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166
Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?
  • A. The value of industrial exports is declining
  • B. The value of industrial imports is constant
  • C. The share of agricultural exports is increasing
  • D. The share of agricultural export is decreasing
  • E. The value of mineral export is declining
View Answer & Discuss JAMB 1981
167
The most basic concern of economists is to?
  • A. create human wants
  • B. satisfy all human want
  • C. redistribute income so that it is used correctly
  • D. create perfect competition
  • E. study ways of allocating scarce resources in order to satisfy human wants
View Answer & Discuss JAMB 1981
168

Which of these statement is NOT true of economics as a discipline?

  • A. it is a social science
  • B. it is analytical
  • C. it is concerned with people's material well-being
  • D. it assumes limited human wants
  • E. it assumes limited human resources
View Answer & Discuss (7) JAMB 1981
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169

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

  • A. substitute goods
  • B. complementary goods
  • C. elastic goods
  • D. inelastic goods
  • E. inferior goods
View Answer & Discuss (4) JAMB 1981
170
An equilibrium price?
  • A. keeps excess demand within limits
  • B. keeps excess supply within limits
  • C. generates the greatest possible demand and supply
  • D. generates the greatest possible profits
  • E. equates the quantity supplied to be equal to the quantity demanded.
View Answer & Discuss JAMB 1981
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