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

One of these is not an assumption of the cardinalist theory of utility?

Consistency and transivity of choice

An example of a vertical combination is the merger of_________

a spinning firm and a wearing firm

two very large wholesale textile distributors

three secretarial employment agencies in one town

In a perfect competition, the market price is determined by_______

the market supply and demand junctions

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

a backward sloping supply curve

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

The demand for labour is a________

Derived demand

Joint demand

Complementary demand

Composite demand

Answer Details

The demand for labor is a "derived demand". This means that the demand for labor is not a direct demand for labor itself, but rather it is derived from the demand for goods and services that labor can produce. In other words, businesses hire workers because they need them to produce the goods and services that they sell. For example, if a business sells pizzas, it will need workers to make the pizzas, deliver the pizzas, and serve the customers. The demand for labor in this case is derived from the demand for pizzas. If the demand for pizzas increases, the demand for labor to produce and deliver the pizzas will also increase. Therefore, the demand for labor is closely tied to the demand for the goods and services that labor produces, and it is derived from that demand.






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