by Sunday | Oct 24 | Economics JAMB
A. A baker B. A wheat farmer C. A large chain store D. An automobile plant Correct Answer: Option D – An automobile plant
by Sunday | Oct 24 | Economics JAMB
A. earn excess profit B. earn normal profit C. break-even D. expand their operations Correct Answer: Option D – expand their operations Explanation Free entry and exit are economic terms used to describe the condition of a free market economic Free entry is a...
by Sunday | Oct 24 | Economics JAMB
A. an increase in the demand for labour B. a decrease in the demand for labour C. an increase in wages D. a decrease in wages Correct Answer: Option B – a decrease in the demand for labour Explanation The use of modern machines in production leads to an...
by Sunday | Oct 24 | Economics JAMB
A. set a maximum price B. release products from the buffer stock C. sell the excess to consumers D. set a minimum price Correct Answer: Option D – set a minimum price Explanation During seasons where farmers experience a bumper harvest, the government protects...
by Sunday | Oct 24 | Economics JAMB
A. an increase in supply B. a decrease in price C. a decrease in quantity supplied D. an increase in quantity supplied Correct Answer: Option D – an increase in quantity supplied Explanation A movement along the supply curve happens when the price of commodity...