Pls this group is strictly for social science and administrative aspirant doing economic in their jamb.

This group will strictly base on jamb syallabus....we tackle questions and we study together......I will make salient note and den ask questions to that regards..hav got some good materials which I want to dedicated my tym to share with everyone....however I am learning too.....

For now topics to be treated now are jamb favorites
Economic systems
Theory of cost,
Theory of demand and supply
Theory of production
Theory of consumer behaviour
Market structures
National income
Economic development and growth..

This are the first topic we will try to get very perfect with....dese are jambs favorite questions evry other other is an add up..after dis we will treat the basic...

I open the group in the name of the father of the son and of the Holy spirit amen.

Hand over to my ogas @ the top....cc ibadanfinest, homosapien and co...I salute....less I forget haji unilag asp group...my regards

BASIC ECONOMIC PROBLEMS[b][/b]

Evry economy irrespective of the economic system it is practicing is bound to confront the following economic problems

WHAT TO PRODUCE: This economic problem seeks to find out the nature and types of goods and services that should be produced and in what's qty should the chosen goods be produced .

HOW TO PRODUCE: Here the questions boarder on the best techniques to apply in producing the goods decided upon i.e whether to use Labour -intensive method or Capital-intensive method of production.

FOR WHOM TO PRODUCE: The questions here boarders on who is to enjoy and get benefit of goods and services


How efficient is the use of resources:The question here boarders on efficient resource utilization in the midst of SCARCE resources i.e ensuring that waste is brought to the minimum in order to achieve optimum productivity of factors

[/b]ECONOMIC SYSTEMS :

The world over, the above mentioned economic problem must be confronted using or applying any of the following systems. It must be noted dat individual country will adopt a system it fells is best them at a a given point in time.

[b]Capitalist economic system[/b]: This is a system where the means of production is majorly owned and controlled by private individual with little or no participation from the government. The choices of what to produce, how to produce, how to produce and how to distribute what has been produced as well as for whom to produced is determined by that country's private individuals. A good example of a capitalist economy is United state of America (USA), basically the so called First world or developed nation practice dis system such as Japan, North America,western Europe, Australia, New Zealand
[b]
Socialist economic system: This system is also known as centrally planned or controlled economy, the systems put all the means of production in the hands of the central govt. Individual are not allowed to own the means of production rather they given their wants according to their needs. The economic problem is determined by the government. The second world nation is said to practice dis system which include soviet union, czechoslovakia, Bulgaria, China,, Romania,Poland etc

[b][/b]Mixed economic system: This system allowed collective ownership of the means of production both from the public and the private individuals. So the economic problems is determined by both the govt and the private individuals..Nigeria is a good example a mixed economy...Britain, Egypt, Kenya, Tanzania, Mexico etc

Questions:

In a centrally planned economy, the economic problem of deciding what to produce is dependent on
a) average profit
b)state command
c)average cost
d) relative prices

2) In a free market economy, the price system allocates resources
a) under government's directives
b) to ensure general welfare
c) to their best alternative use
d) to reduce povert

3) In a planned economy, the emphasis is o
a) public ownership and control
b) prices and competition
c) individual choices and decision
d)private ownership and control

4)Economic freedom is a basic feature of
a) a market economy
b)an industralized economy
c)a planned econom
d) a developed economy

which of the follnwing is applicable wholly in a capitalist economy? a) There is government intervention in price determination b) consumer sovereignty does not exist c) the price mechanism allocates resource d) household cannot freely decide what 2 spend on goods and services

Following. Homosapien Zaragal, post it on different thread. Following though.

ibadanfinest:
Following. Homosapien Zaragal, post it on different thread. Following though.

How do u mean post it on different threads!??

6)The price mechanism is more effective in achieving efficient performance of the economy than the planned mechanism because of the
A) role of supply and demand
B) tole of material incentive
C) existence of buyers and sellers
D) role of money

7)a major characteristic of a mixed economy is that
A) economic decision are made by both the rich and the poor
B) both primary and secondary production are undertaken
C) the federal and the state govt undertake joint projects
D) economic activities are undertaken by both the public and private sectors

which of these would not be included in the fundamental principles of a free enterprise economy

A) private ownership of factors of production
B) the right to organize factors for productive purposes
C) the right to make profit
D) government's control of the mobility of factors of production

9) which of these should determine, in a planned economy. How the factors of production are to be allocated among different production activities??

A) fairness
B) the distribution of income and wealth
C) public need which is determined by the government
D) private needs determined by the market

10) which of the following activities of government precludes the existence of a market economy?
A) the imposition of taxes
B) the control of the location of industry
C) the central planning of all production
D) the fixing of maximum prices for all necessities

11) The price mechanism
A) regulates supply and demand
B) rations the consumers
C) rewards the producers
D)allocates scarce resources

12) In a free-Market economy, the rationing of scare goods is done principally by
A) the government
B) business organizations
C) the price mechanism
D) consumers

13) In market economy , resources are allocated through the
A) government authorities
B) price system
C) banking system
D) Central planning bureau

14) which of the following statements describes a mixed economy

A) government and the private sector interact in solving the basic economic problems
B) the invisible hand of demand and supply the basic economic problems
C) the government produces and distributes all goods and services
D) society ans the "what" "how" and "for whom" questions only through the price system

15).which of the following is an important function of prices in a market economy?

A) ensuring that resources are used in the most efficient manner
B) ensuring an equitable distribution of goods and services
C)ensuring that all industries are perfectly vompetitive in the long run
D) equating level of purchases with level of needs

16) In market economy, the question of what, how and for whom to produce are solved by the
A) elected representative of the people
B) planning committee
C) price mechanism
D) government and the public sectors

17) The main function of the price system is to
A) distribute resources equally among competing ends
B) ensure efficient allocation of resources in the economic system
C)allocate goods and services equally
D) minimize cheating

18) a system in which the means of production is held in trust for the people by the government is known as a
A) socialist economy
B) capitalist economy
C) subsistence economy
D) mixed economy

19)In a mixed economy, decisions to produce are taken by
A) Men and women acting In Their interests
B) the government acting In the interest of the country
C) the market women, labour unions and the employer's association
D) private individuals, organizations and the government

20) The active intervention or the central authorities in the management of a country's economy's economy rests upon the
A) failure of the market forces to produce satisfactory results
B) superiority of the centrally planned economy over the private enterprise economy
C) result-oriented nature of the private economy
D) cost-minimization strategy of a mixed economy

21)In a free market economy, available resources are more efficiently allocated by complete reliance on
A)development planning
B) strategic planning
C)capital budgeting
D) price system

22)one of the features of a free market economy is that
A) resources are directed by the price mechanism
B)workers do not earn equal wages
C)capital budgeting
D) price system

23) one of the fundamental differences btw a capitalist and a socialist economy is that while
A)the former is characterized by the compete government ownership of resources
B) in the former, prices act as a signals in the allocation of resources, it is the central authority that performs this function in the latter
C) taxes are levied in a capitalist economy, there is no taxation in a socialist economy
D) income and wealth are equally distributed in the socialist economy this is not so in a capitalist economy.

24) In certain circumstances, a centrally planned economy adopts the rationing system because of
A) the scarcity of goods and services in the market
B) low real and money wages
C) the need for equitable distribution of goods and services
D) transportation and distribution problems

25) A capitalist economy is one characterized by the
A) private ownership of factors of production
B) ownership of factors of production by rich members of the society
C) use of capital and labour in fixed proportions during production
D) use of capital intensive methods of production

zaragal:

How do u mean post it on different threads!??

like u copy and paste the link in different thread so that people will be aware.

ibadanfinest:


like u copy and paste the link in different thread so that people will be aware.

Got u....already did...commercial student are lazy...

25)In a planned economy what shall be produced is determined primarily by
A) what the consumers wants
B) government decisions
C) price mechanism
D) the pattern of consumer spending

27) In a capitalist economy, the economic problem of what goods to produce is decided mainly by
A) shadow prices
B) profit level
C) relative prices
D) central planner

28) In a socialist economic system, decisions relating to the fundamental economic problems are taken by
A) government
B) individuals
C)judiciary
D) academicians

29)The central determination of resource allocation in order to meet the needs of the society as a whole is known as
A) capitalism
B) dualism
C) socialism
D) welfarism

30) A decision on input combination solves the economic problem of
A) how to produce
B) for whom to produce
C) when to produce
D) what to produce

That will be all for today....no economic student can attempt any of these questions ....am astonished

Btw me sef dey use the opportunity study more....

Tomorrow is theory of cost salient notes and questions....goodluck

following.

Geofavor:
following.

Welcome sir...u are a scienece student ryt??

Zara, take it easy with the questions nah, I don't even know where to start

Nice job tho

Priianne:
Zara, take it easy with the questions nah, I don't even know where to start

Nice job tho

Lol...I want us to cover all jambs past questions if possible but according to the syllabus and topic by topic....just ans dem according to the numbers...thnx

Pls let's ans the questions so I cn give corrections on where err and move to another topic

zaragal:



Tho...I want us to cover all jambs past questions if possible but according to the syllabus and topic by topic....just ans dem according to the numbers...thnx

Okay ma, lemme try

Priianne:


Okay ma, lemme try

Good gal

Economic sysllabus below after my signature

Please continue with the tutor am so interested

xlinprince:
Please continue with the tutor am so interested

Thank you sir

Good morning everyone

Economics Syllabus from JAMB
1. Economics as a science
2. Economic Systems
3. Methods of Economic Analysis
4. The Theory of Demand
5. The Theory of Consumer Behaviour
6. The Theory of Supply
7. The Theory of Price Determination
8. The Theory of Production
9. Theory of Costs
10. Market Structure
11. National Income
12. Money and Inflation
13. Banking
14. Public Finance
15. Economic Growth and Development
16. Agriculture in Nigeria
17. Industry and Industrialization
18. Petroleum and the Nigerian Economy
19. Business Organizations
20. Population
21. International Trade
22. International Economic Organizations.

Add me on your whatssap group pls

zaragal:


Thank you sir

this thread should be okay for utme aspirant...Go to other schools aspirants thread, and post the link as others had said. that should bring more people in...

THEORY OF COST

Cost has different meaning in different setting an accountant defines cost as a direct or explicit cost incurred in buying or procuring a good or service. In economic dis cost is as "money cost" it is the amount of money that is spent in order to acquire a set goods or services. I.e the money value(legal tender) of a commodity.

Cost to economic is known as opportunity/real/ true cost. It s the satisfaction of one want @ the expense of another. That is wat is left unsatisfied in order to acquire another item

For example a student has #50 to buy a book of #50 and a biro and with only #50 he can only afford either of both if he decides to buy a book and left the biro the opportunity cost or economic cost is the biro he did not purchase ( not the amount but the want) while an account view of cost is the #50 he used in buying the book...

Explicit cost: these are cost in form of payment made directly on materials during the cost of production such salaries, advertisement, transportation etc

Implicit cost: these are cost which the owner of the firm incurs on factors of production.

COST OF PRODUCTION: This is the sum total of payment of factor of production used in the production of goods and services. For goods and services to be produced all factors of production must work together i.e land, labour, capital and enterprenuer

Concepts of cost of produtcion
A) fixed cost: these are unmoveable cost of production which do not vary or change in the level of output. They are incurred whether the firm is producing or not. Eg rent, machinery. Etc
FC =TC-VC or TFC= AFC* QTY PRODUCED

B) variable cost: also known as direct cost is a move able cost which vary with level of output, if output increases variable cost increases eg wages, cost on raw materials, fuel
VC= TC-FC

C) total cost : this is the sum of all the firm's total fixed cost and variable cost incurred in producing a given output
TC=FC+VC

D) average total cost: this is the total cost per unit output, what an enterprise incurred in producing jst one commodity
ATC=TOTAL COST/TOTAL OUTPUT or AFC=AVC/AFC

E) average variable cost: this is the variable cost per unit of output produced. how much it's takes a to pay a worker however average variable cost rise and fall depending on the output
AVC=VC/TQ where TQ is total output or total quantity

F) average fixed cost: This is the fixed cost per unit output produced
AFC=TFC/TQ or ATC-AFC

G) marginal cost : this is the additional cost incurred as a result of additional unit of output
Change in TC/change in output

ajosegabriel:
this thread should be okay for utme aspirant...Go to other schools aspirants thread, and post the link as others had said. that should bring more people in...

Okk sir