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4521

A tariff is a tax imposed on

  • A. Consumer goods
  • B. Domestic goods
  • C. Imported goods
  • D. Exported goods
View Answer & Discuss JAMB 2023
4522

The demand for a good is price inelastic if

  • A. The price elasticity is less than one
  • B. The price elasticity is one
  • C. The price elasticity is negative
  • D. The price elasticity is greater than one
View Answer & Discuss JAMB 2023
4523

Which of the following is an example of free good?

  • A. Free education
  • B. Water in the ocean
  • C. Dinner you did not pay for
  • D. Your rented apartment
View Answer & Discuss JAMB 2023
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4524

The marginal propensity to consume is

  • A. Options A, B and C
  • B. ΔC/ΔY
  • C. The slope of the consumption function
  • D. Coefficient c in the equation C = C + cYd
View Answer & Discuss (3) JAMB 2023
4525

The short run can be defined as the period of time during which

  • A. All inputs are fixed
  • B. At least one of the firm's input is fixed
  • C. At least two inputs are fixed
  • D. All inputs are variable
View Answer & Discuss JAMB 2023
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