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961
If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?
  • A. $0.05 = N1.00
  • B. $0.06 =N1.00
  • C. $0.11 =N1.00
  • D. $0.12 =N1.00
View Answer & Discuss (4) JAMB 2000
962
Being a member of the OPEC, Nigeria is in a favorable position to?
  • A. export her crude oil
  • B. control world crude oil prices
  • C. reap the benefit of a cartel
  • D. borrow money from members
View Answer & Discuss (3) JAMB 2000
963
If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?
  • A. an increase in profit by 43%
  • B. a net gain
  • C. a decrease in profit 43%
  • D. a net loss
View Answer & Discuss (8) JAMB 2001
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964
In a free market economy, the price system allocates resources?
  • A. under government's directives
  • B. to ensure general welfare
  • C. to their best alternatives
  • D. to reduce poverty
View Answer & Discuss JAMB 2001
965
At the consumer equilibrium, the slope of the indifference curve is?
  • A. half the slope of the budget constraint line
  • B. equal to the slope of the budget constraint line
  • C. greater than the slope of the budget constraint line
  • D. less than the slope of the budget constraint line
View Answer & Discuss (1) JAMB 2001
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