Use the table below to answer the question below;
The International production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 10 metres | 8 metres |
From the table, it can be deduced that_______
Nigeria should produce cocoa and lace
Nigeria can benefit from producing lace only
Austria should produce lace and Nigeria should produce cocoa
Austria should produce cocoa and lace
Correct answer is C
No explanation has been provided for this answer.
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 10 metres | 8 metres |
The Opportunity cost ratio for cocoa and lace for Austria and Nigeria is_______
1.5:2
2:2
2:1.5
0.5:1.5
Correct answer is A
No explanation has been provided for this answer.
Which of the following is NOT one of the characteristics of developing countries?
High unemployment
Mono-product economy
High capital formation
Low saving
Correct answer is B
Mono-product economy ( an economy that produces one product or commodity) is not a characteristics of developing country. The characteristics are: high level of illiteracy, dependence on agriculture, low savings and investment, low standard of living, population explosion, high death rate etc.
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
|
No. of oranges Consumed |
Total Utility | Average Utility |
Marginal Utility |
| 1 | 9 | 9 | - |
| 2 | 16 | 8 | x |
| 3 | 24 | 8 | 6 |
| 4 | 30 | 7.5 | 4 |
| 5 | 34 | 6.8 | y |
| 6 | 36 | 6 | 2 |
| 7 | 36 | 5.1 | 0 |
0.5
7
0
8
Correct answer is B
The Marginal Utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. It can be calculated by subtracting the total utility of the previous consumption from the total utility of the current consumption. In this case, the total utility of consuming 2 oranges is 16 and the total utility of consuming 1 orange is 9. Therefore, the marginal utility (X) of the second orange is 16 - 9 = 7.
Economics is often described as a science because it
Employs the use of laboratory experiments
Use scientific methods to explain observed phenomena
Make use of controlled experiments
Engages accurate predication of human beings
Correct answer is B
Economics is regarded as a science because it uses scientific methods to build theories that can help explain behaviour of individuals, groups and organisations.
JAMB Subjects
Aptitude Tests
Latest Jobs
Indorama Eleme Fertilizer & Chemicals Limited (IEFCL) Graduate Engineer Internship Program 2024
Diploma Engineer Internship Program at Indorama Eleme Fertilizer & Chemicals Limited (IEFCL)
Admin Officer - Airline Industry at Ascentech Services Limited
Area Sales Manager at Airtel Nigeria
State Business Manager at Airtel Nigeria
Inventory Manager at a Reputable Agricultural Company
Supply Chain Officer at Kellogg's Tolaram Nigeria Limited (KTNL)
Warehouse Manager at Shulifang Biotechnology FZE
Capability Development & Execution Excellence Manager (Rivers) at Airtel Nigeria
Regional Security Manager - Northeast Region at Airtel Nigeria
