A form of business organization which is characterized by limited authority and liability of individual owners is the?
A. sole proprietorship
B. partnership
C. joint stock company
D. co-operative society
Correct Answer: C. joint stock company
View Discussion (0)JAMB 1997
1692
In the diagram below, full employment is indicated by
A. L
B. M
C. N
D. P
Correct Answer: B. M
View Discussion (0)JAMB 1998
1693
Government expenditure on the construction of roads and bridges is
A. recurrent expenditure
B. capital expenditure
C. supplementary expenditure
D. variable expenditure
Correct Answer: B. capital expenditure
View Discussion (0)WAEC 2009 OBJ
1694
Goods are said to be in competitive demand when they
A. Are substitutes
B. Are complementary to each other
C. Are jointly demanded
D. Have equal coefficient of elasticity
Correct Answer: A. Are substitutes
View Discussion (0)WAEC 1997 OBJ
1695
The diagram below illustrates the demand for and supply of maize. Use the information in the diagram to answer the questions that follow (a) (i) What is the total revenue of the farmer at the initial equilibrium? (ii) Calculate the total revenue of the farmer if the supply curve shifts to S\(_1\)S\(_1\) (b) What change occurs in the total revenue of the farmer when the price falls from 100 Dollars to 40 Dollars per tonne? (b) (i)Use the figures in the diagram to determine the price elasticity of demand for maize (u) Interprete your answer. (c) Give two reasons for the shift of the supply curve from SS to S\(_1\)S\(_1\)
Explanation
(a) (i) Total revenue is
Price x Quantity = 100 Dollars x 30 tonnes
Total revenue is = 3000 Dollars
Total revenue = P x Q = 40 Dollars x 40 tonnes
Total revenue is = 1 ,600 Dollars
(b) 3000 Dollars - 1600 Dollars = 1400 Dollars
There is a Fall in TR
(c)(i) \(\frac{Percentage change in Quantity demanded}{Percentage change in Price}\)
\(\frac{10}{30}\) x \(\frac{100}{1}\) = \(\frac{60}{100}\) x \(\frac{33.33}{60}\) = 0.55
OR \(\frac{\Delta Q}{\Delta P}\) x \(\frac{P}{Q}\) ; \(\frac{\10}{\60}\) x \(\frac{100}{30}\) = 0.55
(ii) Ed is less than 1 therefore the demand for maize is inelastic
(d) (i) A fall in the price of other related goods will lead to increase in production.
(ii) Improvement in technology will lead to increase in production.
(iii) Fall in input prices or fall in cost of production.
(iv) Favorable climate
(v) Increase in the number of producers.
View Discussion (0)WAEC 2005 THEORY
1696
One of the major criticisms of the 1992-1968 National development Plan was that?
A. it failed to incorporate lessons gained from earlier plans to enhance its efficiency
B. it came too quickly after the country's independence
C. planned expenditure was based too heavily on expected earnings from crude oil
D. its execution was based largely on foreign sourced financial resources
Correct Answer: D. its execution was based largely on foreign sourced financial resources
View Discussion (0)JAMB 2002
1697
palm oil and palm kernel are in?
A. joint supply
B. competitive demand
C. competitive supply
D. complementary demand
Correct Answer: A. joint supply
View Discussion (0)WAEC 2018 OBJ
1698
To promote the development of agricultural sector, government of West African countries should
A. encourage rural-urban drift
B. discourage foreign investment in agriculture
C. support the marketing of farm produce
D. reduce tarrif of food imports
Correct Answer: C. support the marketing of farm produce
View Discussion (0)WAEC 2007 OBJ
1699
The major role of NDIC is to
A. insure bank deposits
B. regulate the activities of insurance companies
C. ensure adequate capitalization of insurance companies
D. accept customers' deposit
Correct Answer: A. insure bank deposits
View Discussion (0)JAMB 2006
1700
An arrangement in which the debts of a company can only be paid from its own assets implies
