Scale of preference is important for the following reasons except in
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(A)
satisfying wants
3
In a socialist economy, prices of commodities are determined by
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(C)
the central planning authority
4
Which of the following cannot be classified as land in economics
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(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?
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(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?
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(B)
3:4
7
The demand curve for neccessity is usually
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(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
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(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?
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(B)
17
10
The demand for torch and batteries is an example of
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(C)
complementary demand
11
Price elasticity of demand or supply measures how responsive
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(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
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(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
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(A)
108ton
14
How does producers expectation of a price fall affect the supply curve of a product? There will be
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(D)
a shift to the right
15
A price floor results in
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(B)
excess supply
16
An entrepreneur is encouraged to adopt division of labour in production because it
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(B)
leads to increased output and lower cost of production
17
The long run is a period when
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(B)
all factors become variable
18
The necessary condition for a firm to be in equilibrium is that marginal revenue is
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(B)
equal to marginal
19
At which stage of production should a firm shut down? when
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(C)
AVC>price
20
Charging different prices for the same commodity is a feature of a
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(A)
perfect competition
21
In a partnership, the conduct of members is guided by
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(B)
the article of partnership
22
Indigenization policy is a measure aimed at
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(C)
reducing foreign economic domination
23
Which of the following measures will hinder efficient distribution of goods in West Africa
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(C)
instituting price control
24
The type of unemployment that occurs as a result physical or mental disability of labour is known as
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(D)
residual unemployment
25
One relationship between marginal utility and total utility. When total is
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(B)
falling, marginal utility is negative
26
One feature of a growing population
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(A)
increase in the number of young people
27
Efficiency of labour in a country is determined by the following factor except the
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(D)
total polulation
28
Which of the following will encourage capital intensive farming
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(C)
provision of subsidies on equipment
29
Which of the following best explains why more foreign investments are not attracted to West Africa
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(C)
instability in political and industrial policies
30
Location of firm in rural areas may
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(C)
enhance even or balanced development
31
International income accounting, double counting occurs when
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(B)
intermediate goods are counted with the final goods
32
The difference between GDP and GNP
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(C)
net factor income from abroad
33
The difference between GDP and GNP
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(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
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(B)
government purchases
35
A bank note is said to be a legal tender because it is
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(D)
backed by law
36
During Inflation, interest rate will
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(D)
fall
37
Cost push inflation is likely to arise when
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(D)
rise in the cost of production.
38
Which of the following financial institutions cannot be found on the capital market of a country
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(D)
Agricultural bank
39
The stock market is a market for
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(A)
new and second hand shares
40
Indirect taxes are generally
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(B)
regressive
41
Fiscal policy that can control inflation will include the use of
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(D)
budget surplus
42
Which is following is a cause of under-development in West Africa
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(B)
increasing population
43
Which of the following is not a major problem of development
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(D)
poor identification of projects
44
The principle of comparative cost advantage was propounded by
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(A)
David Ricardo
45
The rate at which a country's export is exchanged for her imports is
