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JUPEB Economics Syllabus

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About JUPEB Economics Syllabus

Did you just register for the JUPEB program and Economics is one of the three courses you’ll be taking? Then you should read this.

We have compiled a full list of topics for JUPEB Economics and you can have a copy of it for free. Yes, you read right!

You get to see the list of topics you will be taught in class, the recommended textbooks you can study with at the library, and answers to some questions you may have about the exam. Now you can just read up on your own and be better prepared for your tests and exams.

What Course Of Study Can Choose Economics

With a pass in your JUPEB Economics exam, you are on track to getting a degree in Accounting, Economics, Business administration, or any Social Science course.

JUPEB First Semester Courses For Economics





Principles of Economics I 

3 Units


Principles of Economics II 

3 Units


1INTRODUCTIONi. Definition of Economics
a) Give and explain different definitions of Economics by different Economists

ii. Economics as a social science
a) Explain and discuss what Social Science is with examples

iii. Distinction between Social Science and Natural Science

iv. Nature of economic problems
a) Identify and explain economic problems such as what, how, where, and for whom to produce

v. Scope and purpose of macro- and micro-economics:distinctions and limitations
a) Explain, describe, and identify micro- and macroeconomic variables
2BASIC ECONOMIC PRINCIPLESi. Scarcity, choice, and resource allocation
a) Meaning of scarcity and the inevitability of choices at all levels (individuals, firms, government)
b) Opportunity cost
c) Basic questions of what will be produced, how, and for whom

ii. Different allocative mechanisms
a) Market Economies
b) Planned Economies
c) Mixed Economies

iii. Production possibility curve-shape and shifts

iv. Positive and normative statements

v. Factors of production: land, labour, capital, enterprise

vi. Division of labour

vii. Efficient resource allocation

viii. Economic efficiency: Productive and allocative efficiency
3TOOLS AND METHODS OF ECONOMIC ANALYSISi. Functional relationships- Algebraic and Geometric Form

ii. Systems of equations- Economic equations

iii. Variables- Endogenous and Exogenous

iv. Interpretation and comprehension of statistical data

v. Application of the use of statistical data in Nigerian economy and solving global economic problems

vi. Inductive and deductive methods

vii. Advantages and limits of mathematical tools
4THE PRICE SYSTEMi. Individual/demand curve

ii. Aggregation of individual demand curves to give market demand

iii. Factors influencing demand

iv. Movements along and shifts of a demand curve

v. Price, income and cross-elasticities of demand
a) Meaning and calculation
b)Factors affecting
implications for business decisions

vi. Supply curve analysis aggregation of individual supply curves to give market supply

vii. Factors influencing market supply including direct taxes and subsidies movement along and shifts of a supply curve

viii. Price elasticity of supply: determinants, implication for speed/ ease with which businesses react to market conditions

ix. Interaction of demand and supply: equilibrium price and quantity

x. Government intervention via maximum price controls, price stabilization, taxes, subsidies, direct provision Of goods and services

ii. Law of diminishing marginal utility and its relationship to derivation of an individual demand schedule and curve
a) Equi-Marginal principle
b) Limitations of marginal utility theory

iii. Cardinal and ordinal approaches to the theory of budget line to utility

iv. Budget lines
v. Income and substitution effects to price change
6THEORY OF THE FIRMi. Short-run production function: Fixed and Variable factors of production, Total Product Asnage Product and Marginal Product

ii. Law of diminishing returns (Law of Variable Proportions)

iii Long-run Production function
a) Returns to Slacale
iv. Economist’s versus accountant’s definition of costs
a) Marginal cost and average cost
b) Short-run cost function-
c) Fixed costs versus variable costs
d) Explanation of the shape of SRAC
e) Long-run cost function
f) Explanation of LRAC
g) Relationship between economies of scale and decreasing costs internal and external economies of Scale

v. Survival of small firms
a) Growth of firms

vi. Relationship between elasticity, marginal, average, and total revenue for a downward-sloping demand curve

vii. Concepts of firm and industry

viii. Traditional objective of a firm-profit maximization
a) Normal and abnormal profit
i. Different market structures-perfect competition, monopoly, monopolistic competition, oligopoly, structure of markets as explained by a number of buyers and sellers.

ii. Nature of rroduct, degree of freedom of entry, and nature of information.

iii. Contestable markets

iv. Conduct of Firms-
a) Policy and non-price policy, including price discrimination,
b) Price leadership models and mutual interdependence in the case of oligopolies

v. Performance of firms- in terms of
a) Output,
b) Profits and efficiency comparisons about economic efficiency,
c) Barriers to Entry,
d) Price Competition,
e) Non-price competition and collision
a) Meaning and factors affecting demand for labour,
b) Derivation of individual firm’s demand for a factor using marginal revenue product theory

ii. Supply of labour-
a) Meaning and factors affecting supply,
b) Net advantages and the long-run supply of labour

iii. Wage determination under free market Flforces (Competitive Product and Factor Markets)

iv. The role of trade unions and government in wage determination

v. Wage differentials and economic rent
9GOVERNMENT INTERVENTIONi. Sources of market failure

ii. Market Imperfections- Existence of monopolistic elements

iii. Objectives of government microeconomic policy: Efficiency, Equity

iv. Policies to correct market failure: Regulation

v. Policies towards income and wealth distribution

vi. Effectiveness of government policies

vii. Privatization

viii. Externalities

ix. Social cost as a sum of private costs and external costs

x. Social benefits as the sum of private benefits and external benefits

xi. Decision making using cost-benefit analysis

xii. Private goods and public goods

xiii. Merit goods and demerit goods
10CIRCULAR FLOW OF INCOMEi. The concept of the circular flow of income

ii. The circular flow of aggregate income without government, with Government, and with Foreign Sector (3- Sector Economy)

iii. The concept of aggregate savings, consumption, and investment (aggregate demand)
11NATIONAL INCOME ACCOUNTINGi. The concept of Gross National Product (GNP), Gross Domestic Product (GDP), Net National Product(NNP), Disposable National Income (NI), etc

ii. Methods of measuring national income: Input, output, income, and expenditure method

iii. Problems arising from National Income Measurement

iv. Determinants and uses of National Income Statistics
12THEORY OF NATIONAL INCOME AND DETERMINATIONi. The Keynesian Theory: Aggregate Demand and Aggregate Supply

ii. The Theory of saving, consumption and investment functions-concepts of average and marginal propensities

iii. Household consumption pattern:
a) Theories of consumption expenditure
b) Absolute theory of consumption, permanent income hypothesis, life-cycle hypothesis, etc.
c) The determination of the equilibrium level of national income
d) Inflationary and deflationary gaps: specific adjustment policies for each
e) Shifts in the aggregate demand function and national income equilibrium
f) The multiplier and accelerator principle
13MONEY AND BANKINGi. Nature and history of money

ii. Properties of good money

iii. The traditional functions of money and its role in economic fevelopment.

iv. Motives for holding money.

v. Supply of money and quantity theory of money

vi. The demand for money

vii. Theory of interest rate determination

viii. The central bank, commercial banks, and development Banks.

ix. The money and capital market

x. Other liquidity
a) Financial institutions.
b) The importance of liquidity
14INFLATION AMD UNEMPLOYMENTi. The meaning of inflation.

ii. Theories, types, causes, effects and remedies of inflation with special reference to the Nigerian economy.

iii. The construction and uses of index numbers.

iv. Real and money wages

v. The meaning of unemployment.

vi. Theories, causes, effects, and measures to curb unemployment in Nigeria.

vii. The Phillips curve and stagflation
15PUBLIC FINANCEi. Sources of government revenue

ii. Reasons and types of government expenditure

iii. The growth of government expenditure

iv. Taxations: principles and types of taxation

v. Problems associated with the collection of tax revenue

vi. Revenue sharing principle

vii. Budget-types and forms of budgeting

viii. The budget of the federal government
a) National debt

JUPEB Second Semester Courses for Economics





Applied Economics I

3 Units


Applied Economics II

3 Units


16ECONOMIC STRUCTURE OF WEST AFRICAi. The Production Sector: Primary (Agriculture), Secondary (Manufacturing) and Tertiary (Services) sectors

ii. Historical perspective of their contribution to GNP and growth of the economy

iii. Public and private sector
17GROWTH AND DEVELOPMENTi. Under-development

ii. The concept of economic growth

iii. Development and under-development

iv. The development of human resources In education, technical skills, and entrepreneurship

v. The mobilization of domestic resources

vi. The role of science and technology in the development process
18POPULATIONi. History of world population growth

ii. Structure and distribution of world population today

iii. Population structure and the labour force

iv. Malthusian population theory and the population cycle

v. Population pyramids, birth rates, and death rates

vi. Concept of optimum population and population explosion

vii. Food and resource allocation vis-A-vis population, population and poverty versus family life education

viii. Population control

ix. The effects of HIV/AIDS on the labour force and its productivity

x. Gender and productivity
i. Fixed and floating exchange rates. The concept of international liquidity. Benefits and problems of international trade. The new economic order

ii. Principles of absolute and comparative advantage, and their real-world limitations, other explanations/ determinants of trade flows. Opportunity cost concept applied to trade

iii. Domestic and international trade international division of labour and specialization. Theories of absolute and comparative advantage
a) Arguments for free trade and motives for protection
b) Types of protection and their effects
c) Economic integration: Free trade area, customs union, Economic Union
d) Terms of trade
e) Components of the balance of payments
f) Balance of payments problems

iv. Meaning of balance of payments equilibrium and disequilibrium

v. Causes of balance of payments

vi. Disequilibrium consequences of balance of payments disequilibrium on domestic and external economy
a) Fluctuations in foreign exchange rates

vii. Definitions and measurement of exchange rates- Nominal, Real, Trade
a) Weighted Exchange Rates

viii. Determination of exchange rates
a) Floating, Fixed, Managed Float: Corrective Measures

ix. Factors underlying exchange rates

x. Effects of changing exchange rates on the economy
20MEASUREMENT & APPLICATION IN MACROECONOMICSi. Comparison of economic growth rates and living standards over time and between countries

ii. Other indicators of living standards and economic development

iii. Main schools of thought on how the macro-economy functions- Keynesians and Monetarist

iv. Aggregate expenditure function (AE) Meaning.

v. Components of AL and their determinants income. Determination using approach and withdrawal injection

vi. Approach inflationary and deflationary gaps; Full employment level of income Versus Equilibrium level of income
21APPLIED ISSUE IN LABOR ECONOMICSi. Demand and supply of labour

ii. Employment statistics size and components of labour force.

iii. Labour productivity,

iv. Definition of unemployment,

v. Unemployment Rate,

vi. Patterns and trend in umemployment,

vii. Difficulties involved in measuring unemployment
i. Objectives of Macroeconomic Policy: Stabilization of growth

ii. Policies towards developing economies, policies of trade, and aid

iii. Types of Policy: Aims and Instruments of each policy, How each is used to control inflation, stimulate employment, stimulate growth and development.

iv. Correct balance of payments

v. Disequilibrium and effectiveness of each:
a) Fiscal
b) Monetary
c) Exchange Rate Policy
d) Supply Side Policy

vi. Evaluating policy options to deal with problems arising from conflicts between policy objectives on inflation. Unemployment, economic growth, balance of payments. Exchange rates and the distribution of income and wealth

vii. Policies designed to correct the balance of payments disequilibrium or influence the exchange rate

viii. Conflicts between policy objectives on inflation, balance of payments, and exchange rate

ix. Application of stabilization policies in Nigeria
i. Meaning, Types/ stages, and benefits of international economic integration

ii. Economic Community of West African States (ECOWAS), Economic Commission Africa (ECA) in (AU), African Union Organization of Petroleum Exporting Countries (OPEC European Union (EU), World Bank, International Monetary Fund (IMF), African Development Bank (ADB)

iii. Foreign Direct Investment and portfolio investment.

iv. Globalization

Recommended JUPEB Economics Textbooks

1. Economics for a Developing World. Michael P. Todaro (Revised Edition)

2 Introduction to Positive Economics. Richard P. Lipsey, (7th Edition)

3. Structure of West African Economy: S.O Olayide 

4. Intermediate Economics Analysis. S.M Essang and S. O Olayide

5. Economics. Paul Samuelson.

6. a) Modern Microeconomics. A. Koutsoyiannis 

b) Modern Macroeconomics. A. Koutsoyiannis

7. Introduction to Mathematical Economics. Caroline Dimwiddy

8. a) Microeconomics. Edward Shapiro 

b) Macroeconomics. Edward Shapiro

9. Growth and Development with Economics. A.P. Tharlwalt.

10. The Economics of Development and Planning. M.I. Jhingan

11. Advanced Economic Theory. M.I. Jhingan 

12. Macroeconomic Theory: M. I. Jhingan

14. Monetary Theory, Policy and Institutions. J.C. Anyanwu

15. Modern Macroeconomics: Theory and Applications in Nigeria. J.C.

16. The Nigerian Economy: 1960-1999. J.C. Anyanwu et al

17. Penguin Dictionary of Economics. Bannock, Graham, et al (eds)

18. Routledge Dictionary of Economics (2nd Edition). Rutherford, Donald

19. The Complete A-Z Economics Handbook (3rd edition). Wall, Nancy

Frequently Asked Questions About JUPEB Economics

What topics does the JUPEB Economics exam cover?

The JUPEB Economics exam will cover all the topics listed in the syllabus above. Go through them and study.

Should I do Economics at JUPEB?

If you are interested in pursuing careers in Accounting, Economics, Business administration, or any Social Science course, you will have to write Economics in JUPEB.

How many questions are in the JUPEB Economics exam?

You will be required to answer 50 multiple-choice, and 4 essay questions based on the syllabus listed above.

How many questions are in the JUPEB Economics exam?

You will be required to answer 50 multiple-choice, and 4 essay questions based on the syllabus listed above.

How can I answer essay questions in the JUPEB Economics exam?

Before you start writing, read all the instructions given and adhere to them. Next, read and analyze each question and be as detailed as possible, provide relevant examples where necessary, and always cross-check your work before you submit it.

Will there be a practical aspect in the JUPEB Economics exam?

No. It will just be a multiple-choice section and an essay section.

Are there any tips for passing?

Here are a few tips for you:

-Start studying early enough. Do not do last-minute reading. You should also attend classes as often as you can and join study groups.

Another tip is to study past questions regularly and ensure you get a good night’s rest a day before your exam.

Good luck!

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