Economics 2017 Jamb Examination

Government revenue sources include compulsory payments such as taxes, charges for services, and returns from government investments.
Grants and aids also form part of government receipts, while profits and dividends arise from state-owned enterprises.
Personal income, disposable income and transfer earnings are not government revenues; they describe components of individual or household income rather than state income.

A partnership is a business structure where two or more people run a business with unlimited or limited liabilities depending on the arrangement.
A limited partnership is a recognised form where at least one partner has limited liability while another has unlimited liability.
Other options listed do not belong to the formal classifications of partnership.

Indirect taxes are imposed on goods and services and paid through intermediaries such as manufacturers or retailers.
Excise duties fall into this category because they are charged on the production of goods and are not paid directly by consumers.
Poll tax, income tax and company tax are direct taxes because individuals or organisations pay them directly to the government.

Localisation of industries leads to the concentration of firms in a specific area, which attracts infrastructural development such as roads, power, and water supply.
This improvement in infrastructure supports business productivity and growth.
Other listed options are not direct reasons for encouraging industrial localisation.

Traditional budgeting relies on the previous year’s figures and adjusts them for the new period.
It does not start from zero, and this dependence on past allocations is its most recognised feature.
The other statements misrepresent either traditional or zero-based budgeting.

Mean deviation measures the average of the absolute deviations of data values from the mean.
The expression \( \sum f(x - \bar{x}) / N \) represents the mean of deviations from the mean when frequency is involved.
Variance and standard deviation require squaring of deviations, so this formula does not apply to them.

In a perfectly competitive market, individual buyers and sellers have no control over price; they accept the prevailing market price.
This makes them price takers rather than price makers or seekers.
Firms cannot influence price because products are identical and the market is highly competitive.

Substitute \( Y = 20 \) into the consumption function:\[ C = 10 + 0.6(20) \]\[ C = 10 + 12 \]\[ C = 22 \]The derived consumption value aligns with option B.

Businesses seeking short-term funds often approach the money market, which deals in highly liquid financial instruments such as treasury bills and commercial papers.
Stock exchanges are for long-term securities, and central banks do not grant loans to private firms.
Insurance institutions are not fund-raising sources for business expansion.

Opportunity cost highlights the value of alternatives forgone when a choice is made.
Government budgeting requires choosing the most important projects while sacrificing others, making opportunity cost a vital concept in budget preparation.
The other options do not directly relate to economic choice analysis.