Economics 2015 Jamb Examination

The range of a data set is the difference between the largest and smallest values.
Here, the largest value is 24 and the smallest is 5.\[ \text{Range} = 24 - 5 = 19 \]This measures the spread or dispersion of the data from the lowest to the highest point.

Indifference curves represent combinations of goods providing equal satisfaction to a consumer.
They slope downward because to maintain the same satisfaction level, an increase in one good requires a decrease in another.
They never intersect because it would violate the consistency of consumer preferences.
Hence, the statement that an indifference curve can intersect is incorrect.

Marginal Product (MP) is the additional output produced by employing one more unit of the variable factor.\[ \text{MP} = \text{TP}_{n} - \text{TP}_{n-1} \]At the fifth variable factor, \( \text{MP} = 55 - 48 = 7 \).
This shows that the fifth unit of the variable factor adds 7 units to the total product.

A building society is a financial institution that provides banking and other financial services to its members, with a focus on mortgage lending and savings.
It primarily finances the purchase and construction of houses.
Hence, it is classified as a mortgage bank.

A budget line represents all combinations of two goods that a consumer can purchase given their income and the prices of the goods.
It shows the constraint within which a consumer must make choices.
Hence, the correct term is the budget line.

An indifference map consists of multiple indifference curves showing different levels of satisfaction.
It helps to rank consumer preferences by indicating higher and lower satisfaction levels.
Therefore, consumer preferences are best represented by an indifference map.

A public limited liability company is owned by shareholders who can freely transfer their shares.
By law, it must have at least seven shareholders, and there is no maximum limit.
This allows for wide ownership and public trading of shares.

The standard of living depends on how far income can go to satisfy needs and wants.
When the cost of living is low, people can buy more goods and services with the same income, leading to a higher standard of living.
Thus, a lower cost of living corresponds to a higher standard of living.

The ordinalist approach to utility asserts that satisfaction cannot be measured numerically but can be ranked in order of preference.
Consumers can state that one combination of goods is preferred to another, but not by how much more.
Therefore, utility can only be ranked, not measured.

The mode is the value that appears most frequently in a data set.
It represents the most common observation or outcome.
While the mean is the average and the median is the middle value, the mode identifies the most repeated value.