derive maximum satisfaction from the money he spends
2
one way of solving the problem of scarcity that faces the individuals is for
Answer
(C)
them to choose between alternative since they cannot meet all their wants
3
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?
Answer
(C)
N5.00
4
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
Answer
(D)
maximize utility
5
which of the following will shift the demand curve for Milo to the right?
Answer
(A)
an increase in consumer's income
6
An ?exceptional demand is one in which
Answer
(C)
quantity demanded falls as price falls
7
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be
Answer
(A)
an excess demand
8
The introduction of division of labour in a firm will lead to?
Answer
(C)
an increase output
9
Total cost is the addition of
Answer
(C)
fixed cost and variable cost
10
Total cost is the addition of
Answer
(C)
fixed cost and variable cost
11
external economies refer to the
Answer
(A)
cost-saving advantage a firm enjoys when by being close to other firm in the same industry
12
To the economist, efficiency of resource use means
Answer
(E)
maximizing output from a given amount of resource
13
The shape of the average cost (AC) shows that as production increases
Answer
(B)
average cost decreases and then increases
14
one of the advantages of localization of industry is that firms
Answer
(E)
can have a large pool of skilled labours
15
which of the following is not a type of industry?
Answer
(A)
export
16
In a joint-stock company the shareholders are the
Answer
(A)
owners
17
The distribution of goods by the price system is distorted when
Answer
(E)
there is price control measure in the system
18
An appropriate industrialization strategy in an under-populated country is
Answer
(B)
capital intensive
19
The power of trade union may be weakened when there is
Answer
(C)
over population
20
Malthus' contention is that
Answer
(B)
population increased in geometric progression whil food production increased in arithmetic progression
21
The problem of small markets in West Africa can be solved through
Answer
(C)
political stability in West Africa
22
An imperfect competitor is in equilibrium when
Answer
(A)
Marginal cost (MC) is equal to Marginal Revenue (MR)
23
Which of the following is used to measure inflation?
Answer
(C)
price index
24
If a government which owned a company N10,000 in 1966 paid the debt fully in 1985 when the value of money has depreciated by 20 Percent, such a government had
Answer
(C)
gained
25
Banks create money by
Answer
(C)
lending our deposits to borrowers
26
The West African house was established to
Answer
(B)
enhance financial transaction among memebers countries
27
which of the following is a factor affecting the size of national income?
Answer
(A)
size of the active population
28
The expenditure of a firm on goods and services for the expansion of its productive capacity is known as
Answer
(B)
investment
29
An increase in marginal propensity to save will lead to
Answer
(B)
a decrease in the level of consumption
30
progressive system of taxation implies that the
Answer
(C)
tax rate increases as the tax base increases
31
development plans in Nigeria have deviated from their targets due to
Answer
(B)
political instability
32
The level of economic development is low in Nigeria because
Answer
(D)
of ineffective plan implementation
33
The stability of Nigerian economy depends mainly on the export price of
Answer
(D)
mineral oil
34
Which of the following countries is a major trading partner of Nigeria?
Answer
(A)
Britain
35
The instrument used in many countries to restrict imports includes
