Economics is often described as a science because it
Válasz
(D)
use scientific methods to explain observed phenomena
2
Scarcity in Economics means that
Válasz
(E)
resources are limited relative to wants
3
which of the following has a derived demand?
Válasz
(A)
labour
4
In Economics production is complete when
Válasz
(B)
are sold to the final consumer
5
Goods are said to be in competitive demand when they
Válasz
(A)
Are substitutes
6
The formula for calculating price elasticity of demand coefficient is
Válasz
(C)
Percentage change in quantity demanded/percentage change in price
7
when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's
Válasz
(A)
demand is elastic
8
a shift in supply curve to the right will result in a
Válasz
(B)
fall in price but an increase in supply
9
one of the disadvantages of the division of labour is that it
Válasz
(B)
makes work monotonous
10
The value of money is affected by the
Válasz
(B)
price level
11
which of the following is not a problem in the barter economy?
Válasz
(E)
inflation
12
The optimum population of a country is reached when the
Válasz
(B)
output per head is at its highest with a given volume of resources
13
when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of
Válasz
(A)
younger people in the population
14
In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant
Válasz
(C)
I and II only
15
for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when
Válasz
(A)
MA/PA = MB/PB
16
If the price of product K declines , the demand curve for the complementary product J will
Válasz
(D)
shift to the left
17
a stock exchange is a market that
Válasz
(B)
deals with purchase and sales of securities
18
The situation whereby government revenue is less than government expenditure is referred to as
Válasz
(A)
budget deficit
19
which of the following will not increase the population of a country?
Válasz
(E)
Emigration
20
the actual output of an economy is the output
Válasz
(A)
which would exist if al resources were fully employed
21
one of the instruments of protection of infants industries is the
Válasz
(C)
tarrif
22
inflation caused by increase in demand can be curbed by
Válasz
(C)
increasing the level of output
23
which of the following is a function of commercial banks?
Válasz
(B)
accepts deposits
24
Division of labour leads to
Válasz
(C)
monotony of work
25
The largest employment sector in a typical West African country is
Válasz
(D)
agriculture
26
The indigenisation policy in Nigeria is aimed at
Válasz
(E)
increasing equity participation and control by Nigerians
27
the foregone alternative in Economics is simply the
Válasz
(D)
opportunity cost
28
all the following are different forms of money except
Válasz
(E)
bank sellers
29
The developments banks are essentially different from commercial banks because they
Válasz
(A)
medium and long term loans
30
The outward shift to the production possibility curve could be due to
Válasz
(D)
economic growth
31
which of the following is not true of a firm in equilibrium condition in perfect competition?
Válasz
(C)
MR>AR
32
Hoarding in distributive trade leads to
Válasz
(E)
artificial scarcity of goods
33
Hoarding in distributive trade leads to
Válasz
(E)
artificial scarcity of goods
34
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
Válasz
(A)
amount of natural resources
35
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
Válasz
(D)
tax is borne entirely by the consumer
36
Free Trade means
Válasz
(C)
non-restriction of international trade
37
In a public company , entrepreneural function are performed by the
Válasz
(D)
board of directors
38
Term of trade is the
Válasz
(E)
ratio of index of export prices to index of import prices
39
Tariff can be define as a compulsory levy on
Válasz
(E)
imports and exports
40
international trade is different from internal trade because of the
