JAMB UTME - Economics - 2018
Ibeere 1 Ìròyìn
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The different types of capital include: Fixed capital, which are assets not used up in the course of production. Circulatory or Working capitals are assets which are used up in the process of production Eg. Raw materials, fuel etc Social capital is the assets provided by the government that aid production. Examples include electricity, water etc.
Saving capital is not a type of capital
Ibeere 2 Ìròyìn
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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Ibeere 3 Ìròyìn
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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Ibeere 5 Ìròyìn
The privatization exercise in Nigeria is a move towards a____________
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Ibeere 6 Ìròyìn
Which of the following is an invisible item?
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Ibeere 7 Ìròyìn
Consider the following statements:
1. Climate and availability of water largely determines the pattern of the population distribution.
2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land
Which of the statement(s) given above is/are correct
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Ibeere 8 Ìròyìn
The transfer of public share holding in corporations to private enterprise is___________?
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Ibeere 9 Ìròyìn
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Ibeere 10 Ìròyìn
From the graph above the consumer will attain equilibrium at point_______________
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Ibeere 11 Ìròyìn
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Ibeere 12 Ìròyìn
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Ibeere 13 Ìròyìn
The need to construct a scale of preference is necessitated by____________
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Ibeere 14 Ìròyìn
The diagram below represents a production function. At which of the points does diminishing returns set in __________
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Ibeere 15 Ìròyìn
| X | 2 | 3 | 4 | 5 |
| F | 2 | 5 | 2 | 1 |
What is the median of the distribution?
Awọn alaye Idahun
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
Ibeere 16 Ìròyìn
If the standard deviation of a given data is 8.2, find its variance_______________
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Ibeere 17 Ìròyìn
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Ibeere 18 Ìròyìn
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Ibeere 19 Ìròyìn
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Ibeere 20 Ìròyìn
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
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Ibeere 21 Ìròyìn
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Ibeere 22 Ìròyìn
If the pass mark was 40, how many students passed the examination?
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Ibeere 23 Ìròyìn
In the long run, all production factors are____________
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Ibeere 24 Ìròyìn
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Ibeere 25 Ìròyìn
An ad valorem tax is imposed on_____?
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Ibeere 26 Ìròyìn
From the table, how many people scored above 6?
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number of people who scored above 6=5+4+9+6
=24
Ibeere 27 Ìròyìn
The mean is the best measure of central tendency because it__________
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Ibeere 28 Ìròyìn
From the diagram shown, the optional point of production is_____________?
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Ibeere 29 Ìròyìn
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Ibeere 30 Ìròyìn
The money paid per hour for work done is_________
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Ibeere 31 Ìròyìn
In an open economy, the GNP is measured as_____________?
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Ibeere 33 Ìròyìn
If the price per unit is N2, what is the average revenue when 6 men are employed?
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Average revenue is obtained by dividing the total revenue by the number of units sold. Thus we have;
660/6 = 110
Ibeere 34 Ìròyìn
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the mean?
Awọn alaye Idahun
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
Ibeere 35 Ìròyìn
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Ibeere 36 Ìròyìn
From the table, Calculate the median___________
Awọn alaye Idahun
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:
Ibeere 38 Ìròyìn
Concentrating industries in one place is advantageous because there are gains in terms of_____________
Awọn alaye Idahun
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.
Ibeere 39 Ìròyìn
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Ibeere 40 Ìròyìn
