From the table calculate the national income
N18,500m
N19,000m
N19,500m
N20,500m
Correct answer is B
No explanation has been provided for this answer.
The invisible hand promotes the interests of
Consumers
Society
Government
Producers
Correct answer is A
The invisible hand is a natural force that self regulates the market economy. An example of invisible hand is an individual making a decision to buy noodles and egg, that person decision will make the economic society as a whole better off. This individual(s) are consumers that indirectly influences market economy as regards, what to produce, when to produce, how to produce and for whom to produce.
In the diagram above, profit is maximized at 1 the output level
ON
OK
OL
OF
Correct answer is C
No explanation has been provided for this answer.
The cost elasticity of supply is a useful instrument for measuring
Profit
Productivity
National income
Price index
Correct answer is B
The price/cost elasticity of supply measures the degree to which a change in price would affect the quantity of goods the producer is willing to produce and supply.
The shaded triangle in the diagram above is known as
Excess supply
Consumer surplus
Excess consumption
Producer surplus
Correct answer is B
No explanation has been provided for this answer.
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