by Sunday | Oct 23 | Economics JAMB
A. AFC B. MC C. AC D. AVC Correct Answer: Option B – MC Explanation In a monopoly, the price is set above marginal cost and the firm earns a positive economic profit. When the price is equal to marginal cost, the monopoly profit is...
by Sunday | Oct 23 | Economics JAMB
A. Unemployment rate has decreased B. General prices have fallen C. Employment rate has risen D. General prices have risen Correct Answer: Option B – General prices have fallen Explanation To better understand this, we need to know what real and nominal income...
by Sunday | Oct 23 | Economics JAMB
A. AC is lowest B. AVC is lowest C. MC is rising D. MC is falling Correct Answer: Option D – MC is rising Explanation The key goal for a perfectly competitive firm in maximizing its profits is to calculate the optimal level of output at which its Marginal Cost...
by Sunday | Oct 23 | Economics JAMB
A. Middle value in the set B. Highest value in the set C. Arithmetic means of the set D. Most frequent occurring score Correct Answer: Option A – Highest value in the set Explanation The median is the middle number in a sorted, ascending or descending, list of...
by Sunday | Oct 23 | Economics JAMB
A. recessionary gap B. GNP gap C. inflationary gap D. deflationary gap Correct Answer: Option C – inflationary gap Explanation Point X represents the inflationary gap as seen in the diagram above. The inflationary gap happens as a result of excess demand....
by Sunday | Oct 23 | Economics JAMB
A. X B. K C. X + K D. X – K Correct Answer: Option B = K Explanation A deflationary gap shows the amount by which aggregate demand must be increased so that equilibrium level of income is increased to the full employment level. It is represented by point K....
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.