The money market equilibrium is defined as_________

when the demand and supply of money are equal

when demand is greater than supply of money

when demand is less than supply of money

when supply is greater than demand for money

If two commodities are unrelated, a change in the price of one will____________

have no effect on the quantity demanded of the other

have effect on the quantity demanded of the other

have no effect on the quantity demanded of the other

increase the quantity demanded on the other

decrease the quantity demanded on the other

The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

there were 80,000 live births in the country

there were 6,400 live births in the country

there were 8 live births to every 100 women in working-class families

8 in every 1000 women of 21 - 45 gave birth to a live child

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

at the minimum point on the AC curve

at the maximum point on the AC curve

at the highest point on the AC curve

at the minimum point on the AC curve

When a member's currency is declared "scarce", it is the duty of the IMF to______

ration it among the countries demanding it

suspend the member state indefinitely

ban all exports from that state

suspend dealings in that currency for one year

ration it among the countries demanding it

ECOWAS was formed for the purpose of________

promoting co-operation and integration

to facilitate the expansion of international trade

One of these is not a way by which government encourage industrialization?

Low Productivity and inefficiency

Protection of Infant industries

Establishment of Nigeria Enterprises Promotion Decree

Low Productivity and inefficiency

Establishment of higher institutions

The oil boom between 1970 - 1980 caused the oil sector to become____________

management of spillage and pollution

protection to the local operators in the petroleum industry

decrease in the rate of inflation

JAMB UTME - Economics - 2019 | Green Bridge CBT

Question 1 Report

A supply curve slopes upwards from the left to the right indicating__________

a negative slope

a positive slope

a backward sloping supply curve

short-run supply curve

Answer Details

A supply curve that slopes upwards from left to right indicates a positive slope. This means that as the price of a good or service increases, the quantity supplied by suppliers also increases. In other words, producers are willing to supply more of a good or service at higher prices. To understand why this is the case, think about it from the perspective of a supplier. If the price of a good or service goes up, it becomes more profitable for suppliers to produce and sell that good or service. As a result, suppliers are incentivized to increase their production in order to take advantage of the higher prices and earn more profits. This is why the quantity supplied by suppliers tends to increase as the price of a good or service increases. It's important to note that this explanation applies to the long run. In the short run, supply may be relatively fixed and a supply curve may be upward sloping or even backward sloping, indicating that the quantity supplied doesn't change much in response to changes in price. However, over the long run, suppliers have more time to adjust their production levels and the supply curve typically slopes upward.






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