by Sunday | Oct 24 | Economics JAMB
A. command economy B. traditional economy C. market economy D. feudal economy Correct Answer: Option C – market economy Explanation Deregulation is the reduction or elimination of government power in a particular industry, usually enacted to create more...
by Sunday | Oct 24 | Economics JAMB
A. 53 B. 86 C. 212 D. 213 Correct Answer: Option A – 53 Explanation Average product is found by dividing the total product by the quantity of the variable input. The AP of the 4th unit of capital = 212/4 =...
by Sunday | Oct 24 | Economics JAMB
A. 42 B. 85 C. 144 D. 213 Correct Answer: Option D – 213 Explanation marginal product is calculated as the change in the total number of units produced divided by the change in a single variable input. change in the total number of units = 425 – 212 = 213...
by Sunday | Oct 24 | Economics JAMB
A. N10.8 million B. N7.2 million C. N3.6 million D. N2.4 million Correct Answer: Option B – N7.2 million Explanation Let the total contribution be x 3,600,000 = 120/360 * X 3,600,000 = 1/3 X X = 3 *3,600,000 = 10,800,000 contribution of other sectors =...
by Sunday | Oct 24 | Economics JAMB
A. 600.0 B. 166.7 C. 60.0 D. 16.7 Correct Answer: Option D = 16.7 Explanation Percentage contribution of the transport sector = 60/360 x 100 16.66 approximately 16.7