2018 - JAMB Economics Past Questions and Answers - page 6

Labour efficiency is an integral part of your business, as it tells you how efficient your mechanics are, over time. It is also a key performance indicator (KPI) which defines how much of the technician's time is spent working productively. There are numerous factors that can influence the efficiency of labour. dragon2000.co.uk

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. ... Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency. frbsf.org

The terms of trade (TOT) is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.

Mean= ∑fx/∑f

  =(16+10+48+48+54+20+144)/(2+1+4+3+3+1+6)

  =340/20

  =17.0

 

Working population also known as labour force refers to the total number of persons available to supply the labour for the production of economic goods and services.

Total budget = $7,200

  Expenditure on Health =x/$7200 × 3600 = 600

  3600x = 600 × $7200

  x = 600×$7200/3600

  x = $1,200

  Budget allocated to Health is $1,200

  Expenditure on Agriculture = x /$7200 × 3600 = 800

  3600x = 800 × $7200

  x = 800 × $7200/3600

  x=$1,600

  Budget allocated to Agriculture is $1,600

  Ratio of expenditure on Health to Agriculture;

  Ratio=1200:1600

  =3:4

Invisible export is in economics refers to any export that does not have a tangible physical presence (e.g. expertise, insurance underwriting). It consists of services rendered to other countries. Such services include transport, banking, insurance and other consulting service.

Total population = 100,000,000

  Total land area = 50 sq km

  Population density=(Total population) / (Land area)

  =100,000000/50

  =2,000,000

  =2 million persons per sq km

Rural-urban migration is the movement of people from rural areas such as villages to urban centers. The establishment of industries, projects and businesses that will absorb the rural working population and reverse labor movement will go a long way in reducing rural-urban drift.

Fiscal policy is the use of income and expenditure instruments or policies to control or regulate the economic activities of a country. It is a plain action by government pertaining to the raising of revenue through taxation and other means and the pattern of expenditure to be applied.