by Sunday | Oct 21 | Economics JAMB
A. government B. consumer C. industrialists D. labour unions Correct Answer: Option A – government Explanation A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced,...
by Sunday | Oct 21 | Economics JAMB
Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30 A. 50litres B. 32.5litres C. 30litres D. 35litres Correct Answer:...
by Sunday | Oct 21 | Economics JAMB
A. 600 B. 800 C. 900 D. 1000 Correct Answer: Option C – 900 Explanation The profit-maximizing output level is 900 because at this, output level MC = MR. The marginal cost curve is tangential to the marginal revenue line which shows the price maximizing level...
by Sunday | Oct 21 | Economics JAMB
A. 4 B. 1 C. 2 D. 5 Correct Answer: Option C – 2 Explanation Percentage change in quantity supplied = (Change in quality supplied ÷ Old quantity supplied ) × 100 (30 – 20) ÷ 20 × 100 (10 ÷ 20) × 100 = 50% Percentage change in price (Change in price ÷ Old price...
by Sunday | Oct 21 | Economics JAMB
A. Adam Smith B. Reverend Thomas Malthus C. Professor trim fisher D. David Ricardo Correct Answer: Option D – David Ricardo Explanation The theory was first introduced by David Ricardo in the year 1817. Comparative advantage introduces opportunity cost as a...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.