JAMB UTME - Economics - 2019

The business risks of a public corporation are borne ultimately________

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If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

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The MC (marginal cost) curve will cut the AC (average cost) curve at the minimum point on the AC curve. This is because the minimum point on the AC curve represents the lowest average cost of production, and the MC curve intersecting the AC curve at this point indicates that the marginal cost of producing one more unit is equal to the average cost. In other words, at the minimum point on the AC curve, any further increase in production would lead to an increase in the average cost.

An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

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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.

External economies arises essentially from__________

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External economies arise essentially from the localization of industry. External economies occur when an industry or group of firms in a specific geographical area experience benefits beyond what they could achieve individually. This can include access to specialized suppliers, a skilled labor force, and a larger market for their products or services. Localization of industry refers to the concentration of firms in a specific area. This can create a cluster of related industries and suppliers, allowing for easier collaboration, lower transportation costs, and increased efficiency. Government policies, such as subsidies or tax incentives, may encourage the localization of industries, but they do not create external economies themselves. Similarly, a firm's individual policies and the free transferability of shares do not create external economies as they are focused on the internal operations of the firm. Overall, external economies are a result of the benefits that arise from firms operating in close proximity to each other in a specific geographic location, which can lead to increased efficiency and productivity for all firms involved.

A form of tax that is midly progressive and regressive is_______

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The term M 33 comprises M 11 together with deposits on deposit account held by_______

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The term M33 comprises M11 together with deposits on deposit accounts held by banks and discount houses. In economics, M33 refers to a measure of the money supply in an economy, which includes all of the components of M11 (i.e. notes and coins in circulation, and deposits held by banks and building societies), as well as the deposits held by discount houses. Discount houses are financial institutions that specialize in providing short-term loans to other financial institutions, such as banks. Because they hold deposits from these other financial institutions, their deposits are included in measures of the money supply like M33. , banks only, and banks, discount houses, and stock exchanges, are not complete answers because they do not include the role of discount houses in M33. discount houses only, is not a complete answer because it excludes the role of banks in M33. banks and discount houses, is the correct and complete answer.

A demand which gives rise to the reverse of the law of demand 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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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 economy in which the whole income is not consumed is referred to as______

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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.

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.

The determination of price by bargaining between buyers and sellers is________

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The determination of price by bargaining between buyers and sellers is called Haggling or Higgling. This is a process where buyers and sellers negotiate the price of a product or service, typically in an informal setting. The buyer wants to pay as little as possible, while the seller wants to get as much as they can. They both compromise and agree on a price that is acceptable to both parties. Haggling is common in open-air markets, street vendors, and in some cultures it's a part of the normal purchasing process. In this process, the buyer and the seller communicate and exchange information about the value of the product or service, and how much each is willing to pay or receive. The price is ultimately determined through a give-and-take negotiation, and both parties must agree on the final price for the transaction to occur.

Supply is________

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ECOWAS was formed for the purpose of________

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ECOWAS, or the Economic Community of West African States, was formed for the purpose of promoting co-operation and integration among its member countries. This means that the organization was created to help the countries work together and coordinate their efforts in areas such as trade, politics, and development. The goal of ECOWAS is to promote economic and social progress in the region and improve the lives of the people living in West Africa.

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

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The quantity demanded (Qd) of a commodity is related to its price (P) through the equation Qd = 80 - 2P. So, if we know the price of the commodity, we can use this equation to find the quantity demanded. In this case, the price is given as ₦3. So, we can plug in this value of price into the equation to find the quantity demanded: Qd = 80 - 2P Qd = 80 - 2 * 3 Qd = 80 - 6 Qd = 74 Therefore, the quantity demanded when the price is ₦3 is 74 units.

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.

As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

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An isoquant shows equal level of output. An isoquant is a curve that represents all the possible combinations of inputs (such as labor and capital) that can produce the same level of output for a particular product or service. In other words, it represents all the different ways to produce the same amount of output using different combinations of inputs. So, all points on an isoquant represent the same level of output, and this level of output gives us the same satisfaction or usefulness. As we move along the isoquant, we can produce the same output using different combinations of inputs, but the level of output remains constant. In simple terms, an isoquant is a line that shows the different combinations of inputs that can produce the same level of output.

An example of a vertical combination is the merger of_________

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Given two substitute goods (X and Y) with demand and supply function;

Qd = 7p - 12

Qs = 4p + 9

Find the magnitude of excess demand when p = ₦18

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The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

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In 1976, there were 8 live births for every 1,000 people in the population of the country. This means that for a population of 10 million people, there would be 8 x 10,000 = 80,000 live births in the country.

The demand for labour is a________

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The demand for labor is a "derived demand". This means that the demand for labor is not a direct demand for labor itself, but rather it is derived from the demand for goods and services that labor can produce. In other words, businesses hire workers because they need them to produce the goods and services that they sell. For example, if a business sells pizzas, it will need workers to make the pizzas, deliver the pizzas, and serve the customers. The demand for labor in this case is derived from the demand for pizzas. If the demand for pizzas increases, the demand for labor to produce and deliver the pizzas will also increase. Therefore, the demand for labor is closely tied to the demand for the goods and services that labor produces, and it is derived from that demand.

The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

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To find the arithmetic mean of a set of numbers, you need to add up all the numbers and divide the sum by the total number of numbers. In this case, we have six numbers, so we need to add them up and divide by 6. Adding up the numbers, we get: 5 + 8 + 10 + 15 + 24 + 28 = 90 Then, we divide the sum by the total number of numbers: 90 / 6 = 15 Therefore, the arithmetic mean of 5, 8, 10, 15, 24 and 28 is 15.

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

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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.

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

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Economics is a social science concerned with the proper use and______

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Economics is a social science concerned with the proper use and allocation of resources for growth. Economics is the study of how society uses its limited resources to satisfy its unlimited wants and needs. It is concerned with how individuals, businesses, and governments make choices about how to use resources to produce goods and services, and how these goods and services are distributed among the members of society. The proper use and allocation of resources are essential for economic growth, which is the increase in the production and consumption of goods and services over time. This growth is achieved through the efficient use of resources to create more goods and services, which can then be distributed to meet the needs of society. Economics helps us to understand how resources are allocated and used in different economies and how these decisions affect the overall well-being of individuals and societies.

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

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Scarce. This means that there is not enough of a certain resource to meet the demand or needs of everyone in the community. As a result, choices have to be made about how to allocate these limited resources among different individuals, groups, or uses. When resources are scarce, it is important to make decisions about their use in the most efficient and effective way possible.

Which of the following is not a cause of unemployment_______

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"Good government planning" is not a cause of unemployment. Unemployment refers to the situation where individuals who are actively seeking employment are unable to find work. The causes of unemployment can be complex and multi-faceted, but typically include factors such as a lack of available jobs, poor education and lack of relevant skills, and corruption. "Good government planning" is not a direct cause of unemployment, but it can have an indirect effect by helping to create a favorable economic environment that supports job growth and job creation. For example, good government planning can help to attract businesses to an area, provide funding for education and training programs, and reduce corruption, all of which can help to reduce unemployment over time.

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 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.

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.

Effective demand for a commodity is desire for that commodity backed by_______

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Effective demand for a commodity is the desire or want for that commodity backed by the ability and willingness to pay for it. This means that a person not only wants the commodity, but also has the means to purchase it and is willing to part with their money in exchange for it. For example, if someone wants to buy a new car but does not have the money to pay for it, their desire for the car is not effective demand. Similarly, if someone has the money but is not interested in buying a car, their willingness to pay is not effective demand. Effective demand requires both the desire for the commodity and the ability and willingness to pay for it. It is the combination of these two factors that drives the demand for goods and services in the economy.

Consider the following figures which refer to a firm's production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

Total variable costs incurred during the week are

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The demand curve facing the monopolist in the foreign market is__________

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The use of government income and expenditure instrument to regulate the economy is termed______

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The use of government income and expenditure instrument to regulate the economy is called fiscal policy. Fiscal policy is a tool used by the government to influence the economy by changing the level and composition of government spending and taxation. The main aim of fiscal policy is to achieve macroeconomic objectives, such as controlling inflation, promoting economic growth and stability, and reducing unemployment. When the government increases its spending and/or reduces taxes, it injects more money into the economy, which can increase consumer spending and business investment. This can help to stimulate economic growth, create jobs, and increase aggregate demand. On the other hand, when the government reduces its spending and/or increases taxes, it takes money out of the economy, which can help to cool down an overheating economy and reduce inflation. In summary, fiscal policy involves using government income (taxation) and expenditure (spending) to influence the economy and achieve macroeconomic objectives.

Adam Smith's Theory of value stated that the value of a commodity depended on________

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Adam Smith's theory of value stated that the value of a commodity depends on the amount of labour expended on its production. Smith believed that in a market economy, the value of a good or service is determined by the amount of work required to produce it. According to his theory, the more time and effort that goes into making a product, the more valuable it becomes. This idea is known as the "labour theory of value." In simple terms, the value of a product is determined by the effort and time put into making it. The more effort and time required, the more valuable the product is considered to be. This theory is considered to be one of the foundations of classical economics and is still widely studied and discussed today.

Which of the following persons is engaged in "Secondary Production"?

I - a bricklayer

II - an automobile assembly-line worker

III - an accountant

IV - a cinema projectionist

Detalhes da Resposta

Secondary production refers to the process of transforming raw materials into finished goods, typically in a factory setting. Out of the four options, only one involves transforming raw materials into finished goods in a factory setting, and that is option II, an automobile assembly-line worker. A bricklayer (option I) works in construction and is not involved in transforming raw materials into finished goods in a factory setting. An accountant (option III) works in the service sector and is not involved in producing goods. A cinema projectionist (option IV) is also not involved in producing goods but rather in providing a service. Therefore, the answer is option II, an automobile assembly-line worker.

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.