by Sunday | Oct 21 | Economics JAMB
A. auctioning B. market forces C. the sales of treasury bills D. government legislation Correct Answer: Option B – market forces Explanation Price mechanism refers to the system where the market forces of demand and supply determine the prices of commodities and...
by Sunday | Oct 21 | Economics JAMB
A. an increase in the quantity supplied B. a new equilibrium C. a decrease in the quantity supplied D. a fall in price Correct Answer: Option C – a decrease in the quantity supplied Explanation If the market price is below the equilibrium price, quantity...
by Sunday | Oct 21 | Economics JAMB
A. 20 B. 15 C. 50 D. 30 Correct Answer: Option A = 20 Explanation P = 1/4(Qs+10) when P = N10, what is Qs? when p = 10 Qs = 1/4 (10 + 10) Qs = 1/4 (20) Qs =20
by Sunday | Oct 21 | Economics JAMB
A. fall in consumer income B. change in consumer taste C. fall in the commodity relative price D. rise in the consumer income Correct Answer: Option D – rise in the consumer income Explanation When there is an increase in income, a consumer can buy more of both...
by Sunday | Oct 21 | Economics JAMB
A. unitary elastic B. zero elastic C. elastic D. inelastic Correct Answer: Option C = elastic Explanation Elasticity of demand refers to how sensitive the demand for a good is to changes as prices and consumer income...
by Sunday | Oct 21 | Economics JAMB
A. change in the quantity demanded as price changes B. shift in the demand curve C. movement along a given demand curve D. change in the price elasticity of demand Correct Answer: Option D – change in the price elasticity of demand Explanation A normal good is a...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.