Jamb Economics 2015 Past Questions and Answers

Question 41:

• JAMB 2015

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

A. E = C + I + G
B. E = C + I + G + M – X
C. E = C + I + G + X – M
D. E = C + I + G – T + M – X

Question 42:

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A. 12.5
B. 12
C. 15
D. 10

Question 43:

• JAMB 2015

The relationship between the cost of living and standard of living is

A. A rise in cost of living gives a corresponding rise in standard of living
B. A lower cost of living give a higher standard of living
C. A lower cost of living give a lower standard of living
D. None of the above

Question 44:

• JAMB 2015

The ordinalist approach of utility postulated that utility can be

A. Rank
B. Measurable
C. Rise
D. Fall

Question 45:

• JAMB 2015

The frequent value that occurs most in a data is

A. Median
B. Mean
C. Mode
D. Range