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