2001 - JAMB Economics Past Questions and Answers - page 5

A change in supply is defined as a shift of the entire supply curve, either to the left (decrease in supply) or to the right (increase in supply). This is caused by factors other than the price of the good itself. Options C and D are incorrect as they only describe a shift to the left. Option A describes a change in quantity supplied, which is a movement along the supply curve due to a change in price.

When a generalization is made based on observed facts, it's known as inductive reasoning.

• Inductive reasoning moves from specific observations to a broader generalization or theory.
• Deductive reasoning starts with a general statement (theory) and then examines possibilities to reach a specific, logical conclusion.
• Theoretical reasoning uses existing theories to explain or predict phenomena.
• Normative reasoning is based on values and opinions about what "should" be.

The demand curve illustrates the relationship between the price of a good or service and the quantity demanded. According to the law of demand, as the price of a good increases, the quantity demanded decreases, and vice versa. This indicates an inverse or negative relationship between price and quantity demanded.

The arithmetic mean is calculated by summing all the numbers and dividing by the count of numbers.

1. Set up the equation: (1 + 2 + 3 + 4 + 5 + 6 + x + 16 + 18) / 9 = 8
2. Simplify the equation: (55 + x) / 9 = 8
3. Multiply both sides by 9: 55 + x = 72
4. Solve for x: x = 72 - 55
5. Calculate x: x = 17