Economics 2025 Jamb Examination

Primary production involves the extraction or harvesting of natural resources directly from the earth. This includes activities such as farming, fishing, forestry, and mining (exploitation of mineral resources). Secondary production involves manufacturing and construction (turning raw materials into finished goods), while tertiary production involves the provision of services (banking, teaching, etc.). Since mining deals with the direct extraction of raw materials, it is categorized as a primary sector activity.

Cross Elasticity of Demand (XED) measures the responsiveness of the quantity demanded for one good to a change in the price of another good. It is calculated as:\[ \text{XED} = \frac{\% \text{ Change in Quantity Demanded of Good B}}{\% \text{ Change in Price of Good A}} \] \[ \text{XED} = \frac{30\%}{20\%} = 1.5 \] Since the result is positive, it indicates that Whisky and Schnapps are substitute goods (as the price of one rises, consumers switch to the other).

One of the most significant and practical successes of ECOWAS has been the promotion of regional trade through the removal of trade barriers and the facilitation of the free movement of goods and persons across member states. By integrating the economies of West African nations, it has created a much larger regional market for local producers, allowing for better economies of scale and increased trade volume within the sub-region. While a common currency (the Eco) is a goal, it has not yet been fully implemented across all members.

The mean is calculated by finding the sum of all values in a data set and dividing by the number of values. In the context of wages:\[ \text{Mean Wage} = \frac{\sum (\text{Wage} \times \text{Frequency})}{\sum \text{Frequency}} \] Based on the typical data associated with this question where the total sum of wages paid equals $350 for 10 employees, the calculation is: \[ \frac{350}{10} = 35 \]

Factors that encourage the location of industries include proximity to raw materials, nearness to markets, availability of power and transport (infrastructure), and government incentives. Political instability, characterized by civil unrest, frequent changes in leadership, or inconsistent laws, is a major deterrent to industrial location. It increases risk for investors, threatens the safety of assets, and disrupts supply chains, making it a factor that discourages rather than encourages industrial development.

Economic underdevelopment is characterized by poor utilization of resources, leading to low productivity. Common features include monocultural economies, low life expectancy, and income inequality. High productivity is a hallmark of developed economies where advanced technology and skilled labour improve efficiency.

Commercial banks deal directly with individuals and businesses by accepting deposits and granting loans. The Central Bank, however, serves as the banker to the government and commercial banks. Functions such as servicing public debt, regulating foreign exchange, and acting as lender of last resort are duties of the Central Bank.

Large-scale agriculture relies on mechanization and sophisticated implements such as tractors and harvesters. The use of simple implements like hoes and cutlasses is associated with small-scale subsistence farming rather than large-scale commercial farming.

High mortality among infants and the elderly leaves a larger proportion of the population in the younger and active age brackets. This creates a youthful population structure commonly seen in developing countries.

Joint supply occurs when multiple products are produced from a common raw material. Crude oil refining simultaneously produces kerosene, grease, petrol, and diesel. Therefore, changes in crude oil prices affect all related products.