by Sunday | Oct 19 | Economics JAMB
A. Control the growth of population B. Redistribute income between the rich and poor C. Satisfy all human wants D. Allocate scarce resources to satisfy human wants Correct Answer: Option D – Allocate scarce resources to satisfy human wants Explanation Economics...
by Sunday | Oct 19 | Economics JAMB
A. Production B. Distribution C. Consumption D. Demand Correct Answer: Option A – Production Explanation Utility is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service....
by Sunday | Oct 19 | Economics JAMB
A. Partnership B. Sole proprietorship C. Public limited liability company D. Private limited liability company Correct Answer: Option C – Public limited liability company Explanation Public Limited Liability Company is defined as one which allows the public to...
by Sunday | Oct 19 | Economics JAMB
A. Fixed capital B. Social Capital C. Circulating capital D. Liquid capital Correct Answer: Option D – Liquid capital Explanation Liquid or current capital is the type of capital that is required for the day-to-day running of production activities. They are also...
by Sunday | Oct 19 | Economics JAMB
A. Finance agriculture B. establish banks C. acquire machinery D. build houses Correct Answer: Option D – build houses Explanation Mortgage banks are financial institutions that specialize in granting loans to individuals and corporate bodies for building...
by Sunday | Oct 19 | Economics JAMB
A. Limited while means are scarce B. Unlimited and means are also unlimited C. Limited and means are also limited D. Unlimited while means are scarce. Correct Answer: Option D – Unlimited while means are scarce Explanation Want may be defined as insatiable...