JAMB Economics Past Questions & Answers - Page 71

351.

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in___________

A.

A decrease in profit by 43%

B.

An increase in profit by 43%

C.

A net loss

D.

A net gain

Correct answer is A

No explanation has been provided for this answer.

353.

A limited liability company is owned by_______________

A.

A bank

B.

An individual

C.

Two or more partners

D.

Share holders

Correct answer is D

No explanation has been provided for this answer.

354.

When elasticity is zero, the demand curve is____________

A.

Circular

B.

Downward sloping

C.

Perfectly inelastic

D.

Concave

Correct answer is C

No explanation has been provided for this answer.

355.

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests__________

A.

An Improvement in capital goods technology but not In consumer goods technology

B.

A movement from unemployment to full employment

C.

That the output for the society has declined

D.

A gain in consumer goods technique and not in capital goods technique

Correct answer is B

No explanation has been provided for this answer.