by Sunday | Oct 21 | Economics JAMB
A. consumer surplus B. indifference curve C. budget constant D. goods of necessity Correct Answer: Option B – indifference curve Explanation An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and...
by Sunday | Oct 21 | Economics JAMB
A. level of technology B. government policy C. Entry of new firms D. Price of the commodity Correct Answer: Option C – Entry of new firms Explanation Factors Affecting the Supply of a Commodity Price of the given Commodity Cost of Production: Natural Conditions...
by Sunday | Oct 21 | Economics JAMB
A. total Profit made after sales B. amount of goods produced C. total money realized from sales D. amount spent on purchases Correct Answer: Option C – total money realized from sales Explanation Revenue can be defined as the income generated by a firm from the...
by Sunday | Oct 21 | Economics JAMB
A. land tenure system B. ignorance of the farmers C. use of crude implement D. provision of food for the teeming population Correct Answer: Option D – provision of food for the teeming population
by Sunday | Oct 21 | Economics JAMB
A. law of demand B. law of diminishing returns C. law of diminishing marginal utility D. law of returns to scale Correct Answer: Option B – law of diminishing returns
by Sunday | Oct 21 | Economics JAMB
A. Prime cost B. Explicit cost C. Average cost D. Implicit cost Correct Answer: Option A – Prime cost Explanation A prime cost is the total direct costs of production including raw materials and labour.
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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