by Sunday | Oct 20 | Economics JAMB
A. Payment from business transfer B. Bonuses C. Tax D. Wages Correct Answer: Option C – Tax Explanation Tax, the government generates income or revenues by taxing individual and corporate bodies. This process is referred to as taxation. Taxation is the act or...
by Sunday | Oct 20 | Economics JAMB
A. the effect of diseases and pests B. industrial pollution C. mining and extraction activities D. population growth Correct Answer: Option A – the effect of diseases and pests Explanation The most direct economic impact of a trans-boundary pest or disease is...
by Sunday | Oct 20 | Economics JAMB
A. homogenous B. intermediate and final C. durable and non-durable D. heterogeneous Correct Answer: Option A – homogenous Explanation The goods bought and sold in a perfect market must be homogeneous. That is, they must be identical. They must be of same size,...
by Sunday | Oct 20 | Economics JAMB
A. a decrease in quantity supplied B. an increase in supply C. a decrease in supply D. an increase in the quantity Correct Answer: Option C – a decrease in supply Explanation There is a decrease in the quantity supplied if the quantity of the commodity supplied...
by Sunday | Oct 20 | Economics JAMB
A. Everything is sold B. Buyers spend all their money C. Excess demand is zero D. None of the above Correct Answer: Option C – Excess demand is zero Explanation Equilibrium price is the price where the demand for a product or a service is equal to the supply of...
by Sunday | Oct 20 | Economics JAMB
A. The aim of ECOWAS is to ensure economic stability B. Bigger state in the community dominates the small state C. Members of the ECOWAS community can form cartel and create monopolies D. English is the only official language of ECOWAS Correct Answer: Option C –...