When two variables are positively related, the graph of the relationship?
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(D)
is an upward-sloping curve
2
For an inferior good, a decreased in real income will lead to?
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(C)
an outward shift of the demand curve
3
In economic analysis, a statement is said to be normative if it?
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(A)
relates to value judgement
4
Utility is the satisfaction derived from?
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(D)
consumption
5
The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is
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(B)
fairly inelastic
6
If there is an increase in demand without a corresponding increase in supply, there will be a
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(A)
rise in price
7
In a planned economy, the emphasis is on
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(A)
public ownership and control
8
\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
Using the table above. The ATC at 30 units of output is
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(B)
₦4.00
9
If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be
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(B)
a monopolist as it can have a great influence on price
10
A normal supply curve is usually positively sloped because the relationship between
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(A)
price and supply is positive
11
Short-run period in production is a period too short for a firm to be able to change its
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(A)
scale of operation
12
Price elasticity of supply is a ratio of the change in
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(B)
quantity supplied to the change in price
13
The long-run average cost curve is called a planning curve because it shows what happens to costs when
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(C)
variable inputs are increased
14
Imperfect market is characterized by
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(B)
many buyers and few sellers
15
The term 'Near money' is best described as
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(D)
a financial asset that is convertible to cash
16
The distinguishing characteristic between the money market and the capital market lies in whether the
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(B)
debt instruments provided are long-term or short-term
17
For a firm, value added can be defined as the difference between the
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(B)
value of its output and inputs purchased from other firms
18
Insurance companies, pension and provident funds and unit trusts are all examples of
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(D)
non-bank financial institutions
19
Inflation that is usually associated with periods of trade boom is
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(D)
demand-pull inflation
20
The monetary control instrument most effectively used by the Central Bank of Nigeria is the
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(A)
open market operations
21
Securities are described as listed when they are
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(B)
traded on a recognised stock market
22
An advantage of the sole proprietorship over the partnership from of business organisation is that
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(C)
the possibility of conflict in management is virtually non-existent
23
The distinction between capital and recurrect expenditure lies in the
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(B)
time frame of the expenditure
24
Under a floating exchange rate regime, the determinant of the exchange rate is
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(C)
demand for and supply of foreign goods
25
The major objective of a revenue allocation formula in a country is to
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(A)
share revenue between the different tiers of government
26
A greater burden of the taxes on essential goods is borne by the
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(A)
lower income group
27
Privatization and commercialization of public enterprise in Nigeria is necessitated by
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(C)
their operational inefficiency
28
The effectiveness of devaluation as a solution to a balance of payments problem depends on the
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(C)
relative elasticities of demand and supply of imports and exports
29
Statutory organisations usually established by Acts of Parliament are called
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(A)
public corporations
30
The effect of an increase in the personal income tax is to
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(C)
reduce the disposable income
31
IBRD as an international monetary institution is concerned with the
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(B)
development of infrastructure in member nations
32
To compare the standard of living among nations, the most widely used economic indicator is the
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(C)
real per capita income
33
The major role of multi-national companies in the petroleum industry in Nigeria is
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(B)
oil marketing and prospecting
34
Two basic features common to an industry are
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(D)
similarity of products and production processes
35
When a union is composed of workers with the same skill,it is termed
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(B)
a craft union
36
The demand for labour is an example of
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(C)
derived demand
37
Occupational mobility as applied to factors of production means the ease by which
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(A)
factors can be transferred from one form of use to another
38
An adverse environmental impact of the petroleum industry on the economy is
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(C)
oil spillage
39
country is said to be overpopulated when
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(C)
the resources are inadequate to cater for the population
40
An important factor hindering the rapid development of the industrial sector in Nigeria is
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(C)
inadequate infrastructural facilities
41
Fixing the prices of agricultural products can be a problem because of the
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(D)
unpredicatable output of farmers
42
The labour force of a country can be determined by examining the
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(A)
age structure of the population
43
Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at
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(D)
Z
44
If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
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(B)
W
45
In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
