2012 - JAMB Economics Past Questions and Answers - page 4

The primary goal of economic growth is to improve the overall well-being of the population. This is achieved by raising the standard of living, which includes: * Increased income. * Access to better goods and services. * Improved healthcare and education. While economic growth can contribute to reducing poverty (B) and potentially help with income redistribution (C), and can be impacted by inflation (A), the overarching and most direct result is an elevated standard of living.

Soya beans is the emerging agricultural export crop in Nigeria. Cassava, cotton and cocoa have been export crops for a longer period.

The sugar industry is best located near the source of raw materials because: * Sugar production involves processing bulky sugarcane. * The weight and volume of sugarcane are significantly reduced during processing. * Transporting a large quantity of sugarcane over long distances would be expensive. * Locating the factory near the raw materials (sugarcane farms) reduces transportation costs and spoilage risks.

Small-scale industries in Nigeria, and in many developing economies, primarily contribute to the economy by providing jobs. While they may also have some impact on the other areas, the most significant contribution is in terms of employment.

Here's why the cost of transportation is directly affected by a change in the pump price of petrol: * **Direct Relationship:** Petrol is a primary input cost for transportation. Vehicles (cars, buses, trucks, etc.) need petrol to operate. * **Cost Increase:** If the price of petrol increases, the cost of running these vehicles increases. This is because it costs more to fuel them. * **Transportation Costs Rise:** As the cost of fueling vehicles increases, transportation companies and individuals will need to raise their prices to cover these expenses, leading to a rise in the cost of transportation. * **Indirect Effects:** While the price of petrol can indirectly affect other things (like consumer goods and raw materials), the immediate and most direct effect is on the cost of transportation.

Deregulation is a policy that reduces government intervention in the economy. It often involves removing trade barriers, simplifying regulations, and promoting competition. These actions can make a country's economy more open and integrated with the global economy.

The Malthusian theory, proposed by Thomas Robert Malthus, primarily focused on the relationship between population growth and the availability of natural resources, particularly food. Malthus argued that population tends to grow geometrically (e.g., 2, 4, 8, 16), while food production increases arithmetically (e.g., 1, 2, 3, 4). This imbalance, he posited, would lead to famine, disease, and war unless population growth was checked.