JAMB UTME - Economics - 2019

The lands that belong to the community is referred to as__________

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The lands that belong to the community as a whole, rather than to individuals, are referred to as "communal land." Communal land is a type of property that is owned and managed collectively by a community, rather than by individual landowners. In many cases, communal land is held by a community as a shared resource that is used for various purposes, such as farming, grazing, or hunting. Communal land can be found in various forms, including indigenous lands, public lands, and lands held in common by small communities. These lands are often governed by customary or traditional rules and practices that have been developed over time by the community members. The use and management of communal land can be beneficial for communities that depend on the land for their livelihoods, as it allows for collective decision-making and sharing of resources. However, it can also present challenges when there are disputes over land use or when outside interests seek to exploit the resources on communal land.

Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

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Restrictive monetary policy is designed to overcome inflation. Inflation is when the overall price level in an economy is rising, and the value of money is decreasing. The central bank can use restrictive monetary policy to reduce the amount of money in circulation and decrease aggregate demand, which will in turn help to curb inflation. For example, the central bank may increase interest rates, which makes borrowing money more expensive and reduces consumer spending. It may also sell government bonds, which reduces the amount of money available in the banking system. This type of policy is called restrictive because it restricts or slows down the growth of the economy, which helps to control inflation.

An example of a market which approaches fairly near to perfection is____________

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The oil boom between 1970 - 1980 caused the oil sector to become____________

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The oil boom between 1970-1980 caused the oil sector to become the main source of government revenue. This is because during this time period, the demand for oil was high and the price of oil was high, which led to an increase in profits for oil companies and the countries that produced oil. As a result, the government received a significant portion of its revenue from the oil sector, which made it the main source of government funding. This allowed the government to fund various projects and initiatives, and also had a significant impact on the economy.

Among the disadvantages of the one-man business is the fact that______

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The main disadvantage of a one-man business is that the proprietor is personally liable for the firm's debts. This means that if the business is unable to pay its debts, the proprietor's personal assets, such as their savings, property, or other valuables, can be used to settle the debt. This can put the proprietor's personal financial stability at risk and may discourage them from taking on certain business ventures or expanding the business.

The basic and essential economic problems in a community are related to choice and________

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The basic and essential economic problems in a community are related to choice and scarcity. Scarcity refers to the limited availability of resources in any given community. These resources can include natural resources, such as land, water, and minerals, as well as human-made resources, such as factories, machines, and tools. Because these resources are limited, there is never enough of them to satisfy everyone's wants and needs. This scarcity means that individuals, businesses, and governments must make choices about how to allocate these resources in the most efficient way possible. This requires making trade-offs and decisions about what goods and services to produce, how to produce them, and who should receive them. , Freedom, and Politics, are not directly related to the basic and essential economic problems of choice and scarcity. Social class, may be related to economic problems, but is not a fundamental concept in economics.

A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

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An import quota is a permit that allows an importer to bring a certain quantity of foreign goods into a country. It is a government-imposed limit on the quantity of a certain good that can be imported into a country during a specific period of time. The purpose of an import quota is to protect domestic producers and limit the amount of foreign competition in the domestic market. The government sets the quota to regulate the flow of goods into the country and to ensure that domestic producers are not overwhelmed by foreign competition.

The last link in the channel of distribution is____________

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The last link in the channel of distribution is the Consumer. The channel of distribution refers to the path that a product takes from the producer to the final customer. The producer creates the product, and it is then sold to a wholesaler, who sells it to a retailer, and finally, the retailer sells it to the consumer. The consumer is the end user of the product and is the last link in the chain of distribution. In other words, the consumer is the person who ultimately buys the product and uses it for their own purposes. The channel of distribution is important because it helps to ensure that the product reaches the end user in a timely and efficient manner.

One of these is not an assumption of the cardinalist theory of utility?

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If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

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If the demand for a commodity is perfectly elastic, it means that even a small change in price will cause a significant change in the quantity demanded. In other words, consumers are very sensitive to changes in price, and if the price increases, they will simply buy another substitute product that is cheaper. Now, if a tax is imposed on this commodity, it will cause the price of the commodity to increase. Since the demand is perfectly elastic, consumers will not be willing to pay the higher price and will switch to substitute products. As a result, the entire incidence of the tax falls on the seller or producer of the commodity. This is because the higher price caused by the tax will result in a decrease in the quantity demanded, and the producer will have to reduce the price in order to sell the product. Therefore, the producer bears the entire burden of the tax. In summary, if the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be entirely on the seller or producer, as consumers are very sensitive to price changes and will switch to substitute products if the price increases.

A retailer is distinguished by the nature of its sales, which is in___________

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A retailer is distinguished by the nature of its sales, which is in units. Retailers sell products in small quantities directly to consumers for their personal or household use. They purchase products from wholesalers or manufacturers and sell them to the end-users at a markup. This type of retailing typically involves a physical store where customers can browse and purchase products, but it can also include online retailing. The focus of retailing is on selling individual units of products to the consumer, rather than selling in bulk to other businesses.

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

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The shape of the demand curve determines whether a monopolist is able to increase their revenue by restricting output. A monopolist is the only seller in the market and has some control over the price of the good or service they provide. If the demand for their product is high, they can increase the price, and if they restrict the quantity of the product they supply, the price will go up even more. The demand curve shows the relationship between the price of a good and the quantity of it that consumers are willing and able to buy. If the demand curve is downward sloping, it means that as the price of the good increases, the quantity demanded decreases. This is because consumers will switch to cheaper alternatives when the price of the good goes up. So, if the monopolist restricts their output, the price will go up and they will make more profit as long as the demand curve remains downward sloping. However, if the demand curve becomes perfectly inelastic, meaning that the quantity demanded does not change with the price, then the monopolist will not be able to increase their revenue by restricting output. Therefore, in simple terms, the shape of the demand curve determines whether a monopolist can increase their revenue by restricting output.

The following are measures of location except________

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The measure of location that is not a measure of location is "Range". A measure of location gives us an idea of where most of the values in a data set are concentrated. Arithmetic mean, Harmonic mean, and Geometric mean are all measures of location that give us a single value to represent the center of the data set. For example, the arithmetic mean is the sum of all the values divided by the number of values. The harmonic mean is the reciprocal of the arithmetic mean of the reciprocals of the data values. The geometric mean is the nth root of the product of n values. On the other hand, the range is a measure of spread, which gives us an idea of how spread out the values in a data set are. The range is simply the difference between the largest and smallest values in a data set.

If we move from 8 to 6, the elasticity of demand is_______

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Let capital formation = CF, Production = P, C = consumption. Then CF =_______

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Capital formation (CF) is equal to P minus C, where P is production and C is consumption. Capital formation refers to the process of creating new capital goods, such as factories, machines, and infrastructure, which are used to produce goods and services. This process requires investment in new capital goods and is therefore reflected as a reduction in consumption. So, CF = P - C, where P is the total amount of goods and services produced and C is the amount consumed by households, businesses, and government. This equation shows that the amount of new capital being formed is equal to the difference between what is produced and what is consumed. In simpler terms, capital formation is the amount of investment made in the economy to increase its productive capacity and support future economic growth.

The demand curve facing the monopolist in the foreign market is__________

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When a member's currency is declared "scarce", it is the duty of the IMF to______

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The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

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The basic principle underlying the location of industry is the tendency for production of a commodity to be located on the basis of "relative costs and benefits." The location of industry is determined by a variety of factors such as access to raw materials, labor supply, transportation, energy, and infrastructure. However, the primary factor is the cost and benefit analysis of each potential location. Industries tend to locate where the benefits of the location outweigh the costs. For example, an industry that requires large quantities of water may locate near a river or lake where water is abundant and cheap. An industry that produces heavy goods may locate near a port or railhead to reduce transportation costs. An industry that produces high-value products may locate near a skilled workforce or a research and development center to take advantage of the availability of talent. In general, industries seek to minimize their costs and maximize their benefits by locating in areas that provide the best combination of factors. This is why certain industries tend to be concentrated in particular regions or countries where the relative costs and benefits of production are most favorable.

Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

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Consider the diagram below which shows a demand curve (d).

Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by__________

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Consumer's surplus is represented by the area above the demand curve and below the market price. In the diagram, this would be the area represented by VWX. Consumer's surplus measures the difference between the amount that consumers are willing to pay for a good and the amount they actually pay. In the diagram, consumers are willing to pay more for the good up to the market price, represented by the height of the demand curve. The area VWX represents the amount by which they are benefiting from the market, as they are paying less than they would be willing to pay. So, the answer to the question is the area VWX represents consumer's surplus.

An economy in which the whole income is not consumed is referred to as______

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The business risks of a public corporation are borne ultimately________

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One of these is not a way by which government encourage industrialization?

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Low productivity and inefficiency is not a way by which government encourages industrialization. In fact, it is the opposite. Encouraging industrialization means creating a favorable environment for businesses to grow and increase productivity. Low productivity and inefficiency hinder the growth of industries, making it difficult for the government to encourage industrialization. On the other hand, protection of infant industries, establishment of Nigeria Enterprises Promotion Decree, and establishment of higher institutions are ways by which the government can encourage industrialization. Protection of infant industries involves offering support and protection to new and growing businesses to help them establish and grow. The establishment of Nigeria Enterprises Promotion Decree provides support and incentives for local businesses to grow and expand. The establishment of higher institutions provides a well-educated workforce, which is essential for industrial growth and development.

An example of a vertical combination is the merger of_________

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If wage rate is less than the average revenue product, the firms would be earning________

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If the wage rate is less than the average revenue product (ARP), the firms would be earning a profit. The ARP is the amount of revenue generated by one unit of labor and is typically greater than the wage rate. If the firm is paying its workers less than the amount of revenue they generate, the firm will have extra revenue left over, which is a profit. So, in this situation, the firm would either be earning a normal profit or a super normal profit, depending on the size of the gap between the wage rate and the ARP. A normal profit is the minimum level of profit necessary for a firm to stay in business, while a super normal profit is a profit that is higher than the normal profit.

An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

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Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m

Indirect taxes on goods and services ₤ 8,000m

Capital consumption ₤ 6,000m

Gross national expenditure at factor cost is_________

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The money market equilibrium is defined as_________

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The money market equilibrium is defined as when the demand and supply of money are equal. In other words, the amount of money people want to hold (demand) is equal to the amount of money available (supply). Think of the money market as a marketplace where people buy and sell money. Just like any other market, when there is high demand for a product, its price (in this case, the interest rate) will increase. When there is low demand, the price (interest rate) will decrease. In the money market, the interest rate is a measure of the cost of borrowing money. If there is a high demand for money, people are willing to pay a higher interest rate to borrow it. This results in an increase in the interest rate. On the other hand, if there is low demand for money, people are not willing to pay a high interest rate, and the interest rate decreases. When the demand and supply of money are equal, the interest rate will be at the level where the quantity of money that people want to hold is equal to the amount of money available. This is the money market equilibrium.

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

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The release of a liquid petroleum hydrocarbon into the environment is_______

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An oil spill is the release of a liquid petroleum hydrocarbon into the environment. This can occur in a variety of ways, such as from an oil tanker that leaks or a pipeline that ruptures. The oil can contaminate the water and harm wildlife, as well as damage the natural environment and disrupt human activities such as fishing and tourism. It is important to take measures to prevent and clean up oil spills to minimize their impact on the environment and local communities.

Industrialization is the process of___________

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Industrialization is the process of transforming an economy from primarily agriculture and handicrafts to one based on the manufacturing of goods. This process usually involves the development of new technologies, the growth of factories, and an increase in the production of goods. The goal of industrialization is to increase economic growth and improve the standard of living for a society. During industrialization, the production of goods becomes more efficient and large-scale, and people move from rural areas to cities to work in factories. In short, industrialization is the transformation of a society from traditional ways of making things to more modern and efficient methods of production.

A form of tax that is midly progressive and regressive is_______

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An economy system that uses what is regarded as the "Market mechanism" is called_______

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Capitalism is an economic system that uses the market mechanism. In a capitalist economy, individuals and businesses own and operate the means of production, and the prices of goods and services are determined by supply and demand in the marketplace. In simple terms, this means that people are free to produce and sell whatever they want, and consumers are free to buy whatever they want, at prices that are determined by the market. This creates an economy that is driven by competition and innovation, and is often associated with growth and prosperity. It is important to note that capitalism can take on different forms, ranging from a more laissez-faire approach with minimal government intervention, to a more regulated form with a larger role for the government in managing the economy.

Most of the National debts is "dead weight" in the sense that is____

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Most of the national debt is "dead weight" in the sense that it is not covered by any real asset. This means that the debt is not backed up by any tangible property or valuable resource. Instead, it is simply a financial obligation that the government owes to its creditors, who have loaned the government money. The government must pay back this debt with interest, which can add up over time and become a burden on the economy. This type of debt is sometimes referred to as "dead weight" because it does not contribute to the growth or development of the economy, but instead represents a financial obligation that must be met.

The second equation of exchange is__________

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The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

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The reason why the average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run is due to economies of scale. Economies of scale refer to the cost advantages that firms experience as they increase their production output. In the short-run, firms are often operating at less than their optimal capacity and therefore may experience diseconomies of scale as they increase output, which leads to higher average costs and a U-shaped average curve. Meanwhile, the marginal cost curve intersects the average cost curve at its minimum point, which is why it is also U-shaped in the short-run. However, in the long-run, firms have more time to adjust their inputs and can increase the scale of their operations. As they do so, they can experience economies of scale, which lead to lower average costs and a flatter average curve. This means that the marginal cost curve intersects the average cost curve at a lower point than in the short-run, making it flatter. Overall, this illustrates how economies of scale can affect a firm's production costs and how this can be reflected in the shape of the average and marginal cost curves.

Supply is________

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The determination of wages in a labour market depends on the_______

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The determination of wages in a labor market depends on the interaction between the demand for and supply of labor. In simple terms, employers demand labor to produce goods and services, while workers supply their labor to earn wages. The wage rate is then determined by the equilibrium point where the demand for labor meets the supply of labor in the market. When there is a high demand for labor and a low supply, wages tend to increase because employers are competing for a limited number of workers. On the other hand, when there is a low demand for labor and a high supply, wages tend to decrease because there are more workers than jobs available. Other factors such as government policies, economic conditions, and the skills and qualifications of workers can also influence the wage rate, but the main determinant is the interaction between the demand for and supply of labor in the market.

A supply curve slopes upwards from the left to the right indicating__________

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A supply curve that slopes upwards from left to right indicates a positive slope. This means that as the price of a good or service increases, the quantity supplied by suppliers also increases. In other words, producers are willing to supply more of a good or service at higher prices. To understand why this is the case, think about it from the perspective of a supplier. If the price of a good or service goes up, it becomes more profitable for suppliers to produce and sell that good or service. As a result, suppliers are incentivized to increase their production in order to take advantage of the higher prices and earn more profits. This is why the quantity supplied by suppliers tends to increase as the price of a good or service increases. It's important to note that this explanation applies to the long run. In the short run, supply may be relatively fixed and a supply curve may be upward sloping or even backward sloping, indicating that the quantity supplied doesn't change much in response to changes in price. However, over the long run, suppliers have more time to adjust their production levels and the supply curve typically slopes upward.

The most important cost curve for the firm is_________

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