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

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

The determination of wages in a labour market depends on the_______

Interaction between demand and supply of labour

In a perfect competition, the market price is determined by_______

the market supply and demand junctions

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

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 commodity is defined as normal when its demand changes in the same direction as______

income Correct answer

price

taste

preferences

Answer Details

A commodity is defined as normal when its demand changes in the same direction as income. This means that as income increases, demand for the commodity will also increase, and as income decreases, demand for the commodity will decrease. Normal goods are those goods for which demand increases as income increases, and decreases as income decreases. For example, as people's incomes increase, they may choose to buy more luxury items such as expensive cars, jewelry, or designer clothing, which would be considered normal goods. On the other hand, as people's incomes decrease, they may choose to cut back on these purchases and switch to more budget-friendly options, causing demand for normal goods to decrease.






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