by Sunday | Oct 21 | Economics JAMB
A. Law of diminishing marginal utility B. value in use and value in exchange principle C. Law of returns to scale D. Diamond and water paradox Correct Answer: Option B – value in use and value in exchange principle Explanation Value-in-exchange: It is the amount...
by Sunday | Oct 21 | Economics JAMB
A. lack of raw materials B. lack of market for produce C. inadequate skilled labour D. over-dependence on the oil sector Correct Answer: Option D – over-dependence on the oil sector Explanation By implication, the dependence on oil revenue to finance national...
by Sunday | Oct 21 | Economics JAMB
A. Mean and median B. Mean and standard deviation C. Range and variance D. Mode and mean Correct Answer: Option C – Range and variance Explanation Range, interquartile range, and standard deviation are the three commonly used measures of...
by Sunday | Oct 21 | Economics JAMB
A. 1.25 B. 5.00 C. 1.30 D. 2.25 Correct Answer: Option B = 5.00 Explanation The multiplier effect refers to the increase in final income arising from any new injection of spending. The size of the multiplier depends upon the household’s marginal decisions to...
by Sunday | Oct 21 | Economics JAMB
A. Socialism B. Capitalism C. Feudalism D. Mixed economy Correct Answer: Option A – Socialism Explanation Socialism is an economic and political system based on public or collective ownership of the means of production. it is an economic and political theory...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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