An upward movement along the same supply curve result in_____________

an increase in quantity supplied

a decrease In quantity supplied

Commercial bank reserves at the Central Bank____________

controlling credit and money supply

discouraging banking operations

The population density of a town made up of 50 square kilometer land area and 100 million people is________

2 million people per square kilometer 

50,000 people per square kilometer

2 million people per square kilometer 

0.5 million people per square kilometer

20 million people per square kilometer

Which of the following is an advantage of localization of industry?

Development of subsidiary firms

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

Countries producing same or identical goods

Countries with comparative advantage

Countries with superlative advantage

Countries producing same or identical goods

The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

Volume of trade between countries

direction of international trade

JAMB UTME - Economics - 2018 | Green Bridge CBT

Question 1 Rapport

The need to construct a scale of preference is necessitated by____________

scarcity and the need for choice

The needs to satisfy wants

Non - availability of factors of production

Scarcity of resources

Détails de la réponse

The need to construct a scale of preference is necessitated by scarcity and the need for choice. Resources are limited, but human wants and needs are unlimited. This creates a situation of scarcity, where people must make choices about how to allocate their resources to satisfy their most pressing needs and wants. A scale of preference is a tool that helps individuals to prioritize their wants and needs, so that they can make informed choices about how to allocate their limited resources. For example, imagine you have a limited amount of money to spend on groceries for the week. You have a long list of items you want to buy, but you can't afford to buy them all. By constructing a scale of preference, you can prioritize the items on your list according to how important they are to you. You might decide that buying bread, milk, and vegetables are your top priorities, while buying luxury items like chocolates and wine are lower on your list. This allows you to make the most of your limited resources and satisfy your most pressing needs first. Therefore, the need to construct a scale of preference is necessitated by scarcity and the need for choice, as it helps individuals to allocate their limited resources in a way that best satisfies their wants and needs.






Appuyez et maintenez pour déplacer
Cliquez ici pour fermer