2018 - JAMB Economics Past Questions and Answers - page 5

For a grouped data, we use cumulative frequency:

  Median=[(N+1)/2]th

  For member of odd number items. (ie. N is odd)

  Median=([N/2[N/2+1]th)/2

  Solution:

Opportunity cost is defined as the expression of cost in terms of alternative forgone. It is the satisfaction of one’s want at the expense of another want.

Multilateral trade is a type of international trade in which a country trades with many other countries. This ensures international division of labour. It is the type of trade in which many countries exchange their goods and services

  Total budget = $7,200

  Expenditure on education = x/$7200 × 3600 = 1200

  3600x = 1200 × $7200

  x = 1200 × $7200/3600

  x = $2,400

  Hence, budget allocated to education = $2,400

Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.