A firm owned and managed by a family is an example of ______?
Απάντηση
(D)
partnership
2
Which modal of the factor is inelastic?
Απάντηση
(D)
land
3
Which of the following budgets will increase government expenditure?
Απάντηση
(C)
deficit budget
4
The economic questions about what and how to produce in an economy is solely answered by the _______?
Απάντηση
(D)
system of economy practised
5
The following are Methods of measuring National Income of a country EXCEPT; ?
Απάντηση
(B)
Consumption method
6
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
Απάντηση
(C)
crude oil deposit
7
The bowed shape of the Production possibilities curve illustrates _________
Απάντηση
(A)
that production is inefficient
8
Which of the following is an indicator of economic growth?
Απάντηση
(C)
High gross domestic product
9
The graph above represents _______
Απάντηση
(D)
an increase in quantity supplied
10
The law of diminishing marginal utility states:
Απάντηση
(B)
Your utility grows at a slower and slower rate as you consume more and more unit of a good.
11
Which of the following is not a function of the money market?
Απάντηση
(C)
creation of long term loans
12
The population theory that is concerned with the cases of over population and shortage of food production is ______
Απάντηση
(B)
Malthusian population theory
13
The basic aim of Economic Community of West African States is the
Απάντηση
(D)
liberalization of trade among member states
14
The production within domestic territory of a country is called the _____
Απάντηση
(B)
gross domestic product
15
Excess supply over demand will place a price advantage on _____
Απάντηση
(D)
consumers
16
Given that ∑fx = 340 and N = 20, find the arithmetic mean.
Απάντηση
(B)
17
17
One of the reasons why Nigeria is a mono-economy is because of her _______
Απάντηση
(A)
huge volume of petroleum activities in the country
18
Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.
Calculate the average product (AP) of the 4th unit of labour.
Απάντηση
(C)
15
19
Which of the following is NOT an instrument in the money market?
Απάντηση
(C)
Stocks and shares
20
Given that Qd = 10 - 2p while Qs = 5 + 3P, if P = N 1 determine the equilibrium quantity
Απάντηση
(D)
8
21
A country's terms of trade can be improved by ____?
Απάντηση
(B)
imposing lower export duties
22
Changing the structure of a commodity in order to increase its utility is called?
Απάντηση
(B)
form utility
23
Which of the following is not an indicator of economic growth?
Απάντηση
(D)
High Level of Unemployment
24
One of the unique features that distinguishes the perfect and imperfect market condition is _________
Απάντηση
(D)
number of sellers and buyers
25
In economics, the “how” or input question refers to:
Απάντηση
(B)
The way in which factors of production may be combined to produce output
26
The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
Απάντηση
(B)
3
27
One of the major causes of farmers' unstable income in Nigeria is _________
Απάντηση
(A)
the effect of diseases and pests
28
Which of the following source of income is spectacular only to Government ?
Απάντηση
(C)
Tax
29
When the government fix the price of essential commodities, this is referred to as:
Απάντηση
(B)
Price control
30
One of the functions of the price system is that it
Απάντηση
(D)
regulates production and consumption
31
Which of the following is NOT illustrated by the production possibility curve
Απάντηση
(A)
Risk
32
Which of the following statement is TRUE about ECOWAS?
Απάντηση
(A)
The aim of ECOWAS is to ensure economic stability
33
The equilibrium price clears the market; it is the price at which___________
Απάντηση
(C)
Excess demand is zero
34
The graph above shows;
Απάντηση
(D)
an increase in quantity
35
Goods sold in perfectly competitive markets are generally
Απάντηση
(A)
homogenous
36
Cost - push inflation occurs when_______
Απάντηση
(A)
production cost is high
37
The basic principle of cooperative societies is to ________
Απάντηση
(B)
protect the interest and pursue the welfare of members
38
From the table above, the average product of the 3rd unit of labour is
Απάντηση
(A)
50
39
Which of the following institutions does not operate in the money market?
Απάντηση
(B)
mortgage banks
40
Other products gotten from Petroleum include the following EXCEPT:
Απάντηση
(A)
Rubber
41
\(\frac{∑f(x-x̄)}{N}\)
Is a formula used to calculate for ____________
Απάντηση
(D)
mean deviation
42
Completely competitive market exist when each member is a —
Απάντηση
(B)
price taker
43
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
Απάντηση
(B)
22.00
44
A partnership sourcing for funds to expand its business would approach _______
