The demand for a good is price inelastic if
The price elasticity is less than one
The price elasticity is one
The price elasticity is negative
The price elasticity is greater than one
Correct answer is A
Inelastic demand occurs when a change in demand is less than proportionate change in price. Inelastic demand is less than 1 i.e e < 1
One benefit a country can derive from the extraction of crude oil is increase in
Population
Employment
Money supply
Demand for imports
Correct answer is B
Extraction of crude oil increase employment or create employment.
Granting long-term loans
Assisting with technical expertise
Reducing tariff among members
Developing human resource
Correct answer is C
The major function of the International Bank for Reconstruction and Development (IBRD) is to grant long-term loans for developmental purposes to member states, provide technical support and expertise at each stage of a project being undertaken, and the development of human resources.
It is not the job of the IBRD to reduce tariffs amongst its members.
The line labelled M in the diagram above represent
Total cost
Fixed cost
Variable cost
Average cost
Correct answer is B
The curve labelled M represent fixed cost. The fixed do not vary with the level of output.
JAMB Subjects
Aptitude Tests