Economics is often described as a science because it
Відповідь
(D)
use scientific methods to explain observed phenomena
2
Scarcity in Economics means that
Відповідь
(E)
resources are limited relative to wants
3
which of the following has a derived demand?
Відповідь
(A)
labour
4
In Economics production is complete when
Відповідь
(B)
are sold to the final consumer
5
Goods are said to be in competitive demand when they
Відповідь
(A)
Are substitutes
6
The formula for calculating price elasticity of demand coefficient is
Відповідь
(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
Відповідь
(A)
demand is elastic
8
a shift in supply curve to the right will result in a
Відповідь
(B)
fall in price but an increase in supply
9
one of the disadvantages of the division of labour is that it
Відповідь
(B)
makes work monotonous
10
The value of money is affected by the
Відповідь
(B)
price level
11
which of the following is not a problem in the barter economy?
Відповідь
(E)
inflation
12
The optimum population of a country is reached when the
Відповідь
(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
Відповідь
(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
Відповідь
(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
Відповідь
(A)
MA/PA = MB/PB
16
If the price of product K declines , the demand curve for the complementary product J will
Відповідь
(D)
shift to the left
17
a stock exchange is a market that
Відповідь
(B)
deals with purchase and sales of securities
18
The situation whereby government revenue is less than government expenditure is referred to as
Відповідь
(A)
budget deficit
19
which of the following will not increase the population of a country?
Відповідь
(E)
Emigration
20
the actual output of an economy is the output
Відповідь
(A)
which would exist if al resources were fully employed
21
one of the instruments of protection of infants industries is the
Відповідь
(C)
tarrif
22
inflation caused by increase in demand can be curbed by
Відповідь
(C)
increasing the level of output
23
which of the following is a function of commercial banks?
Відповідь
(B)
accepts deposits
24
Division of labour leads to
Відповідь
(C)
monotony of work
25
The largest employment sector in a typical West African country is
Відповідь
(D)
agriculture
26
The indigenisation policy in Nigeria is aimed at
Відповідь
(E)
increasing equity participation and control by Nigerians
27
the foregone alternative in Economics is simply the
Відповідь
(D)
opportunity cost
28
all the following are different forms of money except
Відповідь
(E)
bank sellers
29
The developments banks are essentially different from commercial banks because they
Відповідь
(A)
medium and long term loans
30
The outward shift to the production possibility curve could be due to
Відповідь
(D)
economic growth
31
which of the following is not true of a firm in equilibrium condition in perfect competition?
Відповідь
(C)
MR>AR
32
Hoarding in distributive trade leads to
Відповідь
(E)
artificial scarcity of goods
33
Hoarding in distributive trade leads to
Відповідь
(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
Відповідь
(A)
amount of natural resources
35
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
Відповідь
(D)
tax is borne entirely by the consumer
36
Free Trade means
Відповідь
(C)
non-restriction of international trade
37
In a public company , entrepreneural function are performed by the
Відповідь
(D)
board of directors
38
Term of trade is the
Відповідь
(E)
ratio of index of export prices to index of import prices
39
Tariff can be define as a compulsory levy on
Відповідь
(E)
imports and exports
40
international trade is different from internal trade because of the
