by Sunday | Oct 22 | Economics JAMB
A. profit B. productivity C. national income D. price index Correct Answer: Option B – productivity Explanation The price/cost elasticity of supply measures the degree to which a change in price would affect the quantity of goods the producer is willing to...
by Sunday | Oct 22 | Economics JAMB
A. unitary B. infinity C. fairly elastic D. perfectly inelastic Correct Answer: Option D – perfectly inelastic Explanation perfectly inelastic is a situation in which the price of a product will have no effect on the supply. This means that, a change in price...
by Sunday | Oct 22 | Economics JAMB
A. seasonal conditions B. the efficacy of fertilizer used C. the demand for beverages D. the availability of close substitutes Correct Answer: Option C – the demand for beverages Explanation The supply of cocoa is influenced by the demand for beverages. Cocoa is...
by Sunday | Oct 22 | Economics JAMB
A. stops consuming more of the commodity B. reduces the quantity consumed C. increases the quantity consumed D. consumes more of another commodity Correct Answer: Option B – reduces the quantity consumed Explanation Marginal utility refers to the additional...
by Sunday | Oct 22 | Economics JAMB
A. utility is measured in utils B. marginal utility is not observable C. utility is subjectively determined D. individual income differ Correct Answer: Option A – utility is measured in utils Explanation The comparison of interpersonal utility is impossible...
by Sunday | Oct 22 | Economics JAMB
A. perfectly elastic B. inelastic C. elastic D. perfectly inelastic Correct Answer: Option C – elastic Explanation Elastic demand is a situation where a change in prices leads to a change in the quantity...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.