Economics 2018 Jamb Examination

Mortgage banks specialise in granting long-term loans specifically for real estate purposes.
These loans are used to finance the purchase, renovation, or construction of residential or commercial buildings.
Agriculture and machinery acquisition normally fall under agricultural or industrial credit schemes, not mortgage institutions.
Therefore, the activity directly associated with mortgage banking is the building or financing of houses.

Daily operational activities require inputs that are constantly used up and replaced, such as raw materials, fuel, and wages.
This category of resources is known as circulating capital because it is continually expended and replenished during production.
Fixed capital refers to long-term assets such as buildings and machinery, while liquid capital refers to cash and easily convertible assets.
Thus, circulating capital is the correct term for day-to-day operations.

Sole proprietors and partnerships have strict ownership limits and cannot issue shares to the public.
Private limited liability companies are also restricted and cannot invite the general public to subscribe to shares beyond a limited number of persons.
Only a public limited liability company is legally allowed to raise capital by selling shares to an unrestricted number of investors through public subscription.
This makes the public limited liability company the correct option.

Utility refers to the satisfaction or pleasure obtained from using or consuming a good or service.
It does not arise from production or distribution but from the act of consumption itself.
Demand describes willingness and ability to buy, not satisfaction.
Therefore, utility is derived from consumption.

Economics deals with scarcity and choice. Human wants are unlimited, but resources are limited.
Because all wants cannot be satisfied, economists focus on how best to allocate scarce resources to maximise satisfaction.
Population control and income redistribution fall under other social policies, not the core definition of economics.
Thus, the main concern is the allocation of scarce resources.

Cartels are formed when countries or firms producing the same or very similar goods group together to regulate supply and influence prices.
This collective action helps them gain stronger bargaining power internationally.
Examples include OPEC, where oil-producing countries coordinate production policies.
Therefore, countries producing identical or similar goods are most likely to form cartels.

To determine how many students passed, we count the number of candidates whose scores are 40 and above.
From the distribution shown in the graph, the bars representing scores from 40 upward is: 
100 + 40 + 20 = 160 students.
This makes 160 the total number of students who passed.

The Economic Commission for Africa (ECA) is one of the regional commissions established by the United Nations Organisation to promote economic development and integration on the African continent.
It is not an agency of ECOWAS, OAU, or IMF.
Therefore, it was set up by the UNO.

In economics, each factor of production receives a specific reward.
The reward for labour is wages, for land is rent, and for entrepreneurship is profit.
Capital, which includes money and equipment used for production, earns interest as its reward.
Thus, interest is the correct factor income for capital.

NNPC is the acronym for the Nigerian National Petroleum Corporation, the state-owned enterprise responsible for managing Nigeria’s petroleum resources.
The other options do not match the official designation of the corporation.
Therefore, Nigerian National Petroleum Corporation is the correct expansion.