Economics 2009 Jamb Examination

The marginal product (MP) is the additional output obtained by using one more unit of capital.
MP₅ = Total Output at 5 units - Total Output at 4 units
MP₅ = 425 - 212 = 213 therefore The marginal product of the 5th unit of capital is 213.

The average product (AP) is defined as:\[ AP = \dfrac{\text{Total Output}}{\text{Number of units}} \]For 4 units of capital:\[ AP_{4} = \dfrac{212}{4} = 53 \]\(\therefore\) The average product of the 4th unit of capital is 53.

From the chart, the transport sector contribution is a 60^o. Suppose the transport value = 1 and the total = 6.\[ \text{Percentage} = \dfrac{60^o}{360^o} \times 100 = 16.7\% \]\(\therefore\) The percentage contribution of the transport sector is 16.7.

From the diagram, oil sector represents one-third of the total contribution.
Total contribution:\[ \text{Total} = \dfrac{3.6}{1/3} = 10.8 \; \text{million} \]Contribution of other sectors:\[ 10.8 - 3.6 = 7.2 \; \text{million} \]\(\therefore\) The contribution of the other sectors is ₦7.2 million.

The oil and gas industry is broadly classified into upstream (exploration and production) and downstream (refining, marketing, and distribution)

A high dependency ratio occurs when there are many young dependents. This is largely influenced by high birth rate.

Occupational distribution shows the spread of the labour force across sectors and jobs, thereby determining the size and categories of the labour force.

Labour mobility is mainly determined by wage rate differentials across jobs and locations.

When workers act collectively through a union, they form a monopolistic supply of labour since they bargain as one body.

The marketing of agricultural products in Nigeria was previously enhanced by marketing boards, which provided structure and stability.