the various combinations of two commodities that can be produced
2
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
پاسخ دهید
(A)
microeconomics
3
Which of the following best describes the concept of opportunity cost?
پاسخ دهید
(C)
Goods that are not produced in order to produce more of another good
4
Market is defined as?
پاسخ دهید
(D)
any organizational framework which links the buyers and sellers of a good and service
5
The additional revenue obtained by using one more unit of a factor is called its?
پاسخ دهید
(C)
marginal revenue product
6
Labour productivity is defined as?
پاسخ دهید
(A)
output per man/hour
7
Efficiency of labour is enhanced by?
پاسخ دهید
(C)
Total Fixed Cost divided by the the level of output
8
The residual of production which accrues to the owner of land after all other expenses have been met is called?
پاسخ دهید
(B)
rent
9
In the history of Economic Thought the concept of Division of labour is usually associated with?
پاسخ دهید
(C)
Adam Smith
10
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
پاسخ دهید
(D)
circulating capital
11
The shut-down point for a firm in the short run is the output at which?
پاسخ دهید
(C)
Average Variable Cost is not covered
12
In the long run a firm will leave an industry if price?
پاسخ دهید
(B)
is not equal to Marginal Cost
13
In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?
پاسخ دهید
(D)
inflation effect of a price change
14
Price can be defined as?
پاسخ دهید
(A)
a rate of exchange
15
In the operation of market forces, the market is in equilibrium at the point where?
پاسخ دهید
(D)
demand and supply curves intersect
16
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
پاسخ دهید
(A)
price only
17
Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?
پاسخ دهید
(C)
1.25
18
For normal goods the income elasticity of demand is?
پاسخ دهید
(A)
positive
19
If a good is an inferior good, then?
پاسخ دهید
(C)
its income elasticity of demand is negative
20
An increase in supply will lower price unless?
پاسخ دهید
(C)
it is followed by an increase in demand
21
Which of the following is compatible with a firm in a purely competitive market?
پاسخ دهید
(B)
demand is infinitely inelastic
22
What form of market is found in an imperfect competition where there are few buyers and many sellers?
پاسخ دهید
(D)
Oligopsony
23
To which of the following sectors do services belong?
پاسخ دهید
(C)
Tertiary
24
The liability of the sole trader is?
پاسخ دهید
(B)
unlimited
25
Which of the following is NOT a type of business ownership?
پاسخ دهید
(A)
Debenture holding
26
Which of the following is a disadvantage of regional concentration of industries?
پاسخ دهید
(A)
Development of congested urban areas
27
A limited liability company is usually owned by?
پاسخ دهید
(C)
shareholders
28
Money market differs from capital market in that it?
پاسخ دهید
(A)
deals with short-term loans while capital market deals with long-term funds
29
The main reason for charging interest is to?
پاسخ دهید
(C)
reward investors for present use of profits
30
In the keynesian model?
پاسخ دهید
(D)
the demand for money is directly related to the rate of interest
31
If inflation is anticipated to continue?
پاسخ دهید
(B)
lenders will demand higher interest rate
32
Ad valorem tax means?
پاسخ دهید
(A)
a certain percentage tax based on the value of the commodity
33
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
پاسخ دهید
(B)
inelastic
34
A budget with a projected revenue in excess of its expenditure is said to be?
پاسخ دهید
(B)
surplus
35
The money which government spends yearly for the maintenance of its school is?
پاسخ دهید
(C)
part of the government's recurrent expenditure
36
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
پاسخ دهید
(A)
Dumping
37
The rate of exchange between a domestic and a foreign currency is defined as the?
پاسخ دهید
(B)
domestic currency price of a unit of the foreign currency
38
Which of the following best explains the structural changes in the population of a country?
پاسخ دهید
(D)
Changes in the age, sex and occupational composition of the population
39
Statistical information available in most West African countries suggests that?
پاسخ دهید
(B)
the marginal propensity to consume is high
40
Transfer payment are
پاسخ دهید
(C)
unearned income
41
Capital consumption allowance refers to?
پاسخ دهید
(C)
depreciation of capital equipment
42
The difference between personal income and personal disposal income is?
پاسخ دهید
(A)
personal income tax
43
Frictional unemployment?
پاسخ دهید
(D)
occurs when people are changing jobs
44
For the improvement of the welfare of a people, a high production level is not enough because
