2015 - JAMB Economics Past Questions and Answers - page 5
41
Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
A
24
B
5
C
19
D
12
correct option: c
Range is the difference between the highest and the lowest value in a set of data.
Highest value = 24
Lowest value = 5
The range = 24 – 5
= 19
Users' Answers & CommentsHighest value = 24
Lowest value = 5
The range = 24 – 5
= 19
42
All the following are properties of an indifference curves except
A
it can intersect
B
it slopes downward from left to right like that of a normal demand curve
C
as it shift rightward it indicate higher and higher level of satisfaction
D
it does not intersect
correct option: a
Users' Answers & Comments43
Isocost and isoquant can be attributed to
A
Theory of consumer behaviour
B
Theory of cost
C
Theory of production
D
Theory of value
correct option: c
Users' Answers & Comments44
A
total cost
B
variable cost
C
fixed cost
D
marginal cost
correct option: c
Users' Answers & Comments45
A
proportional tax
B
regressive tax
C
value added
D
progressive tax
correct option: a
A proportional tax is a flat rate payment of tax. The same level of tax is paid irrespective of the level of income or wealth.
Users' Answers & Comments46
A
regressive tax
B
progressive tax
C
value added tax
D
proportional tax
correct option: a
A regressive tax falls as incomes increases while progressive tax rises as income increases. Proportional tax is a flat rate while value added tax is the tax imposed on goods and services at each stage of production.
Users' Answers & Comments47
What would be likely to increase inflation in any economy?
A
Increase in demand
B
Reduce public spending
C
Control excessive import
D
Increase in direct tax
correct option: a
Excess demand without a corresponding increase in supply causes inflation.
Users' Answers & Comments48
The term of trade can be expressed as
A
(Price index of export ÷ Price index of export)× 100
B
(price index of import ÷ price index of export) × 100
C
(Price index of export ÷ Price index of import)× 100
D
(Price index of export ÷ Price index of import)× 100
correct option: c
Term of trade is the comparison between visible and invisible export and visible and invisible import expresses in price. The ratio of export to import. It could be expressed as
(price index of export ÷ price index of import) × 100
Which can be dented as (px ÷pm) × 100
Users' Answers & Comments(price index of export ÷ price index of import) × 100
Which can be dented as (px ÷pm) × 100
49
The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
A
2
B
0.4
C
1
D
0.5
correct option: d
The Marginal Propensity to Consume (MPC) is the additional amount consumed as a fraction of additional disposable income.
Initial income = N150.
New income = N250.
Change in income = N250 – N150 = 100
Initial consumption = N100
New consumption = N150.
Change in consumption = N150 - N100 = N50.
MPC = Change in consumption ÷ Change in income .
= 50/100 = ½
MPC = 0.5
Users' Answers & CommentsInitial income = N150.
New income = N250.
Change in income = N250 – N150 = 100
Initial consumption = N100
New consumption = N150.
Change in consumption = N150 - N100 = N50.
MPC = Change in consumption ÷ Change in income .
= 50/100 = ½
MPC = 0.5
50
The study of broad economic aggregates is
A
Macro economics
B
deductive method of economic analysis
C
micro economics
D
Inductive method of economics analysis
correct option: a
Macro Economics studies the fluctuations in the levels of large aggregates and way to prevent the fluctuation.
Users' Answers & Comments