2023 - JAMB Economics Past Questions and Answers - page 5

Public corporations are often financed with taxpayers' money. Public corporations are entities that are owned and operated by the government. Their funding typically comes from government budgets, and they may also generate revenue through their operations.

Taxpayer money is a significant source of financing for public corporations, allowing them to carry out various functions and services on behalf of the public.

"Marginal utility falls as consumption increases." The law of diminishing marginal utility explains that as a consumer consumes more units of a good, the additional satisfaction or marginal utility derived from each additional unit tends to decrease. This diminishing marginal utility leads to a lower willingness to pay for each additional unit, resulting in a downward-sloping demand curve.

The law of supply states that, other things being constant, as the price increases, the quantity supplied increases. Option C correctly identifies the relationship between price and quantity supplied according to the law of supply.

The age group that belongs to the active labour force is typically 18 to 64 years. This age range is considered the working-age population, and individuals within this age group are usually eligible and expected to participate in the labour force.

The economies of many West African countries depend mainly on primary products. These primary products include agricultural products, minerals, and other natural resources. The reliance on primary products characterizes many economies in the region, and the export of these products often plays a significant role in their economic activities.

The number of people who are qualified to work and who offer themselves for employment are called the working population. This group includes individuals who are of working age and are available for and actively seeking employment.

An industry is a group of firms producing related goods or services. The firms within an industry are involved in the production of products or services that are related or similar in nature.

The point labeled 'E' on the graph signifies technological inefficiency, underemployment, widespread unemployment, or inefficient utilization of resources, indicating suboptimal production levels.

The type of price elasticity of demand for a commodity whose quantity demanded remains unchanged despite changes in the price is referred to as "Perfectly inelastic." In this case, the demand does not respond to changes in price, and the quantity demanded remains constant.

The central bank is not typically considered an economic agent in the same sense as households, firms, and the government. In an economy, economic agents include households (consumers), firms (businesses), and the government. The central bank, while playing a crucial role in the economy, is more of a regulatory and monetary authority rather than an economic agent engaged in production or consumption.