by Sunday | Oct 26 | Economics JAMB
A. must be done in stages B. requires no special knowledge C. is simple but strenuous D. must be undertaken by experts Correct Answer: Option A – must be done in stages
by Sunday | Oct 26 | Economics JAMB
A. total supply by OPEC members B. total demand for and supply of crude oil C. excess crude oil produced in the world D. difference between the supply of and demand for oil Correct Answer: Option B
by Sunday | Oct 26 | Economics JAMB
A. income effect is negative B. income effect is positive C. substitution effect is negative D. substitution effect is positive Correct Answer: Option A – income effect is negative
by Sunday | Oct 26 | Economics JAMB
A. price of the good B. degree of necessity of the good C. level of income of consumers D. closeness of the substitutes Correct Answer: Option D – closeness of the substitutes
by Sunday | Oct 26 | Economics JAMB
A. perfectly inelastic supply curve B. perfectly elastic supply curve C. fairly elastic supply curve D. fairly inelastic supply curve Correct Answer: Option A – perfectly inelastic supply curve
by Sunday | Oct 26 | Economics JAMB
A. there is an increase in quantity demanded B. inflation has taken place C. demand has exceeded supply D. there is an increase in demand Correct Answer: Option D – there is an increase in demand