Economic activities are undertaken to solve the problem of
תְשׁוּבָה
(D)
scarcity
2
Farming, mining and fishing are
תְשׁוּבָה
(A)
primary production
3
A list of consumer's wants arranged in order of priorities is known as
תְשׁוּבָה
(C)
A scale of preference
4
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
תְשׁוּבָה
(C)
Olu's opportunity cost is the textbook
5
The remuneration of the entrepreneur as a factor of production is called
תְשׁוּבָה
(D)
profit
6
The production factor, whose entire world supply is fixed is
תְשׁוּבָה
(A)
land
7
when all factors input are reduced by half, the production possibility curve will shift
תְשׁוּבָה
(B)
inwards
8
when a worker changes from one tye of job to another, it is called
תְשׁוּבָה
(B)
occupational mobility of labour
9
which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate
תְשׁוּבָה
(C)
(I),(II) and (III)
10
Age distribution is important because it helps the government to
תְשׁוּבָה
(D)
undertake effective planning
11
A group of firm producing similar commodities for the same market constitute
תְשׁוּבָה
(B)
an industry
12
a factor that has slowed down the rate of industrial development in West Africa is
תְשׁוּבָה
(A)
inadequate technology
13
To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its
תְשׁוּבָה
(A)
marginal utility
14
Price control refers to
תְשׁוּבָה
(B)
a policy of ensuring stable price in the market
15
The desire for goods without the ability to pay is called
תְשׁוּבָה
(D)
wants
16
amount of goods offered to the market at respective prices and presented in a table is called
תְשׁוּבָה
(B)
supply schedule
17
At the equilibrium price, quantity demanded is
תְשׁוּבָה
(B)
equal to quantity supplied
18
If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be
תְשׁוּבָה
(C)
greater than quantity demanded
19
one of the factors determining price elasticity of demand for a commodity is the
תְשׁוּבָה
(A)
availability of close substitutes
20
If elasticity of demand for a commodity is less than one, demand is
תְשׁוּבָה
(B)
inelastic
21
The transfer of ownership of a public enterprise to individuals and firms is called
תְשׁוּבָה
(C)
privatization
22
One-man business are popular in West Africa because of all the following except the
תְשׁוּבָה
(D)
tendency to become joint-stock compsnies
23
Wholesalers are often criticized because they
תְשׁוּבָה
(C)
increase prices
24
In which of the following business units are the owners mostly customers?
תְשׁוּבָה
(A)
co-operatives
25
information about new goods is passed on to buyers through
תְשׁוּבָה
(A)
advertising
26
The profit of the producers can be calculated as the
תְשׁוּבָה
(C)
total revenue less total cost
27
The direct exchange of one goods for another without the use of money is known as
תְשׁוּבָה
(D)
barter
28
Acceptability, durability, homogeneity and portability are all attributes of good
תְשׁוּבָה
(B)
money
29
The term demand for money means
תְשׁוּבָה
(C)
willingness of people to hold money
30
A persistent and appreciable rise in the general level of price is known as
תְשׁוּבָה
(B)
inflation
31
A commercial banks deposits are
תְשׁוּבָה
(A)
liabilities
32
The lender of last resort in the banking system is the
תְשׁוּבָה
(D)
central banks
33
Discounting a bill of exchange means the bill is
תְשׁוּבָה
(C)
bought for less than its face value
34
The central banks control credit in the economy through the use of
תְשׁוּבָה
(D)
open market operation
35
Among the principles of taxation propounded by Adam Smith was that
תְשׁוּבָה
(B)
A tax should be convenient to pay
36
Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is
תְשׁוּבָה
(A)
progressive
37
Government revenue from the groundnut industry is from
תְשׁוּבָה
(D)
taxes
38
The theory of comparative cost advantage is associated with
תְשׁוּבָה
(C)
David Ricardo
39
When the value of a nation’s export is greater than its imports
תְשׁוּבָה
(A)
a favourable balance of trade exists
40
To improve the balance of payment s position in West African countries, there must be
תְשׁוּבָה
(B)
increase rate of exportation of goods and services
41
The Economic Community of the West African States (ECOWAS) is an example of
תְשׁוּבָה
(B)
economic integration
42
One reason for the low agricultural production in West African countries is that
תְשׁוּבָה
(C)
farmers lack the finance and technology required
43
Mono-product economies are those that
תְשׁוּבָה
(A)
produce one main commodity
44
An essential characteristics of market economy is
תְשׁוּבָה
(D)
consumer sovereignty
45
In a capitalist system goods are produced for those who
