» the study of economics becomes necessary because of the
Хариулт
(B)
scarcity of resources
2
The concept of opportunity cost is also referred to as
Хариулт
(B)
real cost
3
choice is necessitated by
Хариулт
(D)
scarcity of resources
4
A type of unemployment which occurs due to technological progress is called
Хариулт
(A)
frictional unemployment
5
All the following are features of market economies except
Хариулт
(D)
public ownership of capital
6
the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as
Хариулт
(A)
capital economic system
7
In a capitalist economy, resources are
Хариулт
(C)
privately owned
8
An economic system where the central planning authority determines what goods to produce and in what quantity is known as
Хариулт
(B)
socialist economy
9
The main objective of setting up a private business organization is to
Хариулт
(D)
maximize profits
10
The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is
Хариулт
(B)
4 Naira
11
The type of demand that exist between torchlight and battery is
Хариулт
(D)
joint demand
12
When the price of a commodity increases and the quantity demanded also increases, this is a case of
Хариулт
(A)
exceptional demand
13
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
Хариулт
(C)
competitive supply
14
At a co-efficient of price elasticity of supply of 0.5, supply is
Хариулт
(B)
inelastic
15
In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
Хариулт
(A)
An increase in demand for X will increase supply of Y
16
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
Хариулт
(A)
positive income elasticity
17
The interaction of supply and demands for labour determines
Хариулт
(C)
wage
18
Government fixing of prices below the equilibrium point is aimed at protecting the
Хариулт
(D)
consumers
19
A consumer maximizes his utility in consuming a good 'X' when
Хариулт
(A)
Mux = Px
20
The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when
Хариулт
(D)
Marginal Product is increasing
21
who among the following is the intermediary between the producer and the retailer?
Хариулт
(B)
wholesaler
22
which of the following sector is most capital intensive?
Хариулт
(B)
petroleum
23
A society that operates below the production possibility curve is using its productive resources
Хариулт
(C)
inefficiently
24
labour can be efficient when there are
Хариулт
(A)
adequate tools to work with
25
What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?
Хариулт
(A)
the law of variable proportions
26
which of these is true of a perfect competitor?
Хариулт
(D)
P = AR = MR
27
One advantage of a sole proprietor is that
Хариулт
(A)
it can be managed without conflicts
28
which of the following is a condition necessary for a perfect market?
Хариулт
(C)
there is a large number of buyers and sellers
29
A market in which a single price obtains for a product is known as
Хариулт
(D)
a perfect market
30
what is the effect of pursuit of higher education on the size of labour force?
Хариулт
(D)
it reduces the size of labour force
31
The population density of town Y made up of 50 square kilometre land area and 100 million people is
Хариулт
(D)
2 million people per square kilometre
32
manufacturing involves the process of
Хариулт
(C)
changing items to new states
33
disposable income is total income
Хариулт
(A)
less tax
34
Use the information below to answer these questions
Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000
The Gross National Product is equal to
Хариулт
(C)
$105,000
35
Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000
The National Income is equal to
Хариулт
(C)
$65,000
36
Depreciation = $40,000
Gross Domestic Product = $100,000
Factor Payments to Foreigners = $20,000
Factor Receipts from Abroad = $25,000
The Net Domestic Product is
Хариулт
(B)
$60,000
37
which of the following is specialized in lending money for the purpose of developing real estate?
Хариулт
(B)
mortgage banks
38
The marketing of government security by the Central Bank is termed
Хариулт
(B)
open market operation
39
which of the following serves as a banker's bank?
Хариулт
(C)
The Central Bank
40
The tax imposed on good manufacture within a country is
Хариулт
(A)
an excise tax
41
Government expenditure on the construction of roads and bridges is
Хариулт
(B)
capital expenditure
42
Fiscal policy is associated with
Хариулт
(A)
taxation and government expenditure
43
The need for development planning arises largely from the fact that
Хариулт
(D)
productive resource are scarce relative to the demand for them
44
Economic development is reflected in the
Хариулт
(D)
increase in productive capacity
45
Terms of trade may be define as the
Хариулт
(C)
rate at which a country's export exchange for imports
