2019 - JAMB Economics Past Questions and Answers - page 7
Which of the following persons is engaged in "Secondary Production"?
I - a bricklayer
II - an automobile assembly-line worker
III - an accountant
IV - a cinema projectionist
Tthe transformation of extractive product into finished goods or semi-finished goods is seen as secondary production.
Let capital formation = CF, Production = P, C = consumption. Then CF =_______
The increasing a country's stock of real capital is known as capital formation or capital accumulation.
There must be increase in savings and reduction in consumption of consumer goods i.e consumption must be minus from production.
If wage rate is less than the average revenue product, the firms would be earning________
MRP = Marginal Revenue Product
ARP = Average Revenue Product
Therefore, if the wage rate is less than the ARP, the firm will make super normal profit. As a result, new forms will enter the industry and the demand for labour will increase which will push up the wage rate so as to be equal to the ARP.
The determination of wages in a labour market depends on the_______
Labour laws and other forces, the interaction between dd and ss of labour determines the wages in a labour market irrespective of the presence of labour Union.
i.e where dd for labour equals ss of labour.
If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______
Attempt to increase price will make the demand for the commodity to fall to zero. The seller or prouder will bear the whole burden of taxation.
Most of the National debts is "dead weight" in the sense that is____
A debt that is incurred to meet current needs without the security of an enduring asset is seen as Dead weight.
It is usually incurred by the government
The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______
The sitting of a firm in a particular area is seen as location of industry.
The benefits a firm derive i.e economies of scale is one of the principle in location of industry.
External economies arises essentially from__________
The benefits a firm derives from concentration or localisation of industries in a particular area or the benefits a firm enjoys from increase in its output and decrease in cost as a result of the kind of assistance it derives from other firms is seen as an external economie
The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________
80,000 child were given birth in the country in 1976.
Since the population in the country is 10pm and 8.0 gave birth to live child.
Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)
Terms of trade = \(\frac {\text{Index of export prices}} {\text{Index of import prices}}\) x 100
\(\frac {106}{102}\) x 100
= 103.9
≈ 104