Joint Universities Preliminary Examination Board (JUPEB) has scheduled JUPEB Economics 2023 Questions And Answers to Kick off On Friday 11th – August – 2023.
JUPEB Economics 2023 Questions And Answers
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JUPEB Economics 2023 Questions And Answers
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JUPEB Economics Answer 2023
NUMBER THREE
(3ai)
Absolute Income Theory of Consumption:
The absolute income theory of consumption suggests that individuals’ consumption patterns are determined by their current level of income. According to this theory, higher income leads to higher consumption, while lower income leads to lower consumption. In other words, the absolute income theory emphasizes that individuals’ decisions to consume are determined by their current financial position.
For example, people with higher incomes are more likely to purchase luxury goods and services than those with lower incomes. People with lower incomes, on the other hand, are more likely to purchase basic necessities such as food and shelter.
(3aii)
Permanent Income Theory of Consumption:
The permanent income theory of consumption suggests that individuals’ consumption patterns are determined by their expected future income level. According to this theory, individuals make consumption decisions based on their perceived income level over the long-term, rather than just their current income level.
For example, a person who expects to have a higher income in the future may choose to save some of their current income, rather than consume all of it. This is because they anticipate that they will be able to enjoy a higher level of consumption in the future when their income is higher.
(3b)
Multiplier in National Income Consumption:
The multiplier effect of national income consumption suggests that an increase in consumer spending can have a larger effect on a country’s economic output than the initial increase in spending. This is because an increase in spending leads to an increase in production, which in turn leads to further increases in spending and production. This chain reaction is known as the multiplier effect.
NUMBER FOUR
(4a)
(i) Population Growth: Nigeria has one of the fastest-growing populations in the world. As the population increases, the demand for public goods and services also increases. Therefore, the government has to increase public expenditure in order to meet this demand.
(ii) Rising Fuel Prices: The increasing cost of fuel has forced the government to raise public expenditure in order to cover the costs of transport and other fuel-related costs.
(iii) Infrastructure Development: In recent years, the government has invested heavily in infrastructure projects such as road construction, which requires a large amount of money.
(iv) Debt Financing: The government has resorted to borrowing funds from other countries and international institutions in order to finance certain public projects.
(4b)
(i) Employment: Public expenditure typically leads to job creation by providing wages and salaries for the people employed to carry out the projects.
(ii) Economic Development: The increased spending on infrastructure projects has helped to improve the country’s infrastructure, which in turn has a positive effect on economic growth.
(iii) Inflation: An increase in public expenditure can cause the prices of goods and services to rise, leading to inflation.
(iv) Tax Burden: The rising public expenditure means that the government has to collect more taxes in order to finance the expenditure, which in turn increases the tax burden on individuals and businesses.