Economics 2019 Jamb Examination
Economics 2019 Jamb Examination
Question 11
The arithmetic mean of 5, 8, 10, 15, 24 and 28 is _______
The arithmetic mean is obtained by dividing the total sum of the values by the number of items.\[ \text{Mean} = \dfrac{5 + 8 + 10 + 15 + 24 + 28}{6} \]\[ = \dfrac{90}{6} = 15 \]This value represents the average, balancing all data points around a central value.
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Question 12
A method of analysis that draws conclusions from data rather than general principles already known is ________
Inductive reasoning involves moving from specific observations to broader generalisations.
It relies on data, patterns, and evidence to form conclusions, unlike deduction, which moves from general principles to specific conclusions.
It relies on data, patterns, and evidence to form conclusions, unlike deduction, which moves from general principles to specific conclusions.
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Question 13
The money market equilibrium is defined as _________
Money market equilibrium occurs at the point where the demand for money equals its supply.
This balance ensures stability in interest rates and prevents excess liquidity or shortage in the financial system.
This balance ensures stability in interest rates and prevents excess liquidity or shortage in the financial system.
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Question 14
An economic condition in which much reduced economic activity co-exists with inflation is referred to as _________
Slump inflation describes a situation where the economy experiences low output, unemployment, and inflation simultaneously.
This differs from stagflation, which also reflects stagnation and inflation but is used more broadly.
This differs from stagflation, which also reflects stagnation and inflation but is used more broadly.
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Question 15
An instrument used by the central bank to fix commercial and merchant banks' total credit to the domestic economy is ________
A credit ceiling places a limit on the amount of credit banks may extend.
This tool helps regulate liquidity and control excessive lending that could destabilise the economy.
This tool helps regulate liquidity and control excessive lending that could destabilise the economy.
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Question 16
Restrictive monetary policy is designed to curtail aggregate demand and to overcome ________
A restrictive monetary policy reduces money supply and raises interest rates to lower excessive spending.
This action helps close an inflationary gap, where aggregate demand exceeds productive capacity.
This action helps close an inflationary gap, where aggregate demand exceeds productive capacity.
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Question 17
The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to ________
Economies of scale lower average costs as output increases, influencing the shape of cost curves.
This explains why marginal and average curves flatten in the long run when firms operate more efficiently.
This explains why marginal and average curves flatten in the long run when firms operate more efficiently.
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Question 18
The most important cost curve for the firm is _________
The average cost (AC) curve is essential because it shows the cost per unit of output and helps determine profitability.
It guides pricing decisions and efficiency evaluations within production.
It guides pricing decisions and efficiency evaluations within production.
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Question 19
In the case of highly or close complementary goods, the indifference curve is _______
Complementary goods must be consumed together in fixed proportions, making the indifference curve L-shaped.
The bend represents the point where additional units of one good have no value without the matching amount of the other.
The bend represents the point where additional units of one good have no value without the matching amount of the other.
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Question 20
One of these is not an assumption of the cardinalist theory of utility?
Cardinal utility theory assumes measurable utility, rational consumers, and diminishing marginal utility.
Consistency and transitivity relate to ordinal utility theory, making it the option that does not belong to the cardinalist framework.
Consistency and transitivity relate to ordinal utility theory, making it the option that does not belong to the cardinalist framework.
