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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1231
The major determinant of cross elasticity of demand is the
  • A. price of the good
  • B. degree of necessity of the good
  • C. level of income of consumers
  • D. closeness of the substitutes
View Answer & Discuss JAMB 2007
1232
A commodity is described as inferior when the
  • A. income effect is negative
  • B. income effect is positive
  • C. substitution effect is negative
  • D. substitution effect is positive
View Answer & Discuss JAMB 2007
1233
The coefficient of the price elasticity of supply is always
  • A. positive
  • B. negative
  • C. constant
  • D. zero
View Answer & Discuss (2) JAMB 2007
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1234
The world market for crude oil refers to the
  • A. total supply by OPEC members
  • B. total demand for and supply of crude oil
  • C. excess crude oil produced in the world
  • D. difference between the supply of and demand for oil
View Answer & Discuss JAMB 2007
1235
The division of labour requires that the task to be performed
  • A. must be done in stages
  • B. requires no special knowledge
  • C. is simple but strenuous
  • D. must be undertaken by experts
View Answer & Discuss JAMB 2007
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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