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If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500.
Ay > 300
By > 250
Cy > 200
Dy > 150
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Question 1712
jamb1995
What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?
A1.25
B1.45
C0.25
D0.15
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Question 1713
jamb1995
In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?
Aslightly increase the price of his product
Bslightly reduce the price of his products
Cleaves his price unchanged
Ddiscriminate his prices
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Question 1714
jamb1995
In a free market economy, available resources are more efficiently allocated by complete reliance on?
Adevelopment planning
Bstrategic planning
Ccapital budgeting
Dprice system
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Question 1715
jamb1995
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
AA decrease in supply will lead to fall in price and a fall in the quantity bought and sold
BAn increase in demand will lead to a fall in price and quantity bought and sold
CA decrease in demand will lead to a rise in price and in the quantity bought and sold
DAn increase in supply will lead to a fall price and a rise in the quantity bought and sold
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Question 1716
jamb1995
The effect of changes in the condition of demand on a demand schedule with the price constant is?
AA movement along the demand curve
Bdeflation of the demand curve
Chyperbola formation by the demand curve
Dshift of the demand curve
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Question 1717
jamb1995
The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?
Aa fixed cost
Ban implicit cost
Ca variable cost
Da prime cost
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Question 1718
jamb1995
Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as?
Areal income
Bprofit
Ceconomic rent
Dreal wage
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Question 1719
jamb1995
The factor of production that has the highest degree of mobility is?
Aland
Blabour
Ccapital
Denterpreneurship
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Question 1720
jamb1995
The advantages which firms obtain directly from expanding their operations are referred to as?
Ainternal economies of scale
Bexternal economies of scale
Ceconomics of localization
Deconomies of resources allocation
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Question 1721
jamb1995
What is meant by labour supply?
ANumber of people in working population
BNumber of men and hours they work
CNumber of hours during which the middle aged persons work
DNumber of workforce multiplied by the hours they work
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Question 1722
jamb1995
The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981?
A96 000
B192 000
C288 000
D470 400
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Question 1723
jamb1995
An aging population is a population?
Awith a high dependency ratio
Bwith many young people
Cin which the number of old persons is increasing
Dthat is dominated by very old people
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Question 1724
jamb1995
The problems of conducting census include?
Ahigh rate of rural-urban migration
Bpoor geographical distribution of population
Chigh birth rate in tthe coutry
Dpoor town planning in urban areas
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Question 1725
jamb1995
The active intervention of the central authorities in the management of a country's economy rest upon the?
Afailure of the market force to produce satisfactory result
Bsuperiority of the centrally planned economy over the private enterprise economy
Cresult-oriented nature of the private enterprise economy
Dcost-minimization strategy of a mixed economy
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Question 1726
jamb1995
What to produce in any society is determined by the?
Aexpenditure of the people on different commodities
Bcompetition among the different producers
Ccompetition among the different consumers
Dsupply and demand in the factor markets
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Question 1727
jamb1995
A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?
ACheck how much he has
BFind out which is the cheapest of the items
CDraw up a scale of preference
DWeigh the opportunity cost of each item against the other
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Question 1728
jamb1995
The ultimate objective of Economics is to?
Amake effort to understand how the Economy works
Bmake the best use of scarce resources
Corganize production at the lowest cost
Ddecide under what circumstances the government should intervene inthe economy
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Question 1729
waec1994
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of
A14 days
B30 days
C60 days
D90 days 100 days
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Question 1730
waec1994
The Quantity Theory of Money state that an increase in the quantity of money would bring about
