Wednesday, January 27, 2016

See Answers To The 2016/2017 JAMB Likely/Possible Questions On Economics Here

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After much persuasion from our students who has read and studied the 2016/2017 JAMB Economics we posted here few days ago for the answers, we have decided to post the answers for those who had the questions.
SEE THE QUESTIONS HERE
2016/2017 JAMB ANSWERS ON THE LIKELY ECONOMICS QUESTIONS
1. [Ans. The involvement of government in agricultural business in Nigeria is most manisfested in the procurement and distributions of ferlizers c]
2. [ans. B]
3.
[ans] Black market is an unauthorized market transactions contrary to governmental regulations. When prices are set by government below the equilibrium, a black markert will occur. Markets of this kind are often found when there are price or exchange controls or the restriction of trading to a list of authorized dealers.
4.
[ans.  The cost of cotton used is categorized under the variable cost because cotton quantity goes with the level of output. B]
5.
[ans. This implies that cost of living [i.e price] has risen by 75% and consequently, the value of money will also fall by the same 75%
6.  [ans. The state takes economic decisions regarding the economic problems facing the society. C]
7.
[ans. This is a situation when an economy is facing the twin macroeconomical problems of inflation and unemployment.
8.
[ans. At equilibrium, quantity demanded= quantitity supplied; Qs 40-2p=6p+24;p=Nx2. D]
9
[ans. The monopolist can either influence price or quantity but it cannot influence both. D]
10.
[ans. The WTO assists countries with chronic balance of payments problem. B]
11
[ans. A monopolist can bloat his revenue by reducing price. D]
12. -
13.
[ans. Quotas B]
14.
[ans. The range c]
15.-
16.
[ans. Change in quantity demanded caused solely by the commodity’s own price. C]
17.
[ans. P=1/4 [Qs+10] and P=#10
Qs=4x10-10=30. A]
18.
[ans. The money market deals with short term loans in contrary to the capital market which deals with medium and long term loans. B]
19.
[ans. The follows the logic of the market price being determined by the forces of demand and supply A]
20
[ans. #300 million D]
21.
[ans. The voting power in co-operative societies is vested on members with the highest contribution. D]
22.
[ans. This makes the Nigerian to mainly depends on the oil for its income and this is dangerous as this only one source of income can be brought to an abrupt end. C]
23.
[ans. Due to its extensive operations, it encourages research and allows massive employment of labour. A]
24.
[ans. This is important as the per-capita income is arrived at by dividing the national income with the population. C]
25
[ans. It helps to generate employment oppurtunities for the unemployed youths. D]
26.
[ans. This is because the change in quantity demanded is slight compared to the change in the price. D]

27.
[ans. Rent and admirstrative expenses are example of variable cost. D]
28.
[ans. When price is set below its equilibrium price, this will reduce the profit of the producers and thus they would be discouraged to produce and supply more to the market. C]

29.
[Ans. Average cost is N30. B]

30.
[Ans. C+I+G+[X-M]  where C+ Consumption expenditure, I=investment expenditure G= government expenditures X=exports and M=imports. D] 

Download The Above Answers In PDF File By Clicking Here

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