Economics 2010 Jamb Examination
Economics 2010 Jamb Examination
Question 1
If \(\bar{x} = 6\) and \(N = 6\), determine the value of \(\sum fx\).
By definition, \(\bar{x} = \dfrac{\sum fx}{N}\).\[ \sum fx = \bar{x} \times N = 6 \times 6 = 36 \]Therefore, \(\sum fx = 36\).
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Question 2
The velocity of money is represented as
Velocity of money measures how many times money circulates in the economy.\[ V = \dfrac{\text{Nominal GDP}}{\text{Money supply}} \]
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Question 3
Given the table:
What is the population growth rate in 2003?
| Year | Population (000) | Working Population (000) |
|---|---|---|
| 2000 | 25 | 13 |
| 2001 | 30 | 19 |
| 2002 | 40 | 32 |
Population growth rate is:\[ \dfrac{\text{Increase}}{\text{Previous year population}} \times 100 \]From 2001 to 2002: Increase = 40 − 30 = 10.
Growth rate = \( \tfrac{10}{20} \times 100 = 50\% \).
Growth rate = \( \tfrac{10}{20} \times 100 = 50\% \).
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Question 4
Given the table:
The percentage of working population in 2002 is
| Year | Population (000) | Working Population (000) |
|---|---|---|
| 2000 | 25 | 13 |
| 2001 | 30 | 19 |
| 2002 | 40 | 32 |
Percentage working population = \( \tfrac{32}{40} \times 100 = 80\% \).
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Question 5
The primary motive for an individual engaging in production is to
The ultimate aim of production is to satisfy human wants by making goods and services available.
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Question 6
If Nigeria imports vehicles from Japan the transaction will appear as a
Exports are recorded as credits in a country's balance of payments. Since Nigeria imports from Japan, it is a credit for Japan.
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Question 7
One of the objectives of ADB is to
The African Development Bank (ADB) focuses on promoting economic and social development in member countries.
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Question 8
The choice of the method of production in an economy is determined by the
The method of production depends mainly on the level of technical know-how available in the economy.
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Question 9
The amount of labour hired depends on the
Firms hire labour up to the point where the wage equals the marginal productivity of labour.
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Question 10
Localization of industries refers to the
Localization means concentrating many firms of the same industry in a particular area.
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