Economics 2016 Jamb Examination
Economics 2016 Jamb Examination
Question 41
One of the problems facing the Nigerian oil and gas industry is____________________?
Shortage of indigenous manpower remains a persistent challenge in Nigeria’s oil and gas sector.
Local technical expertise is often insufficient, leading to dependence on expatriate workers and limiting effective domestic participation.
This affects operational efficiency, increases costs, and slows long-term industry growth.
Local technical expertise is often insufficient, leading to dependence on expatriate workers and limiting effective domestic participation.
This affects operational efficiency, increases costs, and slows long-term industry growth.
Not clear enough?
Question 42
The demand curve faced by a monopolist is_____?
A monopolist is the sole seller of a product and must reduce price to sell additional units.
This causes the demand curve to slope downwards because quantity demanded increases only when price falls.
Thus, the demand curve faced by a monopolist is negatively sloped.
This causes the demand curve to slope downwards because quantity demanded increases only when price falls.
Thus, the demand curve faced by a monopolist is negatively sloped.
Not clear enough?
Question 43
The interest charged on loans is determined by the __________?
Lenders increase interest rates when the probability of default is high to compensate for risk.
The greater the risk assessed by financial institutions, the higher the interest charged to safeguard against potential losses.
The greater the risk assessed by financial institutions, the higher the interest charged to safeguard against potential losses.
Not clear enough?
Question 44
A country that is over-populated will face the problem of
Over-population means the population exceeds available resources, reducing output per head.
This lowers per capita income because national income is shared among more individuals, limiting economic welfare.
This lowers per capita income because national income is shared among more individuals, limiting economic welfare.
Not clear enough?
Question 45
If additional unit of a variable factor input causes a fall in the marginal product, this implies that
Diminishing returns occurs when each extra unit of a variable factor adds less to output than the previous one.
This reduction in marginal product indicates overcrowding of fixed factors and inefficiency, marking the onset of diminishing returns.
This reduction in marginal product indicates overcrowding of fixed factors and inefficiency, marking the onset of diminishing returns.
Not clear enough?
Question 46
Development plans fail in Nigeria mainly because of
Corruption diverts funds from planned projects, while political instability disrupts continuity in implementation.
These factors undermine long-term commitments and prevent strategic development plans from being executed effectively.
These factors undermine long-term commitments and prevent strategic development plans from being executed effectively.
Not clear enough?
Question 47
One of the major uses of national income statistics in Nigeria is to
National income data helps in dividing total national output by population to determine per capita income.
This measure shows the average standard of living and is crucial for assessing economic performance.
This measure shows the average standard of living and is crucial for assessing economic performance.
Not clear enough?
Question 48
The major characteristics of an undeveloped nation is
Underdeveloped countries rely heavily on imported goods because domestic industries are weak or under-developed.
This dependence limits economic self-sufficiency and contributes to persistent trade deficits.
This dependence limits economic self-sufficiency and contributes to persistent trade deficits.
Not clear enough?
Question 49
Which of the following is NOT among the financial institutions in Nigeria?
The Federal Ministry of Finance is a government ministry, not a financial institution.
Financial institutions are organisations that provide financial services such as banking, insurance, and lending; ministries only regulate and supervise.
Financial institutions are organisations that provide financial services such as banking, insurance, and lending; ministries only regulate and supervise.
Not clear enough?
Question 50
Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.
Determine the range?
Determine the range?
Range is calculated by subtracting the smallest value from the largest value.
Largest value = 10.20
value = 0.25
Range = 10.20 − 0.25 = 9.95
Therefore, the range of the dataset is 9.95.
Largest value = 10.20
value = 0.25
Range = 10.20 − 0.25 = 9.95
Therefore, the range of the dataset is 9.95.
Not clear enough?
You might like
The designation of ministers as chief executives and accounting officers was recommended by a commission headed by
Choose the option opposite in meaning to the militant.
Most of the latest actions are militant in nature?
A business that focuses attention on the quality of the goods produced by precisely knowing what the consumers desire is said to be operation the
| Liabilities | ₦ | Assets | ₦ |
|---|---|---|---|
| Capital | 40,000 | Furnishing | 10,000 |
| Ceiling Fan | 1,500 | ||
| Cash in Hand | 28,500 | ||
| 40,000 | 40,000 |
If at 31/1/95 the following information was ascertained:
(i). rent for shop ₦12,000 paid for the year
(ii). Total purchases ₦15,000
(iii). Total sales ₦8,200
(iv). Stock of goods left ₦10,000
(v). paid sales boy ₦500
What is the new balance sheet total as at 31/1/95?
How many months were the Israelites on forced labour in Lebanon allowed to spend at home for every month at the labour camp?