by Sunday | Jan 3 | Economics JAMB
A. perfectly price inelastic B. price inelastic C. price elastic D. unitary elastic Correct Answer: Option B – price inelastic Explanation For government to generate more revenue, tax on commodities should be price inelastic. Inelastic means when tax is imposed,...
by Sunday | Jan 3 | Economics JAMB
A. comparative cost B. absolute cost C. fixed cost D. variable cost Correct Answer: Option A – comparative cost Explanation Comparative cost advantage is a reason for nations engage in external trade. The principle of comparative cost advantage was propounded by...
by Sunday | Jan 3 | Economics JAMB
A. will be composed of goods produced by women B. figures will be grossly over-stated C. statistics will be difficult to calculate D. figures will be grossly under-estimated Correct Answer: Option B – figures will be grossly over-stated Explanation In a country...
by Sunday | Jan 3 | Economics JAMB
A. death rate is reduced B. moral restraint abolished C. more hospitals are built D. there is natural calamities Correct Answer: Option D – there is natural calamities Explanation The positive checks are: famine, war, disease, pestilence, floods and other...
by Sunday | Jan 3 | Economics JAMB
A. structural unemployment B. frictional unemployment C. seasonal unemployment D. residual unemployment Correct Answer: Option C – seasonal unemployment Explanation Seasonal unemployment occurs in industries or activities that are seasonal in nature. Such...
by Sunday | Jan 3 | Economics JAMB
A. are located very close to consumers B. finance both producers and retailers C. pass information on from retailers to consumers D. sell in small units to consumers Correct Answer: Option B – finance both producers and retailers Explanation Wholesalers finance...
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