Scale of preference is important for the following reasons except in
Answer
(A)
satisfying wants
3
In a socialist economy, prices of commodities are determined by
Answer
(C)
the central planning authority
4
Which of the following cannot be classified as land in economics
Answer
(C)
A bulldozer for clearing farm land
5
A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6
If the budget of the country was $7,200, how much is allocated to Education?
Answer
(A)
$2,400.00
6
A country's budget allocation to various sectors of the economy is shown in the pie chart above. Use it to answer the question below.
What is the ratio of expenditure on health to agriculture?
Answer
(B)
3:4
7
The demand curve for neccessity is usually
Answer
(A)
vertical
8
What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will
Answer
(A)
increase
9
If the quantity of men's hat demanded per week is represented by the function Qd=20-\(\frac{1}{3}\)P, where P is price, how many hats are demanded when the price is $9.00?
Answer
(B)
17
10
The demand for torch and batteries is an example of
Answer
(C)
complementary demand
11
Price elasticity of demand or supply measures how responsive
Answer
(C)
sellers are to a change in price
12
The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to
Answer
(A)
positively sloping supply curve
13
The supply of rice in tons is given by the equation:
Qs -80 - 0.7P = 0.
Where Qs = Quantity supplied
P = price in naira.
Find Qs, when P = N40
Answer
(A)
108ton
14
How does producers expectation of a price fall affect the supply curve of a product? There will be
Answer
(D)
a shift to the right
15
A price floor results in
Answer
(B)
excess supply
16
An entrepreneur is encouraged to adopt division of labour in production because it
Answer
(B)
leads to increased output and lower cost of production
17
The long run is a period when
Answer
(B)
all factors become variable
18
The necessary condition for a firm to be in equilibrium is that marginal revenue is
Answer
(B)
equal to marginal
19
At which stage of production should a firm shut down? when
Answer
(C)
AVC>price
20
Charging different prices for the same commodity is a feature of a
Answer
(A)
perfect competition
21
In a partnership, the conduct of members is guided by
Answer
(B)
the article of partnership
22
Indigenization policy is a measure aimed at
Answer
(C)
reducing foreign economic domination
23
Which of the following measures will hinder efficient distribution of goods in West Africa
Answer
(C)
instituting price control
24
The type of unemployment that occurs as a result physical or mental disability of labour is known as
Answer
(D)
residual unemployment
25
One relationship between marginal utility and total utility. When total is
Answer
(B)
falling, marginal utility is negative
26
One feature of a growing population
Answer
(A)
increase in the number of young people
27
Efficiency of labour in a country is determined by the following factor except the
Answer
(D)
total polulation
28
Which of the following will encourage capital intensive farming
Answer
(C)
provision of subsidies on equipment
29
Which of the following best explains why more foreign investments are not attracted to West Africa
Answer
(C)
instability in political and industrial policies
30
Location of firm in rural areas may
Answer
(C)
enhance even or balanced development
31
International income accounting, double counting occurs when
Answer
(B)
intermediate goods are counted with the final goods
32
The difference between GDP and GNP
Answer
(C)
net factor income from abroad
33
The difference between GDP and GNP
Answer
(C)
net factor income from abroad
34
Which of the following items is not included in the measurement of the national income using the income approach
Answer
(B)
government purchases
35
A bank note is said to be a legal tender because it is
Answer
(D)
backed by law
36
During Inflation, interest rate will
Answer
(D)
fall
37
Cost push inflation is likely to arise when
Answer
(D)
rise in the cost of production.
38
Which of the following financial institutions cannot be found on the capital market of a country
Answer
(D)
Agricultural bank
39
The stock market is a market for
Answer
(A)
new and second hand shares
40
Indirect taxes are generally
Answer
(B)
regressive
41
Fiscal policy that can control inflation will include the use of
Answer
(D)
budget surplus
42
Which is following is a cause of under-development in West Africa
Answer
(B)
increasing population
43
Which of the following is not a major problem of development
Answer
(D)
poor identification of projects
44
The principle of comparative cost advantage was propounded by
Answer
(A)
David Ricardo
45
The rate at which a country's export is exchanged for her imports is
