Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?

A typical feature of a market economy is that

A cumulative frequency graph is

The privatization exercise in Nigeria is a move towards a

A movement along the same demand curve is caused by the

The demand curve for a luxury good is

A major assumption in cardinal utility theory is that

A supply curve is positively sloped because

The short-run supply curve for medical doctors is more likely to be

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A decrease in supply without a corresponding change in demand will lead to

In a regulated market, price is determined by

Production takes place when

Which of the following can be deduced from the law of variable proportions when total output is rising?

As the level of output increases, the average fixed cost of a firm will

The shape of the long-run average cost curve is best explained by the

The supply curve of a perfectly competitive firm is identical to its

If a monopolist is incurring short-run losses, this means that his

In developing countries, it is easier to obtain accurate national income estimates through the

In the long run, one of the characteristics of monopolistic competitive firms is that they

Double counting is a problem in computing national income when using the

In the circular flow of income, an increase in savings causes

The ability of commercial banks to create money depends on the

The reform in the banking sector in Nigeria is principally motivated by the need to

A manufacturer who wants to build a new plant will source funds from the

Cost-push inflation occurs when

The Basic Needs Approach to development is

If government expenditure exceeds revenue, this result in

The major reason why countries strive to achieve optimum growth is to

According to the theory of comparative advantage specialization will result in

Dumping in international trade means selling a goods at a

Guided deregulation as currently practised in Nigeria implies that

An important function of the World Bank is to

The major problem confronting a sole proprietor is

A public liability company is run on a daily basis by

The marketing of agricultural products in Nigeria can be improved by

To enhance the competitiveness of domestic agricultural products, there is need to

In Nigeria, the location of a steel industry at Ajaokuta is due to

Industries for consumer goods are concentrated in urban centers as a result of

The current industrial development strategy in Nigeria is aimed at encouraging

Activities in the oil and gas industry are classified into

High dependency ratio is influenced by

Occupational distribution of population determines the

The mobility of labour is mainly determined by

When workers have a union, the supply of labour is said to be