2024 - JAMB Economics Past Questions and Answers - page 3

Deflation is defined as a persistent fall in the general price level of goods and services in an economy.

The question describes the transformation of raw materials into semi-finished goods.* Processing is the industry that involves the transformation of raw materials into intermediate or semi-finished products.* Mining is the extraction of raw materials.* Manufacturing involves the transformation of raw materials or semi-finished goods into finished products.* Conversion is too broad and does not accurately describe the industry.

A profit-maximizing firm will hire labor up to the point where the marginal revenue product (MRP) of labor equals the wage rate (which is the marginal cost of labor under perfect competition). The MRP is the additional revenue generated by employing one more unit of labor. The firm will continue to hire labor as long as the additional revenue (from the labor) exceeds the additional cost (of the labor). Therefore, profit maximization occurs where the addition to total revenue (TR) equals the addition to total cost (TC).

Economic planning aims to improve the economy and the well-being of citizens. The following are typical objectives of economic planning:* Equitable allocation of resources: Ensuring that resources are distributed fairly.* Achieving economic growth: Increasing the production of goods and services.* Creating employment: Reducing unemployment and providing job opportunities.Widening the income gap is the opposite of what economic planning strives to achieve. Therefore, it is not an objective of economic planning.

In the long-run, a firm operates in a period where all inputs and costs are variable. This means the firm has the flexibility to adjust its plant size and all other factors of production to achieve the most efficient scale of operation.* Option A: Average variable cost is not necessarily fixed in the long run.* Option B: This is the correct answer. In the long run, all costs, including fixed costs, can be adjusted.* Option C: Only variable costs changing is a characteristic of the short run, not the long run.* Option D: Fixed costs can be changed in the long run.

The United Nations Conference on Trade and Development (UNCTAD) focuses on assisting developing countries to integrate into the world economy. Key functions of UNCTAD include:* Promoting trade and investment opportunities for developing countries.* Providing a forum for intergovernmental discussions on trade and development issues.* Conducting research and analysis to support developing countries' policy-making.* Providing technical assistance.Therefore, the primary objective that aligns with UNCTAD's function is to increase the share of less developed countries in world trade.

The correct order in the chain of distribution is:* Producer: The manufacturer of the goods.* Wholesaler: Buys goods in bulk from the producer.* Retailer: Buys goods from the wholesaler and sells them to the final consumers.* Consumer: The end-user of the product.

At the equilibrium price, the quantity demanded by consumers is equal to the quantity supplied by producers. This is the point where the supply and demand curves intersect, and the market is cleared.

The correct answer is mixed because in a mixed economy, economic decisions are made by a combination of private individuals and the government (state). This involves both market forces (private sector) and government intervention.

Here's how to solve this problem:1. Calculate the number of JSS students: 600 students * 60% = 360 students2. Calculate the number of SSS students: 600 total students - 360 JSS students = 240 students