by Sunday | Oct 21 | Economics JAMB
A. demand and supply are equal B. demand is greater than supply C. price is higher D. supply is greater than demand Correct Answer: Option A – demand and supply are equal Explanation if demand and supply are equal, it brings the market to the point of...
by Sunday | Oct 21 | Economics JAMB
A. Manager Specialization B. Product specialization C. Specialization by sex D. Geographical specialization Correct Answer: Option A – Manager Specialization Explanation The types of specialization are product, process, geographical/territorial specialization...
by Sunday | Oct 21 | Economics JAMB
A. two to twenty persons B. minimum of two and maximum of fifty C. minimum of seven and no maximum number D. owner owned by the government Correct Answer: Option C – minimum of seven and no maximum number Explanation In order for a company to be public, it...
by Sunday | Oct 21 | Economics JAMB
A. Scale of preference B. Indifference map C. Demand schedule D. Supply schedule Correct Answer: Option A – Scale of preference Explanation An indifference map represents different quantities of two goods between which a consumer is indifferent. this means that,...
by Sunday | Oct 21 | Economics JAMB
A. supply curve B. liquidity preference C. Budget line D. demand curve Correct Answer: Option C – Budget line Explanation The Budget Line, also called as Budget Constraint shows all the combinations of two commodities that a consumer can afford at given market...