2011 - JAMB Economics Past Questions and Answers - page 1

The money paid per hour for work done is the wage rate.

• Wage rate: This is the payment received for each hour of work.
• Salary: This is a fixed amount of money paid regularly (e.g., monthly or annually), often for professional or white-collar jobs, not necessarily tied to an hourly rate.
• Cost: This refers to the expenses incurred in producing goods or services.
• Bonus: This is an extra payment given in addition to the regular wage or salary, often based on performance.

The World Trade Organization (WTO) primarily focuses on:

• Reducing trade barriers: The WTO aims to lower tariffs, quotas, and other obstacles that hinder international trade.
• Facilitating trade: The WTO provides a framework and forum for negotiations to promote smoother and more predictable trade flows.
• Settling trade disputes: The WTO has a mechanism for resolving trade disputes between member countries.

The question refers to a schedule, which likely represents a demand schedule. A normal demand curve is a graphical representation of the relationship between price and quantity demanded, where, all other things being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa. The other options do not accurately describe the typical representation of a demand schedule.