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