2019 - JAMB Economics Past Questions and Answers - page 2
The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______
| Arithmetic | Mean | = | ∑X
N |
, |
where N = Number of observation and X is observations
Therefore;
| 5 + 8 + 10 + 15 + 24 + 28
6 |
| = | 90
6 |
= | 15 |
A method of analysis that draws conclusions from data rather than general Principles already known is________
Inductive reasoning from basic facts of an event because makes use of mathematical & statistical computations, it draws conclusion.
The money market equilibrium is defined as_________
where L = money demand, μ = money supply
Thus μ = LT(γ) + Ls(r)
The money market is in equilibrium when the demand and supply of money are equal i.e L= u
An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________
Slump inflation is an economic which idleness and under utilization of resources such as capital and labour.
An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________
One of the tools or instrument of monetary policy used by central bank to control credit in an economy is Called credit celling.
Restrictive monetary policy is designed to curtail aggregate demand and to overcome________
The use to increase interest rate and reduce investment so as to control inflation in an economy is known as Restrictive Monetary policy or also known as contractionary Monetary policy.
The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________
A scale of production set the size of plant, the number of plants installed and the technique of product is known as Economics of scale. In the short-run, there is no time for the plant to expand while in the long-run, there is enough time for the firm to expand its size of plant which makes the AC α MC shape flatter.
The most important cost curve for the firm is_________
What shows the cost per unit of any chosen output is the Average cost
In the case of highly or close complementary goods, the indifference curve is_______
From what is seen in diagram, the shape is near the bend i.e Curvature at point A and point B (point of Origin).
One of these is not an assumption of the cardinalist theory of utility?