by Sunday | Oct 23 | Economics JAMB
A. N1.50 B. N0.40 C. N1.00 D. N2.00 Correct Answer: Option B – N0.40 Explanation Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay. consumer surplus = 120 – 80 =...
by Sunday | Oct 23 | Economics JAMB
A. the slope of a normal demand curve is negative B. an abnormal demand curve slopes upwards C. the slope of a normal demand curve is positive D. the consumption of inferior goods increases with income Correct Answer: Option A – the slope of a normal demand...
by Sunday | Oct 23 | Economics JAMB
A. choice is not consistent B. utility can be ranked C. total utility is a function of price D. satisfaction is measurable Correct Answer: Option B – utility can be ranked Explanation An ordinal utility function is a function representing the preferences of an...
by Sunday | Oct 23 | Economics JAMB
A. inelastic B. perfectly elastic C. elastic D. unitarily elastic Correct Answer: Option C – elastic
by Sunday | Oct 23 | Economics JAMB
A. double B. increase C. be constant D. decrease Correct Answer: Option D – decrease Explanation If the demand for a good is elastic, the producer revenue will reduce. This is because, when there is an increase in price it will lead to a decrease in the quantity...
by Sunday | Oct 23 | Economics JAMB
A. equally by consumers and producers B. more by producers C. more by consumers D. more by retailers and producers Correct Answer: Option B – more by producers Explanation If the demand for a good is elastic it means a change in price would affect a change in...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.