by Sunday | Oct 22 | Economics JAMB
A. producers are sovereign B. it provides low degree of freedom C. it widens the inequitable gap D. consumers are sovereign Correct Answer: Option A – producers are sovereign Explanation Price mechanism refers to the system where the forces of demand and supply...
by Sunday | Oct 22 | Economics JAMB
A. excess demand B. a decrease in price C. an increase in price D. excess supply Correct Answer: Option A – excess demand Explanation Just like the law of demand, the higher the price, the lower the quantity demanded and the lower the price the higher the...
by Sunday | Oct 22 | Economics JAMB
A. reduce the cost of production B. reduce the quantity supplied C. increase the quantity supplied D. lead to no change in the quantity supplied Correct Answer: Option B – reduce the quantity supplied Explanation Elastic demand means a change in price would...
by Sunday | Oct 22 | Economics JAMB
A. market discrimination B. availability of storage facilities C. the cost of storage D. incentives granted to workers Correct Answer: Option C – the cost of storage Explanation The available of facilities to store produced goods would affect the quantity of...
by Sunday | Oct 22 | Economics JAMB
A. distribution of goods and services B. use of goods and services C. demand of goods and services D. production of goods and services Correct Answer: Option B – use of goods and services Explanation Utility is simply the satisfaction a consumer derives from the...
by Sunday | Oct 22 | Economics JAMB
A. diminishing marginal rate of substitution B. the consistency and transitivity of choice C. that total utility depends on the quantity of the commodities consumed D. unstable marginal utility of money Correct Answer: Option C – that total utility depends on...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.