Economics 2024 Jamb Examination

The expression \((N + 1)/2\) gives the position of the median in an ordered data set.
It identifies the central value by locating the middle term.
Neither the mean nor mode requires this formula, and it is not related to standard deviation.

Variance is the square of the standard deviation. \[ \text{Variance} = (3.6)^2 \] \[ = 12.96 \]Hence, the variance is 12.96.

A maximum price (price ceiling) fixed below equilibrium leads to shortages because quantity demanded exceeds quantity supplied.
Shortages encourage black-market activities and require rationing to distribute scarce goods.
Excess supply cannot occur under a binding price ceiling because suppliers reduce output at the lower price.

If 60% of the students are in JSS, then 40% are in SSS. \[ 40\% \times 600 = 0.40 \times 600 = 240 \]Thus, the number of students in SSS is 240.

When a domestic food crop becomes an export crop, demand rises sharply due to international buyers.
Higher demand generally pushes up the price of the commodity and its processed products.
Producers respond to higher prices by increasing supply, not decreasing it, making price increase the most likely outcome.

Co-operative societies, partnerships, and public corporations are all recognised formal business organisations.
Entrepreneurship, however, refers to the process or activity of creating and managing a business, not a formal organisational structure.
Therefore, it is not classified as a type of business organisation.

A movement from point A to B and from B to C on a production possibility curve demonstrates an outward shift.
Such outward movement typically represents an increase in the productive capacity of the economy.
This growth may result from improved technology, increased resources, or better utilisation of existing resources.
Therefore, the movement shown in the diagram indicates economic growth.

Petroleum accounts for the largest share of Nigeria’s government revenue and foreign exchange earnings.
Although it contributes to infrastructure and employment, these contributions are relatively small compared with the overwhelming proportion of national revenue derived from crude oil exports.
Thus, its most prominent contribution is revenue generation.

Capitalism is characterised by private ownership, free enterprise, and competition among firms.
Detailed economic planning, however, is associated with centrally planned or command economies, not capitalist systems.
Therefore, detailed economic planning is not a feature of capitalism.

A balance of payment surplus means foreign exchange inflow exceeds outflow.
In such a situation, countries commonly accumulate additional reserves to strengthen their international financial position.
Devaluing currency or borrowing abroad would be inappropriate, and promoting imports is unnecessary.
Thus, increasing foreign reserves is the most suitable response.