WAEC SSCE - Economics - 1997 (Objective)

Frage 1 Bericht

The value of money is affected by the

speculative motive

price level Richtige Antwort

transactionary motive

precautionary motive

employment level

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Lies die Unterrichtsnotiz zu Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

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Frage 2 Bericht

Scarcity in Economics means that

the economy can scarecely produce anything

human wants are limitless

the economy has very few resources

human wants are limited, relative to resources

resources are limited relative to wants Richtige Antwort

Antwortdetails

Scarcity in economics means that resources are limited relative to wants. This means that there are not enough resources available to satisfy all the unlimited human wants and needs. Since resources such as land, labor, capital, and entrepreneurship are scarce, choices must be made regarding how to allocate these resources efficiently to produce the goods and services that will best satisfy the most urgent wants and needs. This necessitates making trade-offs and prioritizing wants and needs, which is the fundamental problem of economics.

Lies die Unterrichtsnotiz zu Factors Of Production And Their Theories (JAMB)

Lies die Unterrichtsnotiz zu Definition And Scope Of Economics (WAEC)

Factors Of Production And Their Theories

Definition And Scope Of Economics

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Frage 3 Bericht

when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of

younger people in the population Richtige Antwort

children in the population

old people in the population

women in the population

men in the population

Antwortdetails

When the death rate for old people and the infant mortality rate are high, it means that a large number of old people and babies are dying. If there is no migration, this would result in a higher number of younger people in the population. This is because when the infant mortality rate is high, a large number of babies are dying which reduces the number of children in the population. Similarly, when the death rate for old people is high, it reduces the number of old people in the population. Therefore, the remaining population would mostly consist of younger people.

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Lies die Unterrichtsnotiz zu Population (JAMB)

Population And Labour Market

Population

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Frage 4 Bericht

which of the following has a derived demand?

labour Richtige Antwort

butter

television set

breads

motor cars

Antwortdetails

Labour has a derived demand. This means that the demand for labour is not for its own sake, but for the goods or services it helps to produce. For example, a bakery may demand labour to produce bread, but it is not the labour that is desired, but the bread that the labour produces. The demand for labour is thus derived from the demand for the goods or services that it helps to produce.

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 5 Bericht

one of the instruments of protection of infants industries is the

price control board

open market operation

tarrif Richtige Antwort

GDP-deflator

multiplier

Antwortdetails

One of the instruments of protection of infant industries is a tariff. A tariff is a tax imposed on imported goods to make them more expensive and less competitive with domestically produced goods. This is done to protect the domestic industries, including those which are still in their infancy, from being outcompeted by foreign firms. By increasing the price of imported goods, a tariff makes it easier for domestic industries to compete, thus allowing them to grow and develop without being driven out of business by foreign competition. Therefore, tariffs are commonly used as a form of protectionist trade policy, especially in developing economies that have relatively young and small industries.

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Supply

Theory Of Costs

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Frage 6 Bericht

Economics is often described as a science because it

adopts the use of laboratory experiments

involves accurate predictions of human beings

makes use of controlled experiment

use scientific methods to explain observed phenomena Richtige Antwort

deals with observation and field work

Antwortdetails

Economics is often described as a science because it uses scientific methods to explain observed economic phenomena. It relies on empirical evidence and data analysis to understand how people make choices and how markets operate. While economics does not rely on laboratory experiments or controlled experiments like some other sciences, it still seeks to explain and predict human behavior in a systematic and objective way.

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 7 Bericht

the actual output of an economy is the output

which would exist if al resources were fully employed Richtige Antwort

produced by currently employed labour capital and land

produced in the consumer goods sector

produced in the capital goods sector

produced by agriculture sector

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

National Income

The Theory Of Production

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Frage 8 Bericht

Tariff can be define as a compulsory levy on

goods that are produced and consumed locally

foreign exchange earnings

imported but inferior goods

foreigners working in a country

imports and exports Richtige Antwort

Antwortdetails

A tariff is a type of tax that a government levies on imports and sometimes exports of goods. It is a form of trade barrier that is intended to protect domestic industries and jobs from foreign competition. When a country imposes a tariff on imported goods, it makes those goods more expensive to purchase in the domestic market, which may lead to a decrease in their demand. This may lead to an increase in demand for domestically produced goods, which may result in increased production and employment in the domestic market. However, it may also lead to retaliatory tariffs from other countries, which can harm international trade and economic growth.

Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 9 Bericht

If the price of product K declines , the demand curve for the complementary product J will

remain unchanged

shift to the right

decrease

shift to the left Richtige Antwort

slopes upwards

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Frage 10 Bericht

Hoarding in distributive trade leads to

non-availabilty of commodities

production of inferior goods

increase in the supply of goods

decrease in the supply of goods

artificial scarcity of goods Richtige Antwort

Antwortdetails

Hoarding in distributive trade refers to the practice of withholding goods from the market in order to create an artificial scarcity, which allows sellers to charge higher prices. This means that the goods become less available to consumers, which leads to a decrease in the supply of goods in the market. As a result, consumers may have to pay higher prices for the goods or may even find it difficult to obtain them at all. Therefore, the correct answer is "artificial scarcity of goods."

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Distributive Trade

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Frage 11 Bericht

which of the following is not a problem in the barter economy?

multiple exchange rate

indivisibility of goods and services

double coincidence of wants

bulkness of commodities

inflation Richtige Antwort

Antwortdetails

The problem of inflation is not a problem in a barter economy. In a barter economy, goods and services are exchanged directly without the use of money. Inflation is a general increase in prices of goods and services in an economy over time. Since there is no money involved in a barter system, there cannot be inflation. The other options listed, such as double coincidence of wants, indivisibility of goods and services, bulkiness of commodities, and multiple exchange rates are all challenges faced in a barter economy.

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Frage 12 Bericht

which of the following is not a visible item in international trade payments?

payments for imported cars

receits from cocoa exports

receipts from oil exports

payments for steel imports

payments to foreign shipping companies Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu International Economic Organizations (JAMB)

International Trade

International Economic Organizations

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Frage 13 Bericht

The developments banks are essentially different from commercial banks because they

medium and long term loans Richtige Antwort

open current accounts for their customers

discount bills of exchange

are lenders of last resort

carry out open market operations

Antwortdetails

Development banks are essentially different from commercial banks because they provide medium and long-term loans for developmental projects such as industries, infrastructure development, agriculture, and housing, whereas commercial banks provide short-term loans and accept deposits from the public. Development banks are established to promote economic development in the country and provide financial assistance for long gestation projects, which commercial banks may not be willing to finance. They also provide technical assistance, consultancy services and managerial expertise to borrowers. Therefore, the primary focus of development banks is to promote economic development and social welfare, whereas the primary focus of commercial banks is to earn profit by providing banking services.

Lies die Unterrichtsnotiz zu Banking (JAMB)

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Banking

Population And Labour Market

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Frage 14 Bericht

international trade is different from internal trade because of the

manufactured goods involved

currency differentials Richtige Antwort

homogeinty of products

heterogeinty of products

uniformity of prices

Antwortdetails

International trade is different from internal trade because it involves the exchange of goods and services between different countries, while internal trade involves the exchange of goods and services within the same country. The difference is not based on the manufactured goods involved or homogeneity/heterogeneity of products or uniformity of prices, but rather the involvement of currency differentials. In international trade, currencies of different countries are used, and exchange rates play a significant role in determining the prices of goods and services being traded. In contrast, internal trade is conducted using the same currency, and exchange rate fluctuations do not affect prices.

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu International Trade And Balance Of Payments (WAEC)

International Trade

International Trade And Balance Of Payments

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Frage 15 Bericht

which of the following is a function of commercial banks?

issuing currencies

accepts deposits Richtige Antwort

Are the bankers' bank

Determine the rate of interest

increase of time in learning a trade

Antwortdetails

The function of commercial banks is to accept deposits from customers, which they then use to lend out to borrowers in the form of loans. This is known as the primary function of commercial banks. By accepting deposits, commercial banks provide a safe place for customers to store their money and earn interest on their savings. They also provide loans to businesses and individuals to help them finance investments or purchases. Commercial banks do not issue currencies; that is the function of the central bank. The central bank also serves as the bankers' bank, not commercial banks. Commercial banks do not determine the rate of interest; they adjust their rates based on market forces. Lastly, the increase of time in learning a trade is not a function of commercial banks.

Lies die Unterrichtsnotiz zu Banking (JAMB)

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Banking

Distributive Trade

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Frage 16 Bericht

The outward shift to the production possibility curve could be due to

military conquest

increased money supply

inflation

economic growth Richtige Antwort

massive importation

Antwortdetails

An outward shift in the production possibility curve occurs when a country is able to produce more goods and services with the same resources it had before. Economic growth is the most likely cause of this shift. When a country experiences economic growth, it means that it is producing more goods and services and generating more income. This can be due to various factors, such as increased productivity, new technologies, improved infrastructure, increased investment, or better education and health among the population. As a result of this growth, the country can produce more goods and services, leading to the outward shift in the production possibility curve. Therefore, the correct answer is "economic growth".

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Economic Growth And Development (JAMB)

The Theory Of Production

Economic Growth And Development

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Frage 17 Bericht

for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when

MA/PA = MB/PB Richtige Antwort

MA/PA > MB/PB

MA/PA < MB/PB

PA/MA < PB/MB

PA/MA > PB/MB

Antwortdetails

Marginal utility is the additional satisfaction obtained from consuming an additional unit of a commodity. The marginal utility of a commodity depends on the price of the commodity and the marginal utility of the other commodities. To maximize the total utility, the consumer needs to allocate their income between the two commodities in such a way that the marginal utility per unit of money spent on each commodity is equal. Therefore, the marginal utilities of two commodities, A and B, are maximized when the ratio of the marginal utility to the price of each commodity is equal: MA/PA = MB/PB This is known as the condition of consumer equilibrium, and it ensures that the consumer is allocating their income in the most efficient way possible to maximize total utility. Any other ratio of marginal utility to price for the two commodities will result in a lower total utility.

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Theory Of Costs

The Theory Of Demand

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Frage 18 Bericht

which of the following will not increase the population of a country?

an increase in birth rate

a decrease in death rate

better medical services

immigration

Emigration Richtige Antwort

Antwortdetails

Emigration will not increase the population of a country because emigration refers to the movement of people out of a country to reside in another country. This means that people are leaving the country, which decreases the population. The other options, such as an increase in birth rate, decrease in death rate, better medical services, and immigration, would all contribute to an increase in the population of a country.

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Lies die Unterrichtsnotiz zu Population (JAMB)

Population And Labour Market

Population

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Frage 19 Bericht

Hoarding in distributive trade leads to

non-availabilty of commodities

production of inferior goods

increase in the supply of goods

decrease in the supply of goods

artificial scarcity of goods Richtige Antwort

Antwortdetails

Hoarding in distributive trade refers to the practice of withholding goods from the market with the intention of creating artificial scarcity and driving up prices. This can lead to a decrease in the supply of goods, which can cause prices to rise and make the goods less affordable or unavailable for consumers. Therefore, the correct option is "artificial scarcity of goods."

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Distributive Trade

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Frage 20 Bericht

a stock exchange is a market that

deals with the exchange of commodities

deals with purchase and sales of securities Richtige Antwort

exchanges stockfish for lady fish

exchanges treasury bills for bills of exchange

sells foreign exchange

Antwortdetails

A stock exchange is a market that deals with the purchase and sale of securities. Securities are financial instruments that represent ownership in a company or organization. When a company wants to raise funds, it can issue securities, such as stocks or bonds, which can then be bought and sold on a stock exchange. Investors can buy securities as a way of investing in a company, and they can sell their securities if they need to liquidate their assets. The stock exchange provides a platform for investors to trade securities and allows companies to raise funds through the sale of securities.

Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

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Frage 21 Bericht

The optimum population of a country is reached when the

production of goodsand sevices is less than optimum

output per head is at its highest with a given volume of resources Richtige Antwort

total production increases with a given volume of resources

national resources increases as population increases

working population rises at a geometrical rate

Antwortdetails

The optimum population of a country is reached when the output per head is at its highest with a given volume of resources. This means that the country has reached a point where its population is neither too large nor too small for the available resources to support. At this point, every individual in the population is able to produce and consume at the highest level possible, without putting too much strain on the available resources. Any increase or decrease in population from this point will lead to a decrease in output per head, which will ultimately lead to a decrease in the standard of living.

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Lies die Unterrichtsnotiz zu Population (JAMB)

Population And Labour Market

Population

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Frage 22 Bericht

when the government imposes a unit tax on a commodity with perfectly inelastic demand , the

tax is borne entirley by the seller

tax is shared equally between the buyer and the seller

seller bears 70% and the consumer bears 30% of the tax

tax is borne entirely by the consumer Richtige Antwort

tax is borne by nobody

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Frage 23 Bericht

Goods are said to be in competitive demand when they

Are substitutes Richtige Antwort

Are complementary to each other

Are jointly demanded

Have equal coefficient of elasticity

Are identical

Antwortdetails

Goods are said to be in competitive demand when they are substitutes, meaning that consumers can choose to buy one or the other based on factors such as price or personal preference. For example, if the price of tea increases, consumers may switch to buying more coffee instead, indicating that tea and coffee are in competitive demand. This is because they serve a similar function as a hot beverage and are easily interchangeable.

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Demand (WAEC)

The Theory Of Demand

Demand

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Frage 24 Bericht

one of the disadvantages of the division of labour is that it

saves time

makes work monotonous Richtige Antwort

encourages full utilization of capital

makes workers skilled at their work

allows greater use of machinery

Antwortdetails

The division of labour is a system of work where tasks are divided into smaller and specialized tasks, with each worker responsible for a specific task. One of the disadvantages of this system is that it makes work monotonous. This is because workers are repeatedly performing the same task repeatedly and may get bored, which could lead to a decrease in productivity. However, the division of labour also has advantages, such as saving time, allowing greater use of machinery, encouraging full utilization of capital, and making workers skilled at their work.

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

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Frage 25 Bericht

The largest employment sector in a typical West African country is

construction

transportation

petroleum

agriculture Richtige Antwort

manufacturing

Antwortdetails

The largest employment sector in a typical West African country is likely to be agriculture. Agriculture has historically been a major sector in most West African countries, with many people involved in subsistence farming or small-scale commercial farming. In addition, many large-scale commercial farms also operate in the region, contributing to the overall employment numbers in the sector. While other sectors such as manufacturing, transportation, construction, and petroleum may also provide employment opportunities, they are generally smaller in scale and may not employ as many people as agriculture.

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu Money And Inflation (JAMB)

Agriculture

Money And Inflation

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Frage 26 Bericht

In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant

I only

II only

I and II only Richtige Antwort

I and III only

III only

Antwortdetails

The correct answer is (C) I and II only. In the long run, potential Gross National Product (GNP) is variable because of technological change and the fact that the quantity of labor and capital is not fixed. Technological change leads to an increase in productivity, which in turn leads to an increase in output. Also, the quantity of labor and capital can be increased through investment and population growth, respectively. This means that the potential output of an economy can increase over time. On the other hand, unemployment is not directly related to potential GNP and can be affected by a variety of factors, such as changes in government policies or the business cycle. Therefore, option III is incorrect. In summary, the correct answer is (C) I and II only, because potential GNP can vary due to technological change and changes in the quantity of labor and capital.

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 27 Bericht

when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's

demand is elastic Richtige Antwort

demand is inelastic

demand is perfectly inelastic

supply is not elastic

demand has decline

Antwortdetails

The given scenario demonstrates that when the price of the product is reduced, the quantity demanded increases. This implies that the consumers are sensitive to the price changes of the product, and a small change in price leads to a relatively larger change in the quantity demanded. Therefore, the product's demand is elastic.

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

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Frage 28 Bericht

inflation caused by increase in demand can be curbed by

exporting more goods and services

hoarding of goods

increasing the level of output Richtige Antwort

increasing the level of money supply

reducing importation

Antwortdetails

When the demand for goods and services increases, this can lead to an increase in prices, which results in demand-pull inflation. One way to curb this type of inflation is by increasing the level of output of goods and services, as this will help to meet the increased demand and reduce the pressure on prices. By increasing the production of goods and services, the supply of goods and services will increase, and this will help to reduce the demand for goods and services, which will in turn reduce the pressure on prices. Therefore, increasing the level of output is an effective way to curb inflation caused by an increase in demand.

Lies die Unterrichtsnotiz zu The Theory Of Consumer Behaviour (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

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Frage 29 Bericht

If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the

amount of natural resources Richtige Antwort

improvement in banking services

size of the population

quality of human resources

improvement in government fiscal policies

Antwortdetails

Lies die Unterrichtsnotiz zu Major Natural Resources (WAEC)

Major Natural Resources

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Frage 30 Bericht

The situation whereby government revenue is less than government expenditure is referred to as

budget deficit Richtige Antwort

balanced budget

budget surplus

budget statement

unfavourable budget

Antwortdetails

When government expenditure exceeds its revenue, it leads to a budget deficit. This means that the government is spending more than it is earning. The deficit can be caused by factors such as high government spending on public projects, low tax revenue or both. The government can borrow money to finance the deficit, which can lead to an increase in public debt. The opposite of a budget deficit is a budget surplus, which occurs when government revenue exceeds expenditure. A balanced budget is when government expenditure is equal to government revenue. A budget statement is a document that outlines the government's plans for revenue and expenditure for a given period. An unfavorable budget is one that has more negatives than positives for the economy, such as higher taxes, reduced spending on social programs, or inefficient use of resources.

Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Public Finance

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Frage 31 Bericht

Division of labour leads to

employment of everybody

decrease in output

monotony of work Richtige Antwort

increase of time in workshops

increase of time in learning a trade

Antwortdetails

Lies die Unterrichtsnotiz zu Factors Of Production (WAEC)

Factors Of Production

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Frage 32 Bericht

The indigenisation policy in Nigeria is aimed at

nationalising foreign businesses

alternating foreign investors

commandeering foreign businesses in Nigeria

expelling foreign investors and taking over their investment

increasing equity participation and control by Nigerians Richtige Antwort

Antwortdetails

The indigenisation policy in Nigeria is aimed at increasing equity participation and control by Nigerians in businesses operating in Nigeria. The policy was introduced in the 1970s and aimed to transfer ownership and control of companies operating in Nigeria from foreign investors to Nigerians. The policy required foreign companies operating in Nigeria to sell at least 60% of their shares to Nigerians. The goal was to promote local content and increase economic empowerment of Nigerians. The policy has since been modified and some of its provisions have been relaxed to attract foreign investment, but the overall goal of promoting Nigerian ownership and control of businesses in the country remains.

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 33 Bericht

Term of trade is the

ratio of capital movement to export movements

ratio of import to short-term export

difference between export and import

ratio of short-term capital movement to long-term capital movements

ratio of index of export prices to index of import prices Richtige Antwort

Antwortdetails

The term of trade refers to the ratio between the index of export prices and the index of import prices of a country. In other words, it is a measure of the value of a country's exports relative to its imports. It reflects the amount of imports that a country can purchase with a given quantity of its exports. A favorable term of trade means that a country can purchase a greater amount of imports for a given amount of its exports, while an unfavorable term of trade means that a country can purchase a lesser amount of imports for the same amount of its exports.

Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 34 Bericht

all the following are different forms of money except

bank notes

demand deposits

coins

currency

bank sellers Richtige Antwort

Antwortdetails

The correct option is "bank sellers" because it is not a form of money. Bank notes, demand deposits, coins, and currency are all forms of money that can be used for transactions. Bank notes are physical currency issued by a central bank, while demand deposits are funds held in a checking account that can be easily accessed. Coins are small pieces of physical currency that are used for smaller transactions. Currency refers to any form of money that is widely accepted as a medium of exchange, including bank notes and coins. On the other hand, bank sellers are not a form of money, but rather individuals or institutions that sell financial products or services such as stocks, bonds, or insurance.

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Lies die Unterrichtsnotiz zu Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

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Frage 35 Bericht

the foregone alternative in Economics is simply the

marginal cost

cost of foreign products

total cost

opportunity cost Richtige Antwort

average cost

Antwortdetails

The foregone alternative in economics is known as the opportunity cost. It is the cost of the next best alternative that must be foregone to pursue a certain action or decision. In simpler terms, it is the value of the alternative that was not chosen. For example, if a person decides to spend money on buying a new car, the opportunity cost would be the value of the other things that could have been purchased with that money, such as a vacation or a house. The concept of opportunity cost is important in economics as it helps individuals and businesses to make rational and informed decisions by considering the alternatives and their associated costs.

Lies die Unterrichtsnotiz zu Factors Of Production And Their Theories (JAMB)

Lies die Unterrichtsnotiz zu Definition And Scope Of Economics (WAEC)

Factors Of Production And Their Theories

Definition And Scope Of Economics

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Frage 36 Bericht

a shift in supply curve to the right will result in a

fall in both the price and supply

fall in price but an increase in supply Richtige Antwort

rise in both price and supply

rise in price and fall in supply

no change in price and supply

Antwortdetails

When there is a shift in supply curve to the right, it indicates that the producers are willing to supply more goods at each given price level. As a result, the equilibrium quantity of the product will increase, leading to a fall in price and an increase in supply. This is because the producers are producing more goods and selling them at a lower price to remain competitive in the market. Therefore, the correct option is: a fall in price but an increase in supply.

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

The Theory Of Supply

Theory Of Production

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Frage 37 Bericht

The formula for calculating price elasticity of demand coefficient is

Percentage change in price/percentage change in quantity demanded

Absolute decline in price/absolute increase in quantity demanded

Percentage change in quantity demanded/percentage change in price Richtige Antwort

Absolute decline in quantity demanded/absolute increase in price

Change in quantity demanded/decrease in price

Antwortdetails

The formula for calculating price elasticity of demand coefficient is the percentage change in quantity demanded divided by the percentage change in price. This formula helps us to determine the sensitivity of demand for a particular good or service to changes in its price. If the coefficient is greater than 1, demand is considered elastic, meaning that a change in price will have a larger effect on the quantity demanded. If the coefficient is less than 1, demand is considered inelastic, meaning that a change in price will have a smaller effect on the quantity demanded. If the coefficient is equal to 1, demand is considered unit elastic, meaning that a change in price will have an equal effect on the quantity demanded.

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 38 Bericht

In a public company , entrepreneural function are performed by the

workers

shareholders

creditors

board of directors Richtige Antwort

chairman

Antwortdetails

In a public company, entrepreneurial functions are performed by the board of directors. The board of directors is responsible for making important decisions that affect the company's direction, such as setting goals, developing strategies, and making major investments. They also have the responsibility of hiring and firing top-level executives, and ensuring that the company complies with all relevant laws and regulations. Overall, the board of directors plays a crucial role in the success of a public company, and their entrepreneurial functions are key to driving the company's growth and profitability.

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Business Organizations

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Frage 39 Bericht

In Economics production is complete when

Goods are manufactured in the factories

are sold to the final consumer Richtige Antwort

goods and services are distributed by the government

producers fixed the price of goods produced

goods and services gets to the retailer

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

The Theory Of Production

Theory Of Production

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Frage 40 Bericht

which of the following is not true of a firm in equilibrium condition in perfect competition?

MC is rising

MC curves cuts AC curves from below

MR>AR Richtige Antwort

MC = AC

MR = AR

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

The Theory Of Production

Theory Of Consumer Behaviour

Theory Of Price Determination

Business Organizations

Theory Of Production

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Frage 41 Bericht

Free Trade means

producers are free to determine their prices

market forces are allowed to determine prices

non-restriction of international trade Richtige Antwort

goods are to be sold free of charge

people are free to buy in foreign countries

Antwortdetails

Free trade refers to the absence of restrictions on international trade, such as tariffs, quotas, or other barriers. In a free trade system, goods and services can move freely between countries without significant government intervention or protectionism. This allows producers and consumers to engage in trade with fewer restrictions and typically results in lower prices and a greater variety of goods and services available to consumers.

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu Economic Integration (WAEC)

International Trade

Economic Integration

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