by Sunday | Mar 29 | Economics JAMB
A. elastic B. inelastic C. perfectly elastic D. unitary elastic Correct Answer: Option B – inelastic Explanation High taxes should be imposed on goods whose demand is inelastic. Inelastic demand is when the buyer’s demand does not change as much as the...
by Sunday | Mar 29 | Economics JAMB
A. balanced B. surplus C. deficit D. inflationary Correct Answer: Option B = surplus Explanation A surplus budget is a budget whose revenues exceed the estimated expenditure in a particular financial year.
by Sunday | Mar 29 | Economics JAMB
A. monopoly B. oligopoly C. duopoly D. oligopsony Correct Answer: Option D = oligopsony Explanation An oligopsony is a market situation where there are a few buyers and a small number of sellers. It is the opposite of...
by Sunday | Mar 29 | Economics JAMB
A. bill of exchange B. banker’s order C. fixed deposit account D. open market operation Correct Answer: Option D – open market operation Explanation The open market operation refers to when the central bank buys or sells government securities to the...
by Sunday | Mar 29 | Economics JAMB
A. reduce taxes B. advise the government to increase its expenditure C. engage in expansive monetary policies D. engage in restrictive monetary policies Correct Answer: Option D – engage in restrictive monetary policies Explanation Governments can use a...
by Sunday | Mar 29 | Economics JAMB
A. a commercial bank B. a development bank C. an industrial bank D. a merchant bank Correct Answer: Option B = a development bank Explanation Development banks are specialized banks that provide medium and long-term finance to the industrial and agricultural sectors....
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