Economics is often described as a science because it
Одговорити
(D)
use scientific methods to explain observed phenomena
2
Scarcity in Economics means that
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(E)
resources are limited relative to wants
3
which of the following has a derived demand?
Одговорити
(A)
labour
4
In Economics production is complete when
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(B)
are sold to the final consumer
5
Goods are said to be in competitive demand when they
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(A)
Are substitutes
6
The formula for calculating price elasticity of demand coefficient is
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(C)
Percentage change in quantity demanded/percentage change in price
7
when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's
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(A)
demand is elastic
8
a shift in supply curve to the right will result in a
Одговорити
(B)
fall in price but an increase in supply
9
one of the disadvantages of the division of labour is that it
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(B)
makes work monotonous
10
The value of money is affected by the
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(B)
price level
11
which of the following is not a problem in the barter economy?
Одговорити
(E)
inflation
12
The optimum population of a country is reached when the
Одговорити
(B)
output per head is at its highest with a given volume of resources
13
when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of
Одговорити
(A)
younger people in the population
14
In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant
Одговорити
(C)
I and II only
15
for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when
Одговорити
(A)
MA/PA = MB/PB
16
If the price of product K declines , the demand curve for the complementary product J will
Одговорити
(D)
shift to the left
17
a stock exchange is a market that
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(B)
deals with purchase and sales of securities
18
The situation whereby government revenue is less than government expenditure is referred to as
Одговорити
(A)
budget deficit
19
which of the following will not increase the population of a country?
Одговорити
(E)
Emigration
20
the actual output of an economy is the output
Одговорити
(A)
which would exist if al resources were fully employed
21
one of the instruments of protection of infants industries is the
Одговорити
(C)
tarrif
22
inflation caused by increase in demand can be curbed by
Одговорити
(C)
increasing the level of output
23
which of the following is a function of commercial banks?
Одговорити
(B)
accepts deposits
24
Division of labour leads to
Одговорити
(C)
monotony of work
25
The largest employment sector in a typical West African country is
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(D)
agriculture
26
The indigenisation policy in Nigeria is aimed at
Одговорити
(E)
increasing equity participation and control by Nigerians
27
the foregone alternative in Economics is simply the
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(D)
opportunity cost
28
all the following are different forms of money except
Одговорити
(E)
bank sellers
29
The developments banks are essentially different from commercial banks because they
Одговорити
(A)
medium and long term loans
30
The outward shift to the production possibility curve could be due to
Одговорити
(D)
economic growth
31
which of the following is not true of a firm in equilibrium condition in perfect competition?
Одговорити
(C)
MR>AR
32
Hoarding in distributive trade leads to
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(E)
artificial scarcity of goods
33
Hoarding in distributive trade leads to
Одговорити
(E)
artificial scarcity of goods
34
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
Одговорити
(A)
amount of natural resources
35
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
Одговорити
(D)
tax is borne entirely by the consumer
36
Free Trade means
Одговорити
(C)
non-restriction of international trade
37
In a public company , entrepreneural function are performed by the
Одговорити
(D)
board of directors
38
Term of trade is the
Одговорити
(E)
ratio of index of export prices to index of import prices
39
Tariff can be define as a compulsory levy on
Одговорити
(E)
imports and exports
40
international trade is different from internal trade because of the
