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2956

Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0.25P. Qs is the quantity supplied and P is the price. Determine the quantity supplied when the price per liter is N30

  • A. 50litres
  • B. 32.5litres
  • C. 30litres
  • D. 35litres
View Answer & Discuss (2) JAMB 2015
2957
The numerical measure of elasticity is
  • A. \(\frac{\text{%change in Q}}{\text{%change in P}}\)
  • B. \(\frac{\text{change in Q}}{\text{change in P}}\)
  • C. \(\frac{\text{%change in P}}{\text{%change in Q}}\)
  • D. \(\frac{\text{change in P plus change in Q}}{\text{change in P}}\)
View Answer & Discuss (2) JAMB 1978
2958

A country has a surplus in its balance of visible trade if

  • A. the value of imports exceeds the value of exports of goods
  • B. the value of exports exceeds the value of import of goods
  • C. the value of goods exported is equal to the value of goods imported
  • D. it is able to spend a lot on capital programmes
  • E. commercial banks assets increase
View Answer & Discuss (3) JAMB 1978
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2959
Which is the dominant form of tax in Nigeria
  • A. Direct tax
  • B. Indirect tax
  • C. Inheritance tax
  • D. Personal income tax
  • E. Value added tax
View Answer & Discuss (1) JAMB 1980
2960
The terms of trade are said to be favorable only if
  • A. Value of total exports equals value of total imports
  • B. Value of merchandise exports is greater than value of merchandise imports
  • C. There are no balance of payments problems
  • D. There is an increase in the value of a unit of export in terms of imports
  • E. Foreign exchange reserves do not change
View Answer & Discuss (1) JAMB 1980
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