Economics 2006 Jamb Examination
Question 31
When a large portion of the population consists of dependents (children and the aged), the working population bears more responsibility, lowering overall standard of living.
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Question 32
Frequent power outages (epileptic power supply) increase production costs and discourage industrial investment in Nigeria.
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Question 33
Minimum wage laws encourage more people to offer their services at the new wage, thereby increasing the supply of labour.
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Question 34
Oil shock refers to sudden disruptions in oil supply leading to shortages and a sharp rise in oil prices globally.
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Question 35
Census in Nigeria is often hindered by political interference and lack of political will, as population figures affect revenue allocation and representation.
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Question 36
The marginal productivity theory is based on the assumption of perfect competition, where factors are paid according to their marginal productivity.
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Question 37
In the short run, when diminishing returns set in, additional units of input lead to higher average costs, hence a rising average cost curve.
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Question 38
Labour is the active factor of production because it applies effort to utilize land, capital, and entrepreneurship to produce goods and services.
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Question 39
In an oligopoly, firms are interdependent because the actions of one firm on price or output affect others in the market.
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Question 40
The marginal cost curve intersects the average cost curve at its minimum point; this is the point where both are equal.
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y = 2x2 − 21x + 64Â
y = 3x + a
In the given system of equations, a is a constant. The graphs of the equations in the given system intersect at exactly one point, (x, y), in the x y-plane.
What is the value of x ?
A character whose action or qualities serve to heighten those of the hero through contrast is__________
\[\begin{array}{|cl|l|l|} \hline \text{I.} & \text{Electric iron} & 250\text{V} & 1\text{kW} \\ \hline \text{II.} & \text{Television set} & 220\text{V} & 110\text{W} \\ \hline \text{III.} & \text{Torchlight} & 6\text{V} & 30\text{W} \\ \hline \text{IV.} & \text{Immersion heater} & 110\text{V} & 500\text{W} \\ \hline \end{array}\]
Which of the following instruments consumes the highest current?
I. Electric iron: 250V, 1kW
II. Television set: 220V, 110W
III. Torchlight: 6V, 30W
IV. Immersion heater: 110V, 500W
Given:
Sales: #180,000
Stock 1/1: #25,000
Purchases: #110,000
Sales returns: #1,000
Purchases returns: #1,500
Gross profit: #58,000
Determine the value of stock as at 31st December.