INSTRUCTIONS: Answer One question Only from this section
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(1a)
Equilibrium wage rate is $8
(1b)
(i) Hours worked is 12hours
(ii) Hours supplied is 12hours
(iii) Number of hours not employed = 12hours – 12hours
= 0hour
(1c)
(i) Number of hours supplied is 18hours
Number of hours demanded is 6hours
(ii) Surplus or shortage in the labour market= 18hours – 6hours
= 12hours surplus
(1d)
If wage rate is $6
Hours demanded is 15hours
Hours supplied is 9hours
There is shortage of (15 – 9)hours = 6hours
(1e)
(i) It could damage the employment prospects of young and less experience workers by pricing them out of the job market
(ii) It will increase exploitation and poverty in the economy
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SECTION B
INSTRUCTIONS: Answer Three questions Only from this section
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(3a)
An economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
(3b)
(i) The market economy is a market system whereby the pricing of goods and services is primarily determined by the sellers and buyers, and is hence based on demand and supply. While a command economy is an economy whereby the market system is fully controlled by the government.
(ii) The market economy is regulated by the producers and consumers and there exist minor to none government regulation, While a command economy is regulated by the government.
(iii) The objective of a free market economy is the maximization of profits. While a command economy focuses on social as well as macroeconomic objectives.
(iv) In a market economy, consumers’ preferences are taken into consideration. While the consumers’ preferences are not taken into consideration in a command economy as the government decides the item and amount of production.
(3c)
(i) Private Property and Freedom of ownership:
A capitalist economy is always having the institution of private property. An individual can accumulate property and use it according to his will. Government protects the right to property. After the death of every person his property goes to his successors.
(ii) Right of Private Property:
The most important feature of capitalism is the existence of private property and the system of inheritance. Everybody has a right to acquire private property to keep it and after his death, to pass it on to his heirs.
(iii) Price Mechanism:
This type of economy has a freely working price mechanism to guide consumers. Price mechanism means the free working of the supply and demand forces without any intervention. Producers are also helped by the price mechanism in-deciding what to produce, how much to produce, when to produce and where to produce.
(iv) Profit Motive:
In this economy the desire to earn profit is the most important inducement for economic activity. All entrepreneurs try to start those industries or occupations in which they hope to earn the highest profit.
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(4a)
Livestock farming can be defined as the economic activity that involves raising domestic animals for human consumption and obtaining meat, milk, wool, fur, honey, among others.
(4b)
(i) It generates high-quality food products such as meat, egg, milk, cheese, etc.
(ii) It generates employment opportunities and serves as a source of income
(iii) It can help a country to generate foreign exchange earnings through the export of livestock products.
(4c)
(i) Lack of animal housing
(ii) Feed scarcity
(iii) Unavailable of water especially during the dry season
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(7a)
Inflation is defined as “A sustained rising trend in general price level or a rate of expansion of money : income greater than the rate of growth of real output.†Under such circumstances, the general prices increases, and in turn the value of money decreases. Although, the circulation of money increases, the availability of goods is limited and this results in price rise.
(7bi)
(i)Control over money supply: To check inflation, it is suggested that Government should impose strict restrictions on the issue of money by the central bank.
(ii)Control on credit: The central bank of the country should take necessary steps to contract credit because credit forms a major part of money supply. More credit means more supply of money.
(iii)Price Control:
Another method for ceasing inflation is preventing any further rise in the prices of goods and services.
(7bii)
(i)Reduction in public expenditure: Since public expenditure is an important component of aggregate demand, steps should be taken to reduce unnecessary Government expenditures on non-developmental activities.
(ii)Increase in taxes: To cut private consumption expenditure, there should be an increase in taxes. Both direct and indirect taxes can be used for this purpose.
(iii)Currency Demonetisation; One of the monetary steps is to demonetize higher-denomination currencies. Such a step is typically taken when the country has a surplus of black currency.
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Economic Jamb CBT 2024: Tips and Tricks for Success
You’re gearing up for the big JAMB CBT exam in 2024 and want to totally nail the Economics section. It’s a tough one, with all those graphs, terms, and theories to memorize. But don’t stress! With the right study tips and tricks, you can master Economics and get the score you need. In this article, we’ll explore the most effective strategies to prepare for JAMB CBT 2024 Economics. From helpful mnemonics to retain key concepts to targeted practice questions, we’ve got your back. With a little diligent preparation and these pro tips in your arsenal, you’ll walk into that exam room feeling confident and ready to conquer Economic Jamb CBT 2024. Let’s get started!
Understanding the JAMB CBT Format for Economics
The CBT format for Economics will test your grasp of economic theories, concepts and current global financial issues. The questions are usually scenario-based, requiring you to apply your knowledge to real-world situations.
Question Types
You’ll encounter three main types of questions: multiple-choice, short-answer, and essay. The multiple-choice and short-answer focus on definitions, theories and analyzing data like graphs or tables. The essay requires you to take a position and build a coherent argument to support it.
Prepare for questions on supply and demand, market structures, inflation, fiscal and monetary policies, globalization and international trade. You’ll need to know key formulas like calculating GDP, economic growth rates and the multiplier effect. Expect scenarios describing how events like a recession, natural disaster or new technology innovation could impact an economy.
Tackling Multiple-Choice
For multiple-choice, determine the question’s focus – is it asking for a definition, explanation or application of a concept? Read each option carefully and eliminate incorrect answers. Guess if unsure. Don’t leave any blank.
Answering Short-Answer
Keep short-answer responses concise, around 2 to 3 sentences. Re-state the question to ensure you address all parts. Provide a clear explanation and, if asked to analyze data or a scenario, discuss the implications or impact. Use economic terminology accurately.
Writing the Essay
Outline your position before writing and include an intro paragraph, 2 to 3 supporting paragraphs with evidence, and a conclusion restating your view. Discuss counterarguments to strengthen your essay. Use transition words to link paragraphs. Check for proper grammar, spelling and punctuation.
With practice, the CBT format for Economics will become more familiar. Focus on understanding concepts and theories, not just memorizing them. Apply what you’ve learned to various scenarios. Read examples of high-scoring responses. By mastering the content and question types, you’ll be on your way to success.
Studying and Preparing for Economic JAMB Questions
To do well in the Economics section of JAMB CBT, preparation and studying the right materials is key. Here are some tips to help you succeed:
Focus on the syllabus
The JAMB Economics syllabus outlines exactly what concepts and topics will be covered on the exam. Make sure you obtain the latest syllabus and study it thoroughly. Pay extra attention to areas you struggle in.
Practice with past questions
Past JAMB questions are one of the best ways to prepare for the exam. You can find collections of questions from previous years to practice with. Work through them, time yourself, and review the answers. Look for patterns in the types of questions asked. This familiarizes you with the format and experience of the actual CBT.
Read recommended texts
The syllabus also provides a list of recommended texts for each topic. These books cover the material in the depth you’ll need to know for the exam. Aim to read through all the recommended texts if possible, or focus on areas you need the most help in.
Study with friends
Form a study group to prepare with friends also taking the exam. Quiz each other on concepts, work through past questions together, and teach each other areas of difficulty. This can make studying more engaging and effective. You may pick up tips and insights from others in the group.
Practice data interpretation
A significant portion of the Economics exam involves interpreting data in tables, graphs, and charts. Spend time analyzing various data sets and answering questions about them. Look for trends, relationships, and key takeaways. With regular practice, interpreting data will become second nature.
Thorough preparation by focusing on the syllabus, practicing with past questions, reading recommended texts, studying with friends, and interpreting data will set you up for success on the Economics section of JAMB CBT. Put in the work, believe in yourself, and you’ll do great!
Tips for Answering JAMB CBT Economics Multiple Choice Questions
Read each question carefully
Take your time to read and understand each question fully before looking at the options. Pay attention to keywords like ‘except’, ‘least’, ‘most’, etc. These can change the meaning and require you to select the opposite of what you might expect. Read each option as well to understand the choices fully.
Eliminate incorrect options
Go through each option and eliminate those that you know are incorrect. This will increase your chances of selecting the right answer, even if you have to guess. Look for options that are too extreme or illogical.
Make an educated guess
If you are still unsure of the answer after eliminating some options, make an educated guess. Pick the option that you think is most likely to be correct based on your knowledge and understanding. Some guesses are better than no attempt at all.
Answer questions in a logical order
Do not jump around the test haphazardly. Answer questions in a logical order so you can build on concepts and topics as you move through the exam. This will help keep the information fresh in your mind. Start with the topics you are most comfortable with. Come back to more difficult questions later.
Manage your time
Keep one eye on the time as you move through the exam. Do not spend too much time on any one question. If you get stuck, mark the question and come back to it later if you have time. It is best to answer all questions, even if you have to guess, rather than leave any blank.
With practice and the right techniques, you can improve your ability to answer economics multiple choice questions. Stay focused, have confidence in yourself, and remember that every question is an opportunity to show what you know. You’ve got this! With hard work and perseverance, you can achieve your goals.
Strategies for Tackling JAMB CBT Economics Essay Questions
Focus on the Question
The first step is to carefully read and understand the essay question. Identify the key topic and any specific aspects you are required to address. Circle or underline important words and phrases. Make sure you understand what the question is asking before attempting to answer. If needed, break the question down into parts and address each part separately.
Plan Your Answer
Take a few minutes to structure your answer before you start writing. Think about examples and evidence you can use to support your points. Create an outline that lays out your main points and supporting ideas in a logical flow. Having a solid plan will make the actual writing process much easier.
Use Relevant Examples
Provide relevant examples and case studies to illustrate your points. Examples from Nigeria’s economy and current events are especially useful. Refer to economic data, statistics, historical facts, and reports to strengthen your arguments. Examples are a great way to demonstrate your knowledge and show the reader you understand the concepts.
Have a Clear Conclusion
End your essay with a strong conclusion that reinforces your main points and wraps up your answer. Do not just restate the question. Briefly summarize your key arguments and the evidence that supports them. End by reaffirming your position on the issue. A good conclusion will leave the reader with a clear understanding of your perspective on the topic.
Following these strategies will put you in a good position to tackle any economics essay question on the JAMB CBT. With thorough preparation and practice, you can feel confident in your ability to craft a strong, compelling answer. Best of luck!
