Economics 2018 Jamb Examination

Developing countries often experience a significant movement of people from rural areas to urban centres in search of jobs, better education, and improved living standards.
This rapid population increase in cities places pressure on housing, infrastructure, and social amenities, leading to urban congestion and unemployment.
Rural-urban migration is therefore regarded as the most problematic form of migration in developing economies.

A craft union is made up of workers who possess the same skill or engage in the same type of specialised work, such as carpenters, electricians, or plumbers.
The focus is on protecting the interests of members who share a common trade and ensuring standard working conditions and wages in that craft.

The mean of a frequency distribution is obtained by dividing the sum of the products of each value and its frequency by the total frequency.\[ \text{Mean} = \dfrac{\sum (X \times F)}{\sum F} \](2 x 2) + (3 x 5) + (4 x 2) + (5 x 1)
= 4 + 15 + 8 + 5 = 32
Total frequency: 2 + 5 + 2 + 1 = 10\[ \text{Mean} = \dfrac{32}{10} = 3.2 \]The mean value of the distribution is therefore 3.2.

A central bank supervises and regulates the financial sector. It issues guidelines, ensures compliance, and sets the legal framework within which other banks operate.
It also maintains monetary stability, ensures the soundness of the financial system, and acts as the apex regulatory authority.

The table presents score categories with their respective frequencies. To determine how many people scored above 6, add the frequencies for all scores greater than 6.
The sum of these frequencies gives 24, indicating that 24 individuals achieved scores above that threshold.

Capital may take various forms such as working capital, social capital, and current capital, each serving productive or organisational purposes.
Saving capital, however, is not recognised as a formal category of capital used in economic classification, making it the exception among the listed options.

Preferential duties involve imposing different tariff rates on imports from selected countries, thereby influencing trade patterns.
Such duties may restrict imports from some regions while favouring others, making them a tool of trade regulation similar to import duty and tariffs.

The chart indicates the proportion of the total budget allocated to manufacturing and agriculture. Manufacturing receives half the allocation given to agriculture.
This results in a ratio of 1:2 when comparing manufacturing expenditure to agriculture expenditure.

Export promotion consists of incentives and support designed to increase the volume and competitiveness of a country's exports.
Governments may provide subsidies, tax relief, or infrastructural support to encourage producers, thereby increasing foreign exchange earnings.

Human wants continue to grow and change over time, making them limitless.
However, the resources available for satisfying these wants—such as time, income, and natural resources—are limited. This imbalance leads to the economic problem of scarcity.
Because wants exceed available means, they remain insatiable.