by Sunday | Oct 22 | Economics JAMB
A. 66.7 B. 0.5 C. 1.5 D. 2.0 Correct Answer: Option D – 2.0 Explanation change in price = 120- 80 = 40 change in quantity = 500 – 300 = 200 % change = 40/100 = 0.4 200/100 = 2 0.4/2 =...
by Sunday | Oct 22 | Economics JAMB
A. a decrease in the quantity demanded B. an increase in demand C. an increase in quantity demanded D. a decrease in demand Correct Answer: Option A – a decrease in the quantity demanded Explanation According to the law of demand, a rise in price will cause a...
by Sunday | Oct 22 | Economics JAMB
A. a decrease in equilirium price and increase in equilibrium quantity B. an increase in equilibrium price and quantity C. a decrease in equilibrium price and quantity D. an increase in equilibrium price and a decrease in equilibrium quantity Correct Answer: Option D...
by Sunday | Oct 22 | Economics JAMB
A. can be used to calculate open-ended distribution B. make use of all values of observations in a distribution C. takes all values into consideration D. is useful for further statistical calculation Correct Answer: Option A – can be used to calculate open-ended...
by Sunday | Oct 22 | Economics JAMB
A. the median and standard deviation B. the mean and mode C. the mean and standard deviation D. the mode and median Correct Answer: Option B – the mean and mode Explanation The mean is useful for predicting future results when there are no extreme values in the...