One of the probable effects of an increased minimum wage in Nigeria is?
To create volunteer unemployment
To decrease the wage rate
To increase the level of unemployment
To create involuntary unemployment
To increase the demand for labour
Correct answer is D
No explanation has been provided for this answer.
The government can tax a company without limit
The debts of a company must be paid out of it assets
A company ceases to exist at the death of one of its owners
A firm must pay its debts from business as well as private funds
None of the above
Correct answer is D
No explanation has been provided for this answer.
When a nation’s exports are greater than its imports
The net foreign trade is zero
An unfavourable balance of payment exist
A favourable balance of payment exists
An unfavourable balance of trade exist
A favourable balance of trade exists
Correct answer is E
No explanation has been provided for this answer.
Keeps excess demand within limits
Keeps excess supply within limits
Generates the greatest possible demand and supply
Generates the greatest possible profits
Equates the quantity supplied to be equal to the quantity demanded.
Correct answer is E
No explanation has been provided for this answer.
Substitute goods
Complementary goods
Elastic goods
Inelastic goods
Inferior goods
Correct answer is A
A substitute good is a good that can be used in place of another. In consumer theory, substitute goods or substitutes are products that a consumer perceives as similar or comparable, so that having more of one product makes them desire less of the other product. Formally, X and Y are substitutes if, when the price of X rises, the demand for Y rises.