If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?
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(B)
a net gain
2
In a free market economy, the price system allocates resources?
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(C)
to their best alternatives
3
At the consumer equilibrium, the slope of the indifference curve is?
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(B)
equal to the slope of the budget constraint line
4
For a supply curve, an increase in the price of a commodity will result in?
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(D)
an increase in the quantity supplied
5
A normal good with close substitutes is likely to have its price elasticity of demand?
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(D)
greater than unity
6
Economics is regarded as a social science because it?
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(C)
adopts the scientific method in the study of human behaviour
7
A change in supply is best described as a?
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(B)
shift of the supply curve to the left or to the right
8
When a generalization is made based on observed facts, it is known as?
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(B)
inductive reasoning
9
A major problem facing all economies is how to?
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(D)
allocate scarce resources
10
A vertical supply curve indicates that?
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(B)
the same fixed quantity will be supplied no matter the price
11
In a demand curve, the relationship between price and quantity is?
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(D)
inverse
12
If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?
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(D)
17.0
13
The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?
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(B)
free market economy
14
A consumer's scale of preference is an arrangement of his?
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(B)
needs in order of importance
15
A firm's shut-down point is reach when the average revenue fails to cover the?
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(B)
marginal cost
16
Internal economies of scale are expected to bring about?
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(C)
a decrease in long-run average cost
17
In the long-run, a monopolist maximized his profit when the marginal cost equals?
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(D)
price
18
The long run is a period during which a firm?
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(B)
varies all its inputs
19
An important feature of perfect competition is that?
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(B)
there is adequate knowledge of existing prices
20
If government fixes price below the equilibrium price, what effect will it have on demand?
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(C)
Quantity demanded will increase
21
An imperfect market exist where?
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(D)
the location of some sellers gives them an advantage over others
22
A production function relates?
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(D)
output to input
23
A major advantage of specialization and division of labour is that?
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(A)
time wastage will be minimized
24
Which of the following is an example of a fixed cost?
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(C)
Rent on building
25
In the agricultural sector, improved extension services facilitate?
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(A)
acquistion of techniques
26
A disadvantage of concentrating industries in an area is that it could?
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(B)
result in evironmental pollution
27
The losses suffered by a sole proprietor are?
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(D)
not limited to the amount invested
28
To facilitate the exportation of crude oil from Nigeria, special?
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(C)
pipelines were laid to connect the major oil wellsto the ports
29
An industry is?
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(B)
group of firms producing related commodities
30
The raising of funds by selling stocks to the public is called?
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(A)
equity financing
31
A tax that increases at a higher percentage as income increase is called?
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(C)
a progressive tax
32
The price paid for labour services is the?
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(B)
wages rate
33
The capital market is a market for trading of financial assets such as?
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(C)
long-term securities
34
In national income accounting, NNP is derived by subtracting from the GNP?
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(D)
capital consumption
35
Economic growth can be accelerated through?
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(C)
planned current consumption
36
An increase in the discount rate is an indication of a central bank's intention to pursue?
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(A)
an expansionary monetary policy
37
The efficiency of labour can be increased by?
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(A)
constant training of workers
38
In Nigeria, revenue sharing from the federation Account is between the?
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(D)
federal, state and local governments
39
The reduction of high fertility rate is a measure in population control designed to make the?
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(D)
growth in population more sustainable
40
National debts is an expected outcome of?
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(A)
deficit budget
41
The distribution channel that contributes most to the cost of production is?
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(D)
producer-wholesaler-retailer-consumer
42
Money may not be accepted as a store of value if?
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(A)
its value is unstable
43
In order to accelerate economic development, a country must?
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(C)
pursue a rational population policy
44
If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?
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(B)
40.0%
45
GNP is not a good measure of social welfare because there are unrecorded?
