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