The petro-chemical industries are located in Rivers State of Nigeria due to _______
Coal deposit
Palm oil products
Favourable soil
Oil deposits
Correct answer is D
No explanation has been provided for this answer.
100 days
30 days
90 days
14 days
Correct answer is C
No explanation has been provided for this answer.
A firm is at its optimum size when __________
It has a motive to increase output
It produces the greatest output at a minimum cost
Marginal cost equals marginal revenue
Marginal cost is less than marginal revenue
Correct answer is B
No explanation has been provided for this answer.
| Price (₦) |
Quantity Demanded |
| 8 | 10 |
| 6 | 12 |
If we move from 8 to 6, the elasticity of demand is_______
-1.25
0.62
0.8
1
Correct answer is C
The elasticity of demand is calculated as the percentage change in quantity divided by the percentage change in price.
%Change in quantity = 12 - 10 = 2
Percentage change = \(\frac{2}{10}\) = 0.2
Change in price = 8 - 6 = 2
Percentage change = \(\frac{2}{8}\) = 0.25
Elasticity of demand = \(\frac{0.2}{0.25}\) = 0.8
The second equation of exchange is__________
MV = PT
P = \(\frac {M}{KR}\)
P = \(\frac {MV}{T}\)
P=MV
Correct answer is B
The second equation of exchange of money is P = \(\frac {M}{KR}\)
Where : P = Price level of consumer goods
K = The proportion of the community's total income held in money
R = The real income
M = The stock of money.