2019 - JAMB Economics Past Questions and Answers - page 4

Community land is also known as communal land .

The debts of the proprietor can affect a one man business or also known as sole proprietorship, it is run by an individual.

Economic growth will also increase if national income or output increase.

The release of a liquid petroleum hydrocarbon into the environment is referred to as an oil spill. * **Oil spill:** This is the direct and correct term for the environmental release of liquid petroleum hydrocarbons. * **Oil glut:** This refers to a situation where there is an oversupply of oil. * **Oil shock:** This describes a sudden, significant disruption in the supply of oil, often leading to price increases. * **Oil wastage:** This is a general term and not the specific term for environmental release.

The major reason of forming the  Economic Community of West African States (ECOWAS) was to  promote cooperation and integrate member state to accelerate economic growth and development in West Africa.

Economics study helps to learn how resources are used up by the government, firm and individual.

It also studies scarcity because the resources are limited. 

One of the ways price are determined in an imperfect market is through Higgling and Haggling. The buyer's maximum price and the seller's minimum price provide the "price range of bargaining".

The ways which one can solve the Forces of demand and supply in the capitalist economy is by the market mechanism,which is also known as free enterprises or free market economy.

Goods are moved from the producer/manufacturer to the wholesaler, from the wholesaler to the retailer and from the retailer to the consumer, which is the last link in trade.

A surplus arrived at by deducting marginal product and opportunity cost is the known as the Eonomic rent.