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