A price which equates demand with supply
A price where there is excess demand
Where consumers gain much
Where producers gain much
where supply is more than demand
Correct answer is A
No explanation has been provided for this answer.
According to the theory of comparative advantages, countries are to specialize based on their
Absolute cost advantages
Absolute cost disadvantages
Comparative cost advantages
Comparative cost disadvantages
The availability of labour
Correct answer is C
The theory of comparative advantage states that if countries specialise in producing goods where they have a lower opportunity cost – then there will be an increase in economic welfare.
The law of comparative advantage describes how, under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.
Which of the following is a major export crop in Nigeria?
Cocoa
Coffee
Copper
Kola nut
Soy beans
Correct answer is A
In the Nigerian agricultural sector, cocoa is one of the major export crops.
In the equation MV = PT; V stand for
Velocity of circulation of money
Velocity of price change
Volume of goods produced
Volume of money
Volume of transaction
Correct answer is B
No explanation has been provided for this answer.
The best way of presenting data in tabular form is in
Bars and columns
Charts and lines
Maps and rows
Pictographs and histogram
Rows and columns
Correct answer is C
No explanation has been provided for this answer.