Economics 2007 Jamb Examination
Question 41
Ceteris paribus means "all other things being equal or held constant." It is used in economics to isolate the effect of one variable by assuming that other relevant factors remain unchanged.
Not clear enough?
Question 42
If \(P = \dfrac{1}{2}\left(Q_s + 15 \right) \)
What is the quantity supplied at ₦9.00?
\[P = \dfrac{1}{2}\left(Q_s + 15 \right) \]
At P = 9
\[9 = \dfrac{1}{2}\left(Q_s + 15 \right) \]
\[\left(9 \times 2 \right) - 15 = Q_s \]
\[18 - 15 = Q_s = 3\]
Therefore quantity supplied = 3.0
Not clear enough?
Question 43
The correct logical sequence: human wants are unlimited, resources are scarce, scarcity necessitates choice, and choice leads to opportunity cost.
Not clear enough?
Question 44
Electronic banking (e-banking) allows customers to access and operate their accounts from different locations using ATMs, mobile apps, and internet banking platforms.
Not clear enough?
Question 45
Pension funds administrators (PFAs) manage and invest workers’ retirement savings under contributory pension schemes, while custodians only hold the funds.
Not clear enough?
Question 46
A reduction in the central bank’s lending rate (bank rate) lowers the cost of borrowing for commercial banks, which encourages them to decrease their lending rate to the public and expand credit creation.
Not clear enough?
Question 47
To adjust Gross National Product (GNP) for inflation or price changes, economists use the GNP deflator (or GDP deflator), not just retail or producer price indexes.
Not clear enough?
Question 48
In the circular flow model, outflows (savings, taxes, imports) are called leakages, while inflows (investment, government spending, exports) are injections.
Not clear enough?
Question 49
Life insurance companies usually invest premiums in long-term financial instruments such as bonds and securities, thereby contributing to capital formation and economic development.
Not clear enough?
Question 50
The value-added method avoids double counting by ensuring that only the additional value at each stage of production is recorded in national income accounting.
Not clear enough?
You might like
Select the option that best explains the information conveyed in the sentence.
Grandma told the boys a story that cheered them up.
An entity in A is associated with at most one entity in B, and an entity in B is associated with at most one entity in A. This is called as _____?
What would be the order of the electrolytic cell in an industry intending the production of silver-plated spoons?
Which of the following is the correct order of authenticity of three of the six sound collections of the Hadith
In countries where the temperature falls below 273K, salt is always sprinkled on the icy road in order to