Question 246:

• JAMB 2016

Which of the following is a major determinant of price elasticity of demand?

A. The price of the commodity
B. Availability of factors of production
C. The prices of factors of production
D. Income of the consumers

Question 247:

• JAMB 2016

If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?

A. Nigeria produces cocoa more cheaply than Ghana
B. Nigeria and Ghana produce at the same level
C. Ghana produces cocoa more than Nigeria
D. Nigeria produces more cocoa than Ghana

Question 248:

• JAMB 2016

One of the ways of improving the marketing of agricultural produce is by

A. Reviewing the land tenure system
B. Ensuring even distribution of farm inputs
C. Embarking on irrigation farming
D. Establishing agricultural marketing boards

Question 249:

• JAMB 2016

The study of economics is necessary mainly because of

A. Unemployment
B. Unlimited resources
C. Scarcity of resources
D. Overpopulation

Question 250:

• JAMB 2016

If Mr Wale took a loan for the purpose of investment, the demand for money is________________?

A. Precautionary motive
B. Transactionary and Precautionary motive
C. Speculative motive
D. Speculative and Transactionary motives