An upward movement along the same supply curve result in_____________

an increase in quantity supplied

a decrease In quantity supplied

Human wants are insatiable because wants are____________

Unlimited while means are scarce.

Unlimited and means are also unlimited

Limited and means are also limited

Unlimited while means are scarce.

The population density of a town made up of 50 square kilometer land area and 100 million people is________

2 million people per square kilometer 

50,000 people per square kilometer

2 million people per square kilometer 

0.5 million people per square kilometer

20 million people per square kilometer

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

Countries producing same or identical goods

Countries with comparative advantage

Countries with superlative advantage

Countries producing same or identical goods

The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

Volume of trade between countries

direction of international trade

The basic economic problems of society include___________

what to produce, how and for whom

scarcity, for whom to produce and where

what to produce, how and for whom

The study of Economics becomes necessary because of the______________

Large population size of the world

Opportunity cost of goods and services

Need to satisfy every desire of man

JAMB UTME - Economics - 2018 | Green Bridge CBT

Swali 1 Ripoti

The minimum number of share holders for joint stock companies is_______________

4

2

7

3

Business Organizations

Tazama Jibu

Swali 2 Ripoti

The transfer of public share holding in corporations to private enterprise is___________?

Incorporation

Concession

Privatization

Commercialization

Maelezo ya Majibu

The transfer of public shareholding in corporations to private enterprise is called privatization. This means that the ownership and control of a company, which was previously held by the government or the public, is now transferred to a private company or individual. Privatization can take many forms, such as selling shares of a public company to private investors, selling off a state-owned enterprise to a private company, or outsourcing government services to private companies. The goal of privatization is usually to improve efficiency, increase competition, and reduce government spending. In summary, privatization refers to the transfer of ownership and control of public companies to private entities, which is done to improve the performance and efficiency of the organization.

Soma maelezo ya somo kwenye Public Finance (JAMB)

Public Finance

Tazama Jibu

Swali 3 Ripoti

An economy in which both the public and private sectors contribute to economic growth is a__________?

socialist economy

feudal economy

mixed economy

capitalist economy

Maelezo ya Majibu

The correct answer is a mixed economy. A mixed economy is an economic system that combines elements of both the public (government) and private sectors. In a mixed economy, the government and private businesses work together to create economic growth and promote social welfare. In a mixed economy, the government is responsible for providing essential services such as healthcare, education, and infrastructure. The private sector, on the other hand, is responsible for creating goods and services that meet the demands of the market. This type of economy allows for the benefits of both capitalism (private enterprise) and socialism (public enterprise) to coexist. It allows the government to regulate and control certain aspects of the economy, while still allowing the private sector to operate and innovate freely. Many modern economies around the world are considered mixed economies, including the United States, Canada, and the United Kingdom.

Tazama Jibu

Swali 4 Ripoti

Taxes and government expenditures are instruments of____________

Monetary policy

Tax policy

Economic policy

Fiscal policy

Maelezo ya Majibu

Taxes and government expenditures are instruments of fiscal policy. Fiscal policy refers to the government's use of its spending and taxation powers to influence the economy. By adjusting the level of taxes and government spending, the government can influence the level of economic activity and control inflation. For example, if the government wants to stimulate economic growth, it may lower taxes and increase government spending. This increases consumer spending and investment, which can boost economic activity. On the other hand, if the government wants to slow down inflation, it may raise taxes and decrease government spending, which can reduce consumer spending and slow down economic growth. In summary, fiscal policy is a crucial tool used by governments to manage their economies and maintain economic stability.

Soma maelezo ya somo kwenye Public Finance (JAMB)

Soma maelezo ya somo kwenye Economic Development And Planning (WAEC)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Public Finance

Economic Development And Planning

Economic Systems

Tazama Jibu

Swali 5 Ripoti

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

deductive reasoning

positive reasoning

normative reasoning

inductive reasoning

Economics As A Science

Economic Systems

Tazama Jibu

Swali 6 Ripoti

The full meaning of NAPEP is?

National Poverty Eradication Programme

National Agency for Poverty and Education Program

National Air Pollution and Environmental Purification

None of the above

Maelezo ya Majibu

The full meaning of NAPEP is National Poverty Eradication Programme. It is a government-led initiative aimed at reducing poverty and improving the standard of living for citizens in a given country. The program typically focuses on providing financial and other forms of support to those living in poverty, with the goal of helping them to become self-sufficient and better able to meet their own needs. The specific activities and approaches of NAPEP can vary from country to country, but the overarching goal is always to help people escape the cycle of poverty and build better lives for themselves and their families.

Tazama Jibu

Swali 7 Ripoti

The mean is the best measure of central tendency because it__________

can be calculated from incomplete data

is a balancing point in an observation

is a midpoint value in an array of data

is not affected by extreme values in a data

Maelezo ya Majibu

The mean is considered the best measure of central tendency because it is a balancing point in an observation. Central tendency refers to the tendency of data to cluster around a particular value in a distribution. The three measures of central tendency are mean, median, and mode. The mean is the arithmetic average of a set of data and is calculated by summing all of the values and dividing by the number of values in the set. The mean is the balancing point in an observation because it takes into account all the values in a set of data and calculates their average. It is the sum of all the values in the set divided by the total number of values. Because the mean is based on all the values in the data set, it is less likely to be affected by extreme values (outliers) than other measures of central tendency, such as the median or mode. In addition to being a balancing point in an observation, the mean has several other advantages as a measure of central tendency. For example, it is easy to calculate and is a useful tool for comparing different data sets. It can also be calculated from incomplete data, which is not the case with other measures of central tendency. Overall, the mean is the best measure of central tendency because it is a balancing point in an observation and takes into account all the values in a data set, making it less likely to be influenced by extreme values.

Soma maelezo ya somo kwenye Methods And Tools Of Economic Analysis (JAMB)

Soma maelezo ya somo kwenye Basic Tools Of Economic Analysis (WAEC)

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Tazama Jibu

Swali 8 Ripoti

The main concern of economists is to________

Control the growth of population

Redistribute income between the rich and poor

Satisfy all human wants

Allocate scarce resources to satisfy human wants

Maelezo ya Majibu

Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye Business Organizations (JAMB)

International Trade

Business Organizations

Tazama Jibu

Swali 9 Ripoti

The factor of production that has the highest degree of mobility is__________?

entrepreneurship

land

labour

capital

Maelezo ya Majibu

The factor of production that has the highest degree of mobility is labor. Labor refers to the human effort used in the production of goods and services. It includes both physical and mental work, such as the work done by factory workers, managers, doctors, and teachers. Unlike other factors of production, such as land and capital, labor is not fixed and can move from one job or industry to another. Labor mobility is the ease with which workers can move between different jobs or locations. It is influenced by factors such as education, skills, training, and the availability of job opportunities. For example, a person with a degree in computer science can easily move from one technology company to another, and a nurse can work in a hospital or a clinic. The mobility of labor is important for the efficient functioning of the economy because it allows workers to move to industries and locations where their skills are in demand, which increases their productivity and wages. It also helps businesses to find the talent they need to grow and innovate, and it enables regions to adapt to changing economic conditions. Therefore, labor mobility is an important aspect of economic growth and development.

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Factors Of Production And Their Theories

Tazama Jibu

Swali 10 Ripoti

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

Sales promotion

Term of trade

Export promotion

International trade

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye International Trade (JAMB)

International Trade

Tazama Jibu

Swali 11 Ripoti

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

Employer’s association

Craft Union

Trade union

Employee’s union

Maelezo ya Majibu

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).

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Population And Labour Market

Tazama Jibu

Swali 12 Ripoti

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

Fixed capital

Social Capital

Circulating capital

Liquid capital

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

Soma maelezo ya somo kwenye Demand (WAEC)

The Theory Of Production

Theory Of Production

Demand

Tazama Jibu

Swali 13 Ripoti

The savings deposit in a commercial bank is called____________?

near money

call money

capital

fund

Public Finance

Banking

Tazama Jibu

Swali 14 Ripoti

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

cost economies

economies of scale

internal economies

external economies

Maelezo ya Majibu

External economies of scale are economies of scale which a firm enjoys by virtue of being in an industry or environment where for instance, similar firms are located, as this question asks about. They are still economies of scale though, so technically B could also be correct. This is one of those tricky questions.

Soma maelezo ya somo kwenye Theory Of Consumer Behaviour (WAEC)

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

Soma maelezo ya somo kwenye Market Structures (WAEC)

Soma maelezo ya somo kwenye Market Structure (JAMB)

Theory Of Consumer Behaviour

Theory Of Production

Market Structures

Market Structure

Tazama Jibu

Swali 15 Ripoti

X	8	10	12	16	18	20	24
F	2	1	4	3	3	1	6

From the table, Calculate the mean?

24.0

17.0

18

27.2

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Methods And Tools Of Economic Analysis (JAMB)

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

Tazama Jibu

Swali 16 Ripoti

If the price per unit is N2, what is the average revenue when 6 men are employed?

N110

N120

N220

N330

Maelezo ya Majibu

Average revenue is obtained by dividing the total revenue by the number of units sold. Thus we have;

660/6 = 110

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

The Theory Of Production

Tazama Jibu

Swali 17 Ripoti

When elasticity is zero, the demand curve is_____________

circular

downward sloping

perfectly inelastic

concave

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

The Theory Of Demand

Tazama Jibu

Swali 18 Ripoti

Which of the following is an advantage of localization of industry?

Development of subsidiary firms

creation of parallel market

development of slums

attraction of foreign capital

Maelezo ya Majibu

Localization of industries refers to the concentration of firms or industries producing similar product in one area. As major firms concentrate in one area, other subsidiary firms that assist the major firms in the production of goods usually emerge.

Soma maelezo ya somo kwenye Industry And Industrialization (JAMB)

Industry And Industrialization

Tazama Jibu

Swali 19 Ripoti

Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?

195 million people per sq km

5132 people per sq km

195 people per sq km

1.7 million people per sq km

Maelezo ya Majibu

To calculate the population density of Nigeria, we need to divide the total population of Nigeria by its total land area. So, Population density of Nigeria = Total population of Nigeria / Total land area of Nigeria Plugging in the values, we get: Population density of Nigeria = 180,000,000 / 923,768 sq km Solving this equation, we get: Population density of Nigeria = 195 people per sq km (rounded to the nearest whole number) Therefore, is the correct answer. Nigeria has a population density of approximately 195 people per square kilometer, which means that on average, there are 195 people living in every square kilometer of land in Nigeria. This number is relatively high compared to some other countries, but it is important to note that population density varies widely depending on factors such as geography, climate, and economic development.

Soma maelezo ya somo kwenye Population (JAMB)

Population

Tazama Jibu

Swali 20 Ripoti

From the table, Calculate the median___________

24.0

17.0

18

16

Maelezo ya Majibu

When a group data is involved, cumulative frequency is used. The formula will be:

Median=[(N+1)/2]th

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

Median=([N/2[N/2+1]th)/2

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

Solution:

X	8	10	12	16	18	20	24
F	2	1	4	3	3	1	6
Cumulative Frequency	2	3	7	10	13	14	20

When a group data is involved, cumulative frequency is used. The formula will be:

Median=[(N+1)/2]th

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

Median=([N/2[N/2+1]th)/2

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

Solution:

Soma maelezo ya somo kwenye Methods And Tools Of Economic Analysis (JAMB)

Soma maelezo ya somo kwenye Definition And Scope Of Economics (WAEC)

Soma maelezo ya somo kwenye Basic Tools Of Economic Analysis (WAEC)

Methods And Tools Of Economic Analysis

Definition And Scope Of Economics

Basic Tools Of Economic Analysis

Tazama Jibu

Swali 21 Ripoti

The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?

Revenue generation

Economic development

Fiscal Policy

Taxation

Maelezo ya Majibu

The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as Fiscal Policy. Fiscal policy involves the use of government spending and taxation to influence the economy's performance. For example, during a recession, the government may increase its spending to stimulate economic growth and create jobs. Alternatively, during a period of high inflation, the government may reduce its spending and increase taxes to reduce the amount of money in circulation and lower inflation. Fiscal policy can be used to achieve various economic objectives, such as stabilizing the economy, promoting economic growth, and reducing income inequality. It is an essential tool for governments to manage the economy and ensure its stability and growth over the long term.

Soma maelezo ya somo kwenye Public Finance (WAEC)

Public Finance

Tazama Jibu

Swali 22 Ripoti

Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture

1:2

3:2

2:1

2:3

Maelezo ya Majibu

Total budget = N100,000,000

Portion of pie chart covered in degree = 360

Expenditure on manufacturing = x/N100,000,000 × 3600 = 360

3600x = 360 × N100,000,000

x = 360×N100,000,000/3600

x=N10,000,000

Therefore, the budget allocated to Manufacturing is N10,000,000

Total budget = N100,000,000

Portion of pie chart covered in degree = 720

Expenditure on Agriculture = x/N100,000,000 × 3600 = 720

3600x = 720 × N100,000,000

x = 720 × N100,000,000/3600

x = N20,000,000

Therefore, the budget allocated to Agriculture is N20,000,000

Ratio of expenditure on Manufacturing to Agriculture;

Ratio = 10,000,000:20,000,000

=1:2

Tazama Jibu

Swali 23 Ripoti

Commercial bank reserves at the Central Bank____________

advancing trade, prospects

controlling credit and money supply

reducing bank frauds

discouraging banking operations

Banking

Tazama Jibu

Swali 24 Ripoti

Which of the following is an invisible item?

Petroleum services

Processed rice

Processed milk

Banking services

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye Banking (JAMB)

Soma maelezo ya somo kwenye Money And Inflation (JAMB)

Banking

Money And Inflation

Tazama Jibu

Swali 25 Ripoti

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?

$2,400.00

$2,000.00

$1,200.00

$1,000.00

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye Public Finance (WAEC)

Soma maelezo ya somo kwenye Public Finance (JAMB)

Public Finance

Tazama Jibu

Swali 26 Ripoti

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

Internal trade

Multilateral trade

Dilateral trade

Trilateral trade

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye Economic Integration (WAEC)

International Trade

Economic Integration

Tazama Jibu

Swali 27 Ripoti

The need to construct a scale of preference is necessitated by____________

scarcity and the need for choice

The needs to satisfy wants

Non - availability of factors of production

Scarcity of resources

Maelezo ya Majibu

The need to construct a scale of preference is necessitated by scarcity and the need for choice. Resources are limited, but human wants and needs are unlimited. This creates a situation of scarcity, where people must make choices about how to allocate their resources to satisfy their most pressing needs and wants. A scale of preference is a tool that helps individuals to prioritize their wants and needs, so that they can make informed choices about how to allocate their limited resources. For example, imagine you have a limited amount of money to spend on groceries for the week. You have a long list of items you want to buy, but you can't afford to buy them all. By constructing a scale of preference, you can prioritize the items on your list according to how important they are to you. You might decide that buying bread, milk, and vegetables are your top priorities, while buying luxury items like chocolates and wine are lower on your list. This allows you to make the most of your limited resources and satisfy your most pressing needs first. Therefore, the need to construct a scale of preference is necessitated by scarcity and the need for choice, as it helps individuals to allocate their limited resources in a way that best satisfies their wants and needs.

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Tazama Jibu

Swali 28 Ripoti

A country's budget allocation to various sectors of the economy is shown in the pie chart.

What is the ratio of expenditure of health to Agriculture?

2:3

3:4

4:3

5:4

Maelezo ya Majibu

Total budget =$7,200

Expenditure on Health = x/$7200 × 3600 = 600

3600x = 600 × $7200

x = 600×$7200/3600

x = $1,200

Therefore, the budget allocated to Health is $1,200

Expenditure on Agriculture =x /$7200 × 3600 = 800

3600x = 800 × $7200

x = 800 × $7200/3600

x=$1,600

Therefore, the budget allocated to Agriculture is $1,600

Ratio of expenditure on Health to Agriculture;

Ratio=1200:1600

=3:4

Soma maelezo ya somo kwenye Public Finance (JAMB)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Tazama Jibu

Swali 29 Ripoti

A capital market differs from the money market in that in the former _____?

The percentage of interest charged is more

Loan sought is long term

Loan repayment is guaranteed

Loan sought is short-term

Maelezo ya Majibu

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.

Soma maelezo ya somo kwenye Theory Of Consumer Behaviour (WAEC)

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Theory Of Consumer Behaviour

Theory Of Price Determination

Tazama Jibu

Swali 30 Ripoti

The expression of cost in terms of alternative forgone is referred to as ____?

Scarce resources

Decision making

Opportunity cost

Choice

Maelezo ya Majibu

The expression of cost in terms of alternative forgone is referred to as "Opportunity cost". Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action or decision. In other words, it is the value of the next best alternative that you have to give up in order to choose a certain option. For example, if you have $100 and you can either buy a new book or go to a concert, the opportunity cost of buying the book is the value you would have received from going to the concert (and vice versa). If you choose to buy the book, you give up the experience of going to the concert, and if you choose to go to the concert, you give up the value you would have received from the book. Opportunity cost is an important concept in decision making, economics, and business, because it helps us understand the trade-offs that we make when we make choices with limited resources. By considering the opportunity cost of different options, we can make more informed and rational decisions about how to allocate our resources.

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Theory Of Costs

Tazama Jibu

Swali 31 Ripoti

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

The activities of multinationals

inadequate personnel at the secretariat

political instability

inadequate international support

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Economic Integration (WAEC)

Soma maelezo ya somo kwenye Market Structure (JAMB)

Economic Integration

Market Structure

Tazama Jibu

Swali 32 Ripoti

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

R

T

S

U

Theory Of Production

Market Structures

Tazama Jibu

Swali 33 Ripoti

The reward for capital is___________

Interest

Rent

Risk

Premium

Maelezo ya Majibu

The reward for capital refers to the return or compensation that an investor receives for providing their money as an investment in a business or project. This reward can take various forms, but some common ones are interest, rent, and dividends. Interest is a reward for lending money, and it is usually expressed as a percentage of the amount borrowed. For example, if you lend $1,000 to a company that promises to pay you 5% interest, you will receive $50 in interest payments each year. Rent is another form of reward for capital, and it is often associated with real estate. If you own a property and rent it out to tenants, you receive a regular income stream in the form of rent payments. This income can be a reward for the capital you have invested in the property. Risk is also a consideration when it comes to the reward for capital. Investments with higher risks may have the potential for higher returns, but they also have a greater chance of losing money. Therefore, investors who take on greater risk may expect a higher reward for their capital. Premium refers to an additional payment made to investors above and beyond their expected return. This may be offered to incentivize investment or to reward investors who are willing to take on greater risk or tie up their capital for a longer period of time. In summary, the reward for capital can take many forms, but it generally refers to the return that investors receive for putting their money to work in a business or investment. The specific form of the reward will depend on the type of investment and the risks involved.

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Factors Of Production And Their Theories

Tazama Jibu

Swali 34 Ripoti

Efficiency of labour in a country is determined by the following except the____________

Social attitude to work

Education and training

Total population

Working conditions of workers

Maelezo ya Majibu

Efficiency of labour may be defined as the ability of labour to increase output without increasing the quantity of labour. Increase in efficiency is usually expressed in terms of increase in output of labour within a shorter period of time without any fall in the quality of goods and services produced. Factors which affect efficiency of labour include Education and training, attitude to work, working conditions of workers. However, total population is not a factor that affects efficiency of workers.

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye Theory Of Consumer Behaviour (WAEC)

Soma maelezo ya somo kwenye Population And Labour Market (WAEC)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Agriculture

Theory Of Consumer Behaviour

Population And Labour Market

The Theory Of Price Determination

Tazama Jibu

Swali 35 Ripoti

By utility we mean____________

beneficial

power of satisfying a want

advantageous

consumable

Theory Of Price Determination

The Theory Of Demand

Supply

Demand

Tazama Jibu

Swali 36 Ripoti

The ultimate objectives of economics is to_________?

decide under what circumstances that government should intervene in the economy

Organize production at the lowest cost

Make the best use of scarce resources

make efforts to understands how the economy works

Maelezo ya Majibu

The ultimate objective of economics is to make the best use of scarce resources. This means that economics seeks to understand how people, businesses, and societies allocate limited resources such as land, labor, capital, and technology in order to satisfy unlimited wants and needs. The goal is to ensure that resources are used in the most efficient and effective way possible, so that people can enjoy a higher standard of living and greater economic prosperity.

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economics As A Science

Economic Systems

Tazama Jibu

Swali 37 Ripoti

As a factor of production, the reward for land is?

Profit

Interest

Rent

Wage

Maelezo ya Majibu

The reward for land as a factor of production is rent. Rent is the payment made by a tenant or user of land to the owner of the land in exchange for the right to use the land. Land, as a factor of production, refers to the natural resources such as water, air, forests, minerals, and other resources that are used in the production process. Unlike labor and capital, land is considered to have a fixed supply, which means that its availability is limited. Therefore, the price of land is determined by the demand for it, which is influenced by factors such as location, natural resources, and economic activity. In summary, the reward for land is rent, which is the payment made by a tenant or user of land to the owner of the land in exchange for the right to use the land.

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Factors Of Production And Their Theories

Tazama Jibu

Swali 38 Ripoti

When a variable is associated with time period, it is_____________

circular

a flow

static

a stock

Methods And Tools Of Economic Analysis

Tazama Jibu

Swali 39 Ripoti

Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

N20m

N380m

N200m

N180m

Maelezo ya Majibu

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

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Tazama Jibu

Swali 40 Ripoti

The Economic Commission for Africa was set up by the_________

UNO

ECOWAS

OAU

IMF

Maelezo ya Majibu

The Economic Commission for Africa (ECA) was set up by the United Nations (UN) in 1958. The ECA is one of the UN's five regional commissions and it was established to promote economic and social development in Africa. The ECA's primary objective is to provide research and policy analysis, as well as technical assistance, to African governments, with the goal of supporting their efforts to achieve sustainable and inclusive economic growth. The ECA also works to promote regional integration and cooperation among African countries, as well as to foster partnerships with other regions of the world. Therefore, the correct answer is the UNO.

Soma maelezo ya somo kwenye International Economic Organizations (WAEC)

International Economic Organizations

Tazama Jibu






Bonyeza na Ushikilie kuvuta kuzunguka
Bonyeza Hapa Kufunga