2018 - JAMB Economics Past Questions and Answers - page 5
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the median___________
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:
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
| Cumulative Frequency | 2 | 3 | 7 | 10 | 13 | 14 | 20 |
The expression of cost in terms of alternative forgone is referred to as ____?
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.
The full meaning of NAPEP is?
Taxes and government expenditures are instruments of____________
As a factor of production, the reward for land is?
The diagram below represents a production function. At which of the points does diminishing returns set in__________
Law of diminishing returns states that as more units of a variable input are added to fixed amounts of land and capital, the charge in total output will first rise and then fall.
The two major types of international trade are Bilateral trade and?
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
A country's budget allocation to various sectors of the economy is shown in the pie chart .
If the budget of the country was $7,200.00, how much is allocated to education?
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
In a capitalist economy, factors of production are owned and controlled by the _____?
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.