Economics 2024 Jamb Examination

The expression \((N + 1)/2\) is used to determine the position of the median in an ordered dataset.
It indicates the middle value when the numbers are arranged in ascending order.
The mean requires summing values and dividing by the number of observations, while standard deviation and mode use different computational procedures.
Thus, \((N + 1)/2\) corresponds specifically to locating the median.

Marginal product measures the additional output that results from employing one more unit of a variable input such as labour.
When total product begins to fall, each extra unit of input is reducing total output rather than adding to it.
This indicates that marginal product is below zero, because a negative marginal product subtracts from the total product.
Therefore, a falling total product corresponds to a negative marginal product.

Agricultural policies aim to ensure food security, supply raw materials to industries, and create employment opportunities, especially in rural areas where agriculture is dominant.
Increasing the prices of agricultural inputs such as fertilisers, seeds, and agrochemicals does not support these aims because it raises production costs and reduces farmers’ profitability.
Thus, increasing input prices contradicts policy objectives and is not an aim of agricultural policy.

Improving the balance of payment generally requires boosting export earnings or reducing import expenditure.
Anti-dumping policies protect local industries by limiting unfairly cheap imports, which helps reduce import volumes.
Export subsidies increase external competitiveness and earn more foreign exchange.
Increasing import duties discourages imports and improves the balance of payment position.
However, decreasing personal income tax affects domestic disposable income rather than trade flows, offering no direct improvement to the balance of payment.

The equation \(Q = a - bp + e\) expresses quantity demanded (Q) as a function of price (P).
This means Q depends on P, making Q the dependent variable and P the independent variable.
The coefficient \(b\) shows how changes in price influence quantity, while \(e\) represents the error term accounting for unobserved factors.
Therefore, Q is dependent and P is independent.

Economic planning aims to promote balanced development, reduce inequality, support employment generation, and stimulate economic growth through coordinated resource allocation.
Widening the income gap contradicts development goals because it increases inequality and undermines inclusive growth.
Therefore, widening the income gap does not align with the objectives of economic planning.

Consumption is mainly influenced by economic variables such as income, taxation, and saving patterns.
A higher income increases purchasing power, while taxation affects disposable income available for consumption.
Savings represent the portion of income not spent, directly influencing consumption levels.
The political climate, although indirectly capable of affecting economic confidence, is not a direct determinant in standard economic theory.
Therefore, it is the least relevant factor among the options.

Nigeria faces several constraints in development planning, including insufficient capital, poor-quality data for planning purposes, and weak implementation capacity.
Under-population, however, is not a problem faced by Nigeria, as the country has a large and growing population that supplies labour and constitutes a significant market.
Thus, under-population is not among the problems of development planning in Nigeria.

Plantation farming involves cultivating large expanses of land under a single crop such as cocoa, oil palm, rubber, or sugarcane.
It is organised on a large-scale basis and is characterised by the use of hired labour, capital-intensive operations, and a focus on cash crops meant for export or industrial processing.
Peasant farming is small-scale, tree planting refers to afforestation, and mechanised farming refers to the use of machines but not necessarily large monocrop estates.

Equilibrium price is the price at which the quantity demanded equals the quantity supplied in the market.
At this point, there is neither excess supply nor excess demand, ensuring market stability.
Options stating that demand is greater or less than supply contradict the definition of equilibrium, while price equating demand alone is incorrect because supply must also match demand.
Thus, equilibrium occurs when demand equates supply.