Economics 2016 Jamb Examination

Joint demand occurs when two or more goods are required together to satisfy a particular want.
Examples include cars and petrol, printers and ink, or bread and butter.
The consumption of one requires the use of the other, meaning the goods complement each other.
Because the question refers to commodities needed together to satisfy a want, this aligns fully with joint demand.

A unitary elastic supply curve has a proportional relationship between price and quantity supplied, often appearing as a straight line from the origin or one showing equal percentage changes in price and supply.
The curve shown in the image slopes upward in a manner that indicates proportional responsiveness, meaning elasticity equals 1.
This matches the condition for unitary elasticity.

A change in demand refers to a shift of the demand curve caused by non-price determinants.
The availability of substitutes strongly influences demand because consumers can easily switch to alternatives when preferences shift or when competing goods become more attractive.
This substitution effect makes substitutes one of the most important factors affecting changes in demand.

In a socialist economic system, the major means of production such as land, industries, and capital goods are owned and controlled by the state.
This contrasts with capitalism, where ownership is private.
The defining emphasis on public ownership makes socialism the structure described.

The multiplier (k) is calculated using: \[ k = \dfrac{1}{1 - MPC} \] Since \(MPS = 0.8\), then \(MPC = 1 - 0.8 = 0.2\).
Substituting: \[ k = \dfrac{1}{0.2} = 5 \] However, the formula using MPS is: \[ k = \dfrac{1}{MPS} = \dfrac{1}{0.8} = 1.25 \] Because the question gives MPS directly, the correct multiplier is 1.25.

Agricultural policies in Nigeria focus on increasing food output, reducing food imports, and ensuring adequate domestic food supply.
Programmes such as Operation Feed the Nation, Green Revolution, and Anchor Borrowers' Programme all emphasise boosting food production.
The major policy direction is therefore self-sufficiency in food.

ECOWAS faces challenges including differences in national priorities, economic disparities, and political instability.
A key barrier is conflict of interest, where member states pursue domestic interests ahead of regional integration.
This affects the implementation of common policies and weakens cooperation.

Private enterprises are funded and managed by individuals or groups of private owners.
They bear risks individually and operate primarily for profit rather than public welfare.
The defining characteristic is private funding and ownership, which aligns with individual financing of business activities.

Marginal utility measures the additional satisfaction gained from consuming one extra unit of a good.
It therefore reflects how satisfaction changes with each successive unit consumed.
Because it directly relates utility to satisfaction, the appropriate pair is utility and satisfaction.

Diversifying the economy reduces overdependence on crude oil and expands employment opportunities across multiple sectors such as agriculture, manufacturing, and technology.
This broadens job creation and supports sustainable economic growth.
Hence, economic diversification is a major strategy for reducing unemployment.