2017 - JAMB Economics Past Questions and Answers - page 3

Tariffs are taxes or duties imposed on imports and exports by the government of a country. The idea behind tariffs is to restrict the volume of trade or improve the international terms of trade.

Form utility refers to the change in the form or structure of a commodity during its manufacturing process in other to increase its utility. For example, a change in the form of raw cotton to clothing material. Cotton in its raw form does not give satisfaction until it is changed to a clothing

Consumer Confidence Index (CCI), measures how consumers feel about the current and future economic conditions. Money supply, is a representation of the total amount of money a country has in circulation. Employment and others such as Retail Number, Housing Starts, Manufacturing Trade Inventories and sales etc. However, GPP is not a measures of economic growth.

There are other indicators of economic growth such as; Gross domestic product which is the aggregate measure of the total economic production of a country

A perfect market may be defined as one in which buyers or sellers cannot influence the price of goods and services. An imperfect market however is the market in which price of goods or services can easily be influenced by the seller or buyers

The economic question of "how to produce" refers to, which techniques are to be adopted? This question is important because the choice of technique depends on the prices of the factors of production.

That is, if labour is cheap and capital is expensive, a labor-intensive technique would be considered and vice-versa. The prices of labour and capital are determined by the demand for and supply of labour and capital respectively.

The Mode refers to the most occurring number in a set of numbers or data. It is the most occurring value in a distribution.

The most direct economic impact of a trans-boundary pest or disease is the loss or reduced
efficiency of agricultural production weather of reduced productivity on crops or animals can be
long lasting. Although the loss of output from a trans-boundary pest or diseases may appear easy
to identify, it can nevertheless be difficult to measure in precise economic terms.

Tax, government generate income or revenues by taxing individual and corporate bodies. This process is referred to as taxation. Taxation is the act or method of imposing a compulsory levy by the government or it's agency on individuals and firms or on goods and services. Tax is the compulsory levy imposed by the government or it's agency on individuals and firm or on goods and services

Price control policy refers to how the government or its agency fixes the price of essential commodities. Price control is carried out in Nigeria by the price control board.

The price system function such a manner that the adjustments in the System take place almost automatically without and direction or dictation from a central authority, Price is the coordinator both of production and Consumption. The consumer’s are able to convey their preferences through the prices they are willing to offer. Similarly, the producers are able to indicate the accuracy or abundance of a commodity by mean of the price they are willing to accept, If price rise it changes demand and stimulates supply and vice versa. If there is a greater demand for a commodity than the supply thereof, then the adjustment between the two will be brought about. Conversely, if the supply is greater than the demand, the price will fall and bring about an equilibrium between the two