JAMB Economics Past Questions & Answers - Page 62

Circulating capital otherwise known as working capital is the money used for the day-to-day operations/running of the business. Circulating capital includes cash, operating expenses, raw materials, inventory-in-process, finished goods inventory, and accounts receivable. 

Mortgage banks are financial institutions that specialize in granting loans to individuals and corporate bodies for building purposes.

Want may be defined as insatiable desire or need by human beings to own goods or services that give satisfaction. Human wants or needs are many, and are usually described as insatiable because the means of satisfying them are limited or scarce.

Export promotion also called export drive is defined as any policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange. Such measures include: reduction of export duties, subsidy for export based industries etc.

Total budget = N100,000,000

  Portion of pie chart covered in degree = 360

  Expenditure on manufacturing = x/N100,000,000 × 3600 = 360

  3600x = 360 × N100,000,000

  x = 360×N100,000,000/3600

  x=N10,000,000

  Therefore, the budget allocated to Manufacturing is N10,000,000

  Total budget = N100,000,000

  Portion of pie chart covered in degree = 720

  Expenditure on Agriculture = x/N100,000,000 × 3600 = 720

  3600x = 720 × N100,000,000

  x = 720 × N100,000,000/3600

  x = N20,000,000

  Therefore, the budget allocated to Agriculture is N20,000,000

  Ratio of expenditure on Manufacturing to Agriculture;

  Ratio = 10,000,000:20,000,000

  =1:2