migration. Urban-Rural migration refers to the movement of people from urban (city) areas to rural (countryside) areas in search of better living conditions, employment opportunities, and a lower cost of living. This migration often leads to overcrowding, strain on urban resources, and an increase in poverty in both urban and rural areas. When industries are established in rural areas, it creates employment opportunities for people living in those areas. This leads to an improvement in the standard of living of the local population, as they can find employment opportunities near their homes and do not need to move to urban areas. As a result, people are less likely to migrate from rural areas to urban areas in search of better opportunities, which helps to reduce Urban-Rural migration. In addition, the establishment of industries in rural areas also leads to an increase in economic activity in those areas, which stimulates local economies and creates new business opportunities. This, in turn, can lead to a reduction in poverty, an improvement in infrastructure and services, and an overall improvement in the quality of life for people living in rural areas.

The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________

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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.

Import duty and tariffs is an instrument used for international trade restriction and so is __________?

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In other to encourage or discourage the importation of certain goods from certain countries discriminate duties are charged on these goods.

An upward movement along the same supply curve result in_____________

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An upward movement along the same supply curve results in an increase in quantity supplied. This means that as the price of the good increases, suppliers are willing and able to produce and sell more of the good. This is because suppliers are motivated by profit, and as the price of the good goes up, they can earn more profit per unit sold. As a result, they will be willing to produce and sell more units of the good. It is important to note that the supply curve itself does not shift as a result of an upward movement along the curve, only the quantity supplied changes.

From the diagram shown, the optional point of production is_____________?

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If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

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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

The labour force of a country is determined by the___________

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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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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.

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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The pie chart shows the budget allocation of a country. The total budget is $7,200.00. To find out how much is allocated to education, we need to look at the portion of the pie chart that represents education. Based on the options given, the amount allocated to education is $2,400.00. This means that out of the total budget of $7,200.00, $2,400.00 is set aside for education.

What is the median of the distribution?

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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]th + [N/2 + 1]th)/2

  For member of odd number items. That is, where N is odd

  Solution:

  From the table, there are 20 members as indicated by the cumulative frequency. Since the members are odd (10) the median age will be ([N/2]th + [N/2 + 1]th)/2

  Median=([10/2]th + [10/2 + 1]th)/2

  =(5th + 6th)/2

  The 5th member is 3 and the 6th member is on 3

  Median=(3 + 3)/2

  =6/2

  Median = 3

Which of the following is an invisible item?

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The invisible item in the list is "Banking services". In economics, visible items are tangible goods that can be physically seen and touched, while invisible items are intangible services that cannot be physically seen or touched. Petroleum services, processed rice, and processed milk are all visible items because they are tangible goods that can be seen, touched, and measured. On the other hand, banking services are intangible and cannot be physically seen or touched. Examples of banking services include providing loans, managing savings accounts, facilitating transactions, and offering financial advice. Therefore, banking services are considered an invisible item because they are intangible and cannot be physically seen or touched.

The form of capital that is required for the day-to-day running of production activities is called?

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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.

Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?

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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.

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A capital market differs from the money market in that in the former, the loans sought are long term, whereas in the money market, the loans sought are short term. A capital market refers to the financial market where companies and governments can raise long-term funds by issuing and selling securities such as stocks, bonds, and other financial instruments. Investors who buy these securities are essentially lending money to the issuing entity for a longer duration, with the expectation of receiving interest payments and eventual repayment of the principal amount. The securities traded in the capital market have longer maturities, typically longer than a year. On the other hand, the money market is a financial market where short-term financial instruments such as treasury bills, commercial paper, and certificates of deposit are traded. The loans in the money market are typically for a duration of less than a year, with the purpose of meeting short-term funding needs. The interest rates on these loans are generally lower than in the capital market, given their short-term nature. In summary, while both markets deal with financial instruments, the primary difference between them is the duration of the loans sought, with the capital market focusing on long-term funding needs and the money market on short-term funding needs.

The number of people who are qualified to work and who offer themselves for employment is called____________?

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The term used to describe the number of people who are qualified to work and who offer themselves for employment is called the "Working Population". The working population refers to individuals who are of working age and are either employed or actively seeking employment. This group of people is considered to be the supply of labor in the economy and is an important factor in determining the overall health and stability of the labor market. It's important to note that the working population can be influenced by various factors such as migration, education levels, and the availability of job opportunities. Understanding the size and composition of the working population can provide valuable insights into the current state of the labor market and can inform decisions related to economic and labor policies.

Utility is the satisfaction derived from____________

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Utility is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service.