Economics 2008 Jamb Examination
Economics 2008 Jamb Examination
Question 1
One of the factors affecting the supply of manufactured goods is
Supply of manufactured goods depends strongly on production methods and capacity. Improvements in $\textbf{technology}$ increase productivity and therefore supply—so technology is a key supply-side factor.
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Question 2
Individual markets differ from each other according to
Markets can be classified by many features; here the phrasing points to the structural nature (what goods/services are traded), so the composition of the market is a distinguishing feature.
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Question 3
Use the data below to answer this question
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42. Calculate the mean?
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42. Calculate the mean?
Compute the sum and divide by the number of observations: sum = $54+36+62+79+83+36+62+42+62+42=558$. Number of terms = 10. Mean = $\dfrac{558}{10}=55.8$.
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Question 4
Use the data below to answer this question
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42. What is the modal score?
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42. What is the modal score?
Mode is the value occurring most frequently. Counts: 36 appears 2 times, 42 appears 2 times, 62 appears 3 times. So the modal score is 62.
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Question 5
Use the information below to answer this question.
Given that $Q_d=20-4P$ and $Q_s=6P+12$. Determine the equilibrium quantity.
Given that $Q_d=20-4P$ and $Q_s=6P+12$. Determine the equilibrium quantity.
Equilibrium: $Q_d=Q_s$. So $20-4P=6P+12$. Rearrange: $20-12=10P\Rightarrow P=0.8$. Substitute into $Q_s$: $Q=6(0.8)+12=4.8+12=16.8$.
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Question 6
Use the information below to answer this question.
Given that $Q_d=20-4P$ and $Q_s=6P+12$. If price is increased to N3, how much is the excess supply?
Given that $Q_d=20-4P$ and $Q_s=6P+12$. If price is increased to N3, how much is the excess supply?
At $P=3$: $Q_s=6(3)+12=18+12=30$. $Q_d=20-4(3)=20-12=8$. Excess supply = $Q_s-Q_d=30-8=22$.
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Question 7
In the diagram above, there is an excess
Read the graph: at the price shown the quantity demanded exceeds quantity supplied by 20 units, so there is an excess demand (shortage) of 20 units.
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Question 8
From the graph above, point M shows that MC
Interpretation depends on the plotted curves. At point M the marginal cost curve intersects the average cost curve at a notable extremum—per the supplied key it corresponds to MC cutting AC at its maximum point.
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Question 9
From the shaded area of the diagram above, an appropriate population policy will be to
The shaded area likely indicates rapid population growth or high fertility; an appropriate policy to reduce population growth is to encourage the use of contraceptives to limit births.
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Question 10
A major trading problem facing ECOWAS is
While multiple issues affect regional trade, lack of a common currency significantly hampers ease of transactions and price stability across member states—hence it is often cited as a major trading problem.
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