What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?
A. 1.25 B. 1.45 C. 0.25 D. 0.15 Correct Answer: Option A – 1.25
In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?
A. slightly increase the price of his product B. slightly reduce the price of his products C. leaves his price unchanged D. discriminate his prices Correct Answer: Option B – slightly reduce the price of his productsAn economic system in which most means of production are owned and controlled by the State is known as a?
A. socialist economy B. capitalist economy C. mixed economy D. political economy E. feudal economy Correct Answer: Option A – socialist economy
In a free market economy, available resources are more efficiently allocated by complete reliance on?
A. development planning B. strategic planning C. capital budgeting D. price system Correct Answer: Option D – price system
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
A. A decrease in supply will lead to fall in price and a fall in the quantity bought and sold B. An increase in demand will lead to a fall in price and quantity bought and sold C. A decrease in demand will lead to a rise in price and in the quantity bought and sold D....Products
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Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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Co-Ownership Structures and Land Acquisition Methods in Nigeria
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Rights in Community Land and Fundamental Land Concepts in Nigeria
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Customary Land Control and the Origins of Nigeria's Land Use Act
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Land Ownership Principles and Transaction Laws in Nigeria
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