Economics 2010 Jamb Examination
Economics 2010 Jamb Examination
Question 41
Consumer surplus tends to be higher when demand is
With elastic demand, consumers can buy more at a given price, so the difference between willingness to pay and actual price (consumer surplus) is larger.
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Question 42
One of the assumptions of ordinal utility theory is that
Ordinal utility theory assumes utility cannot be measured but can be ranked in order of preference, making comparisons possible.
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Question 43
The law of diminishing marginal utility explains why
As consumption increases, marginal utility falls, so consumers are only willing to buy more at lower prices, giving a downward-sloping demand curve.
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Question 44
Economics is the study of human behaviour as it relates to the
Economics is mainly about how scarce resources are allocated efficiently to satisfy human wants.
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Question 45
The downturn in the prices of shares on stock markets is a highlight of
Falling share prices reflect the regulatory and corrective role of markets in balancing demand and supply for financial assets.
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Question 46
The standard deviation of a set of data is
Standard deviation measures the spread or dispersion of data points around the mean in a dataset.
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Question 47
The mean is the best measure of central tendency because it
The mean balances the values on either side, making it the most mathematically representative measure of central tendency.
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Question 48
The most popular sizes of dresses and shoes are determined by the
Mode identifies the most frequently occurring value, making it suitable for determining popular sizes.
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For this question, select the option that best explains the information conveyed in the question.
Mr. Rufus bore the brunt in the last promotion examination.
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?