by Sunday | Mar 30 | Economics JAMB
A. Monopoly B. Oligopoly C. Monopolistic competition D. Perfect competition Correct Answer: Option B = Oligopoly
by Sunday | Mar 30 | Economics JAMB
Units of Quality Consumes Total Utility Marginal Utility 0 1 2 3 4 5 – 10 15 17 18 18 – 10 5 2 1 0 A. Increasing returns B. Diminishing returns C. Diminishing marginal utility D. Increasing total utility Correct Answer: Option C = Diminishing...
by Sunday | Mar 30 | Economics JAMB
A. Coal deposit B. Palm oil products C. Favourable soil D. Oil deposits Correct Answer: Option D = Oil deposits
by Sunday | Mar 30 | Economics JAMB
A. It has a motive to increase output B. It produces the greatest output at a minimum cost C. Marginal cost equals marginal revenue D. Marginal cost is less than marginal revenue Correct Answer: Option B – It produces the greatest output at a minimum...
by Sunday | Mar 30 | Economics JAMB
A. overpopulated B. economically poor C. over-producing goods and services D. under-populated Correct Answer: Option A = overpopulated Explanation Increasing returns occur when the output increases in a greater proportion than the increase in input. Now, when a...
by Sunday | Mar 30 | Economics JAMB
A. high rate of rural-urban migration B. poor geographical distribution of population C. high birth rate in the country D. poor town planning in urban areas Correct Answer: Option D – poor town planning in urban areas
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