Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
An upward movement along the same supply curve result in_____________
A decrease in price
An increase
An increase in quantity supplied
A decrease In quantity supplied
Correct answer is C
No explanation has been provided for this answer.
Joint demand
Cross-elasticity of demand
Elasticity of supply
Competitive demand
Correct answer is A
Joint demand is when the demand for one product is directly and positively related to market demand for a related good or service. Example computer system and software. You need a software for a computer to function.
If there is change in the price of a computer system, it will affect the demand for software.
Cost economies
Economies of scale
Internal economies
External economies
Correct answer is B
No explanation has been provided for this answer.
By utility we mean____________
Beneficial
Power of satisfying a want
Advantageous
Consumable
Correct answer is B
No explanation has been provided for this answer.
From the graph above the consumer will attain equilibrium at point______________
J
K
M
L
Correct answer is B
No explanation has been provided for this answer.