JAMB UTME - Economics - 2010

The Theory Of Demand

Voir la réponse

Question 2 Rapport

One of the characteristics of monopolistic competition is that

there is mobility of factors of production

no single seller dominates the market

the firms are price-takers

consumers have perfect knowledge of price

Détails de la réponse

Monopolistic competition is a market structure where there are many sellers offering similar but not identical products. One of the characteristics of monopolistic competition is that no single seller dominates the market, meaning that there is no monopoly power. Instead, each firm has a small share of the market, so they have to compete with each other on the basis of price, quality, and marketing. This means that the firms are not price-takers and have some control over the price they charge for their products. Consumers do not have perfect knowledge of price and quality, so they have to search for information and make trade-offs based on their preferences. Factors of production are relatively mobile, meaning that they can move from one firm to another depending on the relative profitability of each firm.

Lisez la note de cours sur Market Structure (JAMB)

Market Structure

Voir la réponse

Question 3 Rapport

if ¯x = 6 and N = 6, determine the value of ∑fx

Détails de la réponse

The formula for calculating the mean is: ¯x = ∑fx / N Where ¯x is the mean, ∑fx is the sum of the product of the frequencies and their corresponding values, and N is the total number of observations. Given that ¯x = 6 and N = 6, we can solve for ∑fx as follows: 6 = ∑fx / 6 Multiplying both sides of the equation by 6, we get: 6 * 6 = ∑fx 36 = ∑fx Therefore, the value of ∑fx is 36.

Lisez la note de cours sur Methods And Tools Of Economic Analysis (JAMB)

Lisez la note de cours sur Industry And Industrialization (JAMB)

Voir la réponse

Question 4 Rapport

The most popular sizes of dresses and shoes are determined by the

range

mean

mode

median

Détails de la réponse

The most popular sizes of dresses and shoes are determined by the mode. The mode is the value that appears most frequently in a dataset. Therefore, when determining the most popular sizes of dresses and shoes, we look for the size that appears most often in sales or orders data. This is the mode, and it is the most representative measure of the most popular size.

Lisez la note de cours sur The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 5 Rapport

Economics is the study of human behaviour as it relates to the

efficient allocation of resources

production of goods

operation of companies

generation of income

Détails de la réponse

Economics is a social science that studies human behavior in relation to the efficient allocation of scarce resources. In other words, it seeks to understand how people make decisions about what to produce, how to produce it, and for whom to produce it, given the limited resources available. The goal of economics is to improve the standard of living by maximizing the efficient use of resources to generate income and produce goods and services.

Lisez la note de cours sur The Theory Of Supply (JAMB)

Lisez la note de cours sur Theory Of Production (WAEC)

Lisez la note de cours sur The Theory Of Demand (JAMB)

Lisez la note de cours sur Money And Inflation (JAMB)

The Theory Of Supply

Theory Of Production

The Theory Of Demand

Money And Inflation

Voir la réponse

Question 6 Rapport

A decrease in aggregate spending in an economy will ultimately lead to

boom

inflation

deflation

recession

Détails de la réponse

Lisez la note de cours sur National Income (WAEC)

Lisez la note de cours sur The Theory Of Consumer Behaviour (JAMB)

Lisez la note de cours sur Economics As A Science (JAMB)

Lisez la note de cours sur Economic Systems (JAMB)

National Income

The Theory Of Consumer Behaviour

Economics As A Science

Economic Systems

Voir la réponse

Question 7 Rapport

The downturn in the prices of shares on stock markets is a highlight of

efficient allocation of resources

the invisible hand

the regulatory nature of the market

consumer rationality

Détails de la réponse

Lisez la note de cours sur Economics As A Science (JAMB)

Lisez la note de cours sur Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 8 Rapport

In Nigeria, the distribution of job opportunities

balanced budgeting

deficit budgeting

surplus budgeting

zero budgeting

Détails de la réponse

Lisez la note de cours sur Public Finance (JAMB)

Public Finance

Voir la réponse

Question 9 Rapport

By buying treasury bills, the Central Bank of Nigeria intends to

increase money supply in the economy

reduce the cash reserve ratio for banks

reduce money supply in the economy

increase the capital base of commercial banks

Détails de la réponse

Lisez la note de cours sur Money And Inflation (WAEC)

Lisez la note de cours sur Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

Voir la réponse

Question 10 Rapport

If the demand for a good is more elastic than its supply, the tax burden is borne

equally by consumers and producers

more by producers

more by consumers

more by retailers and producers

Détails de la réponse

When the demand for a good is more elastic than its supply, it means that consumers are more sensitive to changes in the price of the good than the producers. Thus, if a tax is imposed on the good, the producers will have to bear most of the tax burden by reducing the price they charge for the good. If the producers cannot reduce their prices, they will have to pay the tax out of their profits, reducing the quantity they supply to the market. As a result, the consumers' price may not change much, and they will continue to buy the same quantity of the good. Therefore, the tax burden is more likely to be borne by the producers. Hence, the correct answer is "more by producers."

Lisez la note de cours sur The Theory Of Supply (JAMB)

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Voir la réponse

Question 11 Rapport

An agreement among firms on price and segmentation is termed

cartel

collusion

haggling

specialization

Détails de la réponse

An agreement among firms on price and segmentation is termed as a "cartel". A cartel is a group of firms or businesses that work together to control prices and restrict competition. The firms in a cartel agree to limit the production and distribution of their products or services, which results in higher prices and profits for the members of the cartel. This practice is generally illegal and considered anti-competitive behavior in most countries, as it restricts consumer choice and can lead to economic inefficiencies.

Lisez la note de cours sur Market Structure (JAMB)

Lisez la note de cours sur Types And Basic Features Of Economic Systems (WAEC)

Market Structure

Types And Basic Features Of Economic Systems

Voir la réponse

Question 12 Rapport

In national income accounting, tax is determined by the

level of income

level of consumption

level of investment

rate of savings

Détails de la réponse

Lisez la note de cours sur National Income (WAEC)

Lisez la note de cours sur Theory Of Costs (JAMB)

National Income

Theory Of Costs

Voir la réponse

Question 13 Rapport

If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is

N 214 million

N 45 million

N 105 million

N 500 million

Détails de la réponse

MPC refers to the Marginal Propensity to Consume. It is the fraction of additional income that an individual or a household spends on consumption. When the government spends more money, it leads to an increase in the total expenditure in the economy, and the amount of money in circulation increases. This increase in expenditure leads to an increase in the national income by a multiple of the initial expenditure. The multiple is determined by the MPC. The formula for the equilibrium national income is given by: Equilibrium national income = Initial increase in expenditure / (1 - MPC) Substituting the values given: Equilibrium national income = 150m / (1 - 0.7) = 150m / 0.3 = N 500 million Therefore, the equilibrium national income is N 500 million.

Lisez la note de cours sur National Income (WAEC)

Lisez la note de cours sur National Income (JAMB)

National Income

Voir la réponse

Question 14 Rapport

An industry's supply curve is more likely to be elastic when firms are

enjoying free entry and exit

operating at full capacity

operating below capacity

maximizing profits

Détails de la réponse

Voir la réponse

Question 15 Rapport

A disadvantage of Nigeria's dependence on imported petroleum products is the

instability in the demand for the products

dominance of multinational firms

instability in the supply of the product

poor maintenance of the refineries

Détails de la réponse

Nigeria's dependence on imported petroleum products has a disadvantage in the form of instability in the supply of the product. Nigeria is one of the largest oil-producing countries in the world, but its refineries are poorly maintained and cannot meet the domestic demand for petroleum products. Therefore, Nigeria has to rely on imports to meet its demand for fuel, which makes the country vulnerable to fluctuations in global oil prices and supply disruptions. The importation of petroleum products is also dominated by multinational corporations, which can further exacerbate Nigeria's dependence on imported products.

Lisez la note de cours sur Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Voir la réponse

Question 16 Rapport

One of the characteristics of free trade zone is

common tariff against non-member countries

different trade policies of non-member countries

free factor mobility within the zone

harmonized trade among member countries

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

Lisez la note de cours sur Economic Integration (WAEC)

International Trade

Economic Integration

Voir la réponse

Question 17 Rapport

The standard deviation of a set of data is

always measured from the mode

the most representative of averages

always measured from the median

a measure of dispersion

Détails de la réponse

The standard deviation of a set of data is a measure of dispersion. It tells us how much the data deviates from the mean. A high standard deviation indicates that the data is widely spread out, while a low standard deviation indicates that the data is clustered around the mean. It is not always measured from the mode or median, but rather from the mean of the data. Therefore, and (a) are incorrect. While the standard deviation is a type of average, it is not the most representative one, as it only tells us about the variability of the data, and not about its central tendency. Therefore, is also incorrect.

Lisez la note de cours sur Methods And Tools Of Economic Analysis (JAMB)

Lisez la note de cours sur Industry And Industrialization (JAMB)

Voir la réponse

Question 18 Rapport

If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

N1.50

N0.40

N1.00

N2.00

Détails de la réponse

Consumer surplus is the difference between what a consumer is willing to pay for a product or service and what they actually pay. In this case, the consumer planned to spend 120k on four oranges but spent 80k instead. If we assume that the consumer was willing to pay 120k for four oranges, then the consumer surplus would be the difference between what he was willing to pay (120k) and what he actually paid (80k), which is 40k. Therefore, the answer is N0.40 (40k/4).

Lisez la note de cours sur The Theory Of Consumer Behaviour (JAMB)

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Consumer Behaviour

The Theory Of Demand

Voir la réponse

Question 19 Rapport

The velocity of money is represented as

Money supply / Real GDP

Real GDP/ Money supply

Nominal GDP / Money supply

Real GDP / Nominal GDP

Détails de la réponse

The velocity of money represents how fast money is circulating in an economy. It is calculated as the ratio of nominal GDP (the total value of all goods and services produced in an economy at current market prices) to the money supply (the total amount of money in circulation within an economy at a given point in time). Therefore, the correct option is "Nominal GDP / Money supply".

Lisez la note de cours sur Money And Inflation (WAEC)

Money And Inflation

Voir la réponse

Question 20 Rapport

In order to reduce hardship faced by consumers due to high prices government can introduce

maximum prices

commodity boards

minimum prices

price control boards

Détails de la réponse

Government can introduce price control boards to reduce hardship faced by consumers due to high prices. These boards are responsible for regulating and setting maximum prices for essential goods and services in the economy. This is aimed at preventing price gouging and ensuring that consumers can still afford basic necessities, especially during times of economic hardship.

Lisez la note de cours sur The Theory Of Price Determination (JAMB)

Lisez la note de cours sur Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

Voir la réponse

Question 21 Rapport

A strategy for curbing unemployment is to

implement government stabilization policy

increase taxes and decrease government expenditure

increase government expenditure and decrease taxes

ensure even distribution of job opportunities

Détails de la réponse

A strategy for curbing unemployment is to increase government expenditure and decrease taxes. This is because when the government spends money on public goods and services, it creates job opportunities and stimulates economic growth. Additionally, when taxes are lowered, it leaves more money in the hands of consumers, which can increase demand for goods and services and lead to businesses hiring more workers to meet the demand. Overall, increasing government expenditure and decreasing taxes can help boost employment levels in the economy.

Lisez la note de cours sur Public Finance (WAEC)

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur Distributive Trade (WAEC)

Public Finance

Distributive Trade

Voir la réponse

Question 22 Rapport

One of the assumptions of ordinal utility theory is that

choice is not consistent

utility can be ranked

total utility is a function of price

satisfaction is measurable

Détails de la réponse

Ordinal utility theory is a theory used in microeconomics to explain how individuals make choices when faced with different options. One of the main assumptions of this theory is that utility can be ranked. This means that individuals can express a preference for one option over another based on the satisfaction they derive from each option. However, ordinal utility theory does not assume that utility can be measured in a precise or quantitative way, only that individuals can express a relative ranking of preferences.

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 23 Rapport

One of the objectives of ADB is to

provide subsidies on imported goods to member countries

mobilize short-term loans for member countries

promote economic and social development of member countries

provide technical assistance to only poor member countries

Détails de la réponse

The African Development Bank (ADB) was established to promote economic and social development across its member countries. Therefore, one of the objectives of ADB is to promote the economic and social development of its member countries. This is done through various means such as providing loans, grants, and technical assistance to support development projects in member countries. The ADB aims to improve the standard of living and quality of life for people in Africa by fostering economic growth, reducing poverty, and promoting sustainable development.

Lisez la note de cours sur International Economic Organizations (JAMB)

International Economic Organizations

Voir la réponse

Question 24 Rapport

The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing

ncreasing efficiency

economies of scale

diseconomies of scale

increasing marginal returns

Détails de la réponse

The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing diseconomies of scale. This means that as the firm expands its production in the long run, its average costs increase. This could be due to various factors such as a lack of coordination among workers, increased managerial complexity, or increased transportation costs. In other words, the firm is no longer benefiting from economies of scale and is experiencing diminishing returns to scale. This is why the average cost per unit of output is increasing, and the firm's profitability may be affected if it cannot find ways to reduce its costs.

Lisez la note de cours sur Theory Of Costs (JAMB)

Theory Of Costs

Voir la réponse

Question 25 Rapport

National development plans in Nigeria fail mainly because of

overdependence on foreign aids

inadequate funding of projects

poor implementation strategies

shortage of skilled manpower

Détails de la réponse

National development plans in Nigeria fail mainly because of poor implementation strategies. Development plans are designed to achieve certain goals, objectives and targets for the country, but these goals and objectives cannot be achieved if the strategies put in place for implementation are ineffective. Poor implementation strategies in Nigeria can be attributed to a lack of political will, corruption, lack of accountability, and weak institutions. The lack of political will by the government to implement development plans often results in inadequate funding of projects, which hinders the successful implementation of the plan. Corruption is another major factor that contributes to the failure of development plans in Nigeria, as it diverts resources away from the intended projects. Weak institutions also contribute to the failure of development plans as they are unable to provide the necessary checks and balances to ensure that the plan is being implemented effectively. Therefore, addressing the issue of poor implementation strategies is essential for the successful implementation of development plans in Nigeria.

Lisez la note de cours sur Public Finance (WAEC)

Lisez la note de cours sur Economic Development And Planning (WAEC)

Public Finance

Economic Development And Planning

Voir la réponse

Question 26 Rapport

The choice of the method of production in an economy is determined by the

level of technical know-how

rate of propulation growth

availability of natural resources

level of income

Détails de la réponse

Lisez la note de cours sur Major Natural Resources (WAEC)

Lisez la note de cours sur Factors Of Production (WAEC)

Lisez la note de cours sur Theory Of Production (WAEC)

Major Natural Resources

Factors Of Production

Theory Of Production

Voir la réponse

Question 27 Rapport

Consumer surplus tends to be higher when demand is

inelastic

perfectly elastic

elastic

unitarily elastic

Détails de la réponse

Consumer surplus tends to be higher when demand is elastic. This is because when demand is elastic, consumers are more sensitive to changes in price and are willing to buy more when prices are low. As a result, they can obtain a larger quantity of goods or services for a given price, which increases their consumer surplus. In contrast, when demand is inelastic, consumers are less sensitive to changes in price, and as a result, their consumer surplus tends to be lower.

Lisez la note de cours sur Theory Of Price Determination (WAEC)

Lisez la note de cours sur The Theory Of Demand (JAMB)

Lisez la note de cours sur Demand (WAEC)

The Theory Of Demand

Demand

Voir la réponse

Question 28 Rapport

The ultimate aim of agricultural policies in Nigeria is to achieve

food sufficiency

industrialization

full employment

industrial capacity utilization

Détails de la réponse

The ultimate aim of agricultural policies in Nigeria is to achieve food sufficiency. This means that the policies put in place are geared towards ensuring that there is enough food to meet the needs of the population. Agricultural policies are designed to increase agricultural productivity, encourage farmers to grow more food, improve food storage and distribution systems, and increase access to credit and other resources that farmers need to produce more food. The goal is to make Nigeria self-sufficient in food production and reduce the reliance on imported food products. Achieving food sufficiency will not only improve the health and well-being of Nigerians but also create employment opportunities and reduce poverty in the country.

Lisez la note de cours sur Money And Inflation (JAMB)

Money And Inflation

Voir la réponse

Question 29 Rapport

One of the functions of commercial banks is

maintaining stable price in the economy

regulating monetary policies

granting loans to customers

issuing bank notes and coins

Détails de la réponse

One of the functions of commercial banks is granting loans to customers. This means that commercial banks lend money to individuals, businesses, and other organizations who need it for various purposes, such as starting or expanding a business, buying a home, or paying for education. Commercial banks earn interest on the loans they grant, which is a major source of revenue for the banks. In addition to lending, commercial banks also provide other services such as checking and savings accounts, credit and debit cards, and online banking.

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur Banking (JAMB)

Public Finance

Banking

Voir la réponse

Question 30 Rapport

The demand curve for factors of production

is perfect elastic

slopes upwards

slopes of downwards

is perfectly inelastic

Détails de la réponse

The demand curve for factors of production slopes downwards. This means that as the price of a factor of production (e.g. labor) decreases, the quantity demanded of that factor increases. Conversely, as the price of the factor of production increases, the quantity demanded decreases. This is because producers will demand less of a factor of production as its price increases, since they will be looking to minimize their costs and will seek out cheaper alternatives if available. However, they will be willing to purchase more of the factor of production as its price decreases, since it becomes relatively cheaper compared to other factors. This relationship is captured by the downward slope of the demand curve for factors of production.

Lisez la note de cours sur Theory Of Consumer Behaviour (WAEC)

Lisez la note de cours sur The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

Voir la réponse

Question 31 Rapport

In developing countries, governments influence the location of industries in order to

spread development

redistribute wealth

encourage enterpreneurs

encourage industries to earn high profits

Détails de la réponse

In developing countries, governments influence the location of industries to spread development across different regions. They do this by offering incentives such as tax holidays, subsidies, and infrastructure development to attract industries to regions that are underdeveloped. By encouraging industries to locate in these areas, governments hope to create jobs, increase economic growth, and reduce regional inequalities.

Voir la réponse

Question 32 Rapport

Government can boost agricultural output in Nigeria primarily by

embarking on buffer stock programmes

placing embargo on food importation

granting subsidies on farm inputs

placing farmers on monthly income

Détails de la réponse

The government can boost agricultural output in Nigeria primarily by granting subsidies on farm inputs. This is because subsidies can help farmers to access affordable and quality inputs like fertilizers, improved seeds, and pesticides, which are necessary for increasing yields. By reducing the cost of production, farmers can be encouraged to produce more crops and increase their income. Buffer stock programmes and placing farmers on monthly income may help stabilize food prices and provide income support, but they do not directly increase agricultural output. Placing embargo on food importation may protect local farmers from foreign competition, but it may also lead to food shortages and higher prices for consumers.

Lisez la note de cours sur Agriculture (WAEC)

Lisez la note de cours sur Money And Inflation (JAMB)

Agriculture

Money And Inflation

Voir la réponse

Question 33 Rapport

The primary motive for an individual engaging in production is to

make profit

satisfy basic human wants

redistribute wealth

put inputs into use

Détails de la réponse

Lisez la note de cours sur Theory Of Production (WAEC)

Theory Of Production

Voir la réponse

Question 34 Rapport

The amount of labour hired depends on the

number of skilled labour available

skill of labour

marginal productivity of labour

price of the inputs

Détails de la réponse

The amount of labor hired depends on the marginal productivity of labor. Marginal productivity of labor refers to the amount of output produced by an additional unit of labor. In other words, a firm will continue to hire labor until the cost of an additional unit of labor equals the additional revenue generated by that unit. Therefore, if the marginal productivity of labor is high, a firm will hire more labor, and if it is low, a firm will hire less labor. The other options listed (number of skilled labor available, skill of labor, and price of the inputs) can all influence the marginal productivity of labor and therefore impact the amount of labor hired, but they are not the sole determining factor.

Lisez la note de cours sur Theory Of Price Determination (WAEC)

Lisez la note de cours sur Market Structures (WAEC)

Market Structures

Voir la réponse

Question 35 Rapport

The law of diminishing marginal utility explains why

the slope of a normal demand curve is negative

an abnormal demand curve slopes upwards

the slope of a normal demand curve is positive

the consumption of inferior goods increases with income

Détails de la réponse

The law of diminishing marginal utility states that as an individual consumes more and more of a good or service, the additional satisfaction or utility that they derive from each additional unit of the good or service decreases. This helps explain why the slope of a normal demand curve is negative - as the price of a good or service increases, individuals will consume less of it because the marginal utility of each additional unit is decreasing. Conversely, an abnormal demand curve slopes upwards because the marginal utility of each additional unit is increasing. The law of diminishing marginal utility is also used to explain why consumers may shift from consuming inferior goods to normal goods as their income increases, as the marginal utility of inferior goods decreases with higher income levels.

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 36 Rapport

Localization of industries refers to the

spread of firms producing different products

siting of industries near the market

concentration of firms of an industry

siting of firms producing different products

Détails de la réponse

Localization of industries refers to the concentration of firms of an industry in a specific geographic area. In other words, it refers to the tendency of firms in the same industry to cluster together in a particular location. This can happen due to various factors such as access to resources, labor, and markets, as well as the presence of a skilled workforce or favorable government policies. The concentration of firms in a particular area can lead to economies of scale, increased competition, and knowledge sharing, which can benefit both the firms and the local economy.

Lisez la note de cours sur Factors Of Production And Their Theories (JAMB)

Lisez la note de cours sur Industry And Industrialization (JAMB)

Factors Of Production And Their Theories

Voir la réponse

Question 37 Rapport

Average product is less than marginal product when

there is constant returns to scale

there is increasing returns to scale

there is decreasing returns to scale

diminishing returns set in

Détails de la réponse

Lisez la note de cours sur The Theory Of Production (JAMB)

Lisez la note de cours sur Theory Of Production (WAEC)

The Theory Of Production

Theory Of Production

Voir la réponse

Question 38 Rapport

The ultimate aim of agricultural policies in Nigeria is to achieve

food sufficiency

industrialization

full employment

industrial capacity utilization

Détails de la réponse

The ultimate aim of agricultural policies in Nigeria is to achieve food sufficiency. Agricultural policies are designed to ensure that the country produces enough food to feed its population. These policies are geared towards increasing agricultural productivity, providing incentives to farmers, improving access to credit, and promoting research and development in agriculture. By achieving food sufficiency, Nigeria can reduce its reliance on food imports, ensure that its citizens have access to healthy and nutritious food, and improve the overall standard of living of its people.

Lisez la note de cours sur Money And Inflation (JAMB)

Lisez la note de cours sur Industry And Industrialization (JAMB)

Money And Inflation

Voir la réponse

Question 39 Rapport

What is the population growth rate in 2003?

33.3%

20.0%

11.0%

50%

Détails de la réponse

Lisez la note de cours sur Population (JAMB)

Population

Voir la réponse

Question 40 Rapport

If commodity X is a by-product of commodity Y , this implies that both commodities are

in competitive supply

in composite supply

jointly supplied

in excess supply

Détails de la réponse

Lisez la note de cours sur Methods And Tools Of Economic Analysis (JAMB)

Lisez la note de cours sur The Theory Of Supply (JAMB)

Lisez la note de cours sur Theory Of Price Determination (WAEC)

The Theory Of Supply

Voir la réponse

Question 41 Rapport

The percentage of working population in 2002 is

50%

25%

80%

Détails de la réponse

Lisez la note de cours sur Population And Labour Market (WAEC)

Population And Labour Market

Voir la réponse

Question 42 Rapport

The function of money which makes division of labour possible is its

unit of account

store of value

medium of exchange

standard of deferred payment

Détails de la réponse

The function of money which makes division of labour possible is its medium of exchange. Money acts as a common medium of exchange which is accepted by all parties in a transaction. This allows individuals to specialize in certain areas of production and trade their goods or services for money. Without money as a medium of exchange, barter trade would be necessary which would make it difficult for individuals to specialize and exchange goods and services efficiently.

Lisez la note de cours sur Money And Inflation (JAMB)

Money And Inflation

Voir la réponse

Question 43 Rapport

If Nigeria imports vehicles from Japan the transaction will appear as a

debit on Japan's balance of payments

credit on Japan's balance of payments

credit on Nigeria's balance of trade

credit on Nigeria's balance of payment

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

Lisez la note de cours sur International Trade And Balance Of Payments (WAEC)

International Trade

International Trade And Balance Of Payments

Voir la réponse

Question 44 Rapport

A set of factors that can shift the supply curve are changes in

weather, price and technology

technology, weather and population

technology, price and taste

population, price and taste

Détails de la réponse

Lisez la note de cours sur The Theory Of Supply (JAMB)

The Theory Of Supply

Voir la réponse

Question 45 Rapport

If the coefficient of price elasticity of supply is greater than one, the supply is said to be

perfectly elastic

fairly inelastic

infinitely inelastic

fairly elastic

Détails de la réponse

Lisez la note de cours sur The Theory Of Supply (JAMB)

Lisez la note de cours sur Theory Of Price Determination (WAEC)

The Theory Of Supply

Voir la réponse

Question 46 Rapport

If the price of a commodity with elastic demand increases, the revenue accruing to the producer will

double

increase

be constant

decrease

Détails de la réponse

If the demand for a commodity is elastic, it means that a small change in the price of the commodity will lead to a relatively larger change in the quantity demanded. Therefore, if the price of a commodity with elastic demand increases, the quantity demanded by consumers will decrease. As a result, the revenue accruing to the producer will decrease, since the decrease in the quantity demanded will not be enough to offset the increase in price. Hence, the correct option is "decrease".

Lisez la note de cours sur Theory Of Price Determination (WAEC)

Lisez la note de cours sur The Theory Of Demand (JAMB)