A firm owned and managed by a family is an example of ______?
Trả lời
(D)
partnership
2
Which modal of the factor is inelastic?
Trả lời
(D)
land
3
Which of the following budgets will increase government expenditure?
Trả lời
(C)
deficit budget
4
The economic questions about what and how to produce in an economy is solely answered by the _______?
Trả lời
(D)
system of economy practised
5
The following are Methods of measuring National Income of a country EXCEPT; ?
Trả lời
(B)
Consumption method
6
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
Trả lời
(C)
crude oil deposit
7
The bowed shape of the Production possibilities curve illustrates _________
Trả lời
(A)
that production is inefficient
8
Which of the following is an indicator of economic growth?
Trả lời
(C)
High gross domestic product
9
The graph above represents _______
Trả lời
(D)
an increase in quantity supplied
10
The law of diminishing marginal utility states:
Trả lời
(B)
Your utility grows at a slower and slower rate as you consume more and more unit of a good.
11
Which of the following is not a function of the money market?
Trả lời
(C)
creation of long term loans
12
The population theory that is concerned with the cases of over population and shortage of food production is ______
Trả lời
(B)
Malthusian population theory
13
The basic aim of Economic Community of West African States is the
Trả lời
(D)
liberalization of trade among member states
14
The production within domestic territory of a country is called the _____
Trả lời
(B)
gross domestic product
15
Excess supply over demand will place a price advantage on _____
Trả lời
(D)
consumers
16
Given that ∑fx = 340 and N = 20, find the arithmetic mean.
Trả lời
(B)
17
17
One of the reasons why Nigeria is a mono-economy is because of her _______
Trả lời
(A)
huge volume of petroleum activities in the country
18
Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.
Calculate the average product (AP) of the 4th unit of labour.
Trả lời
(C)
15
19
Which of the following is NOT an instrument in the money market?
Trả lời
(C)
Stocks and shares
20
Given that Qd = 10 - 2p while Qs = 5 + 3P, if P = N 1 determine the equilibrium quantity
Trả lời
(D)
8
21
A country's terms of trade can be improved by ____?
Trả lời
(B)
imposing lower export duties
22
Changing the structure of a commodity in order to increase its utility is called?
Trả lời
(B)
form utility
23
Which of the following is not an indicator of economic growth?
Trả lời
(D)
High Level of Unemployment
24
One of the unique features that distinguishes the perfect and imperfect market condition is _________
Trả lời
(D)
number of sellers and buyers
25
In economics, the “how” or input question refers to:
Trả lời
(B)
The way in which factors of production may be combined to produce output
26
The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
Trả lời
(B)
3
27
One of the major causes of farmers' unstable income in Nigeria is _________
Trả lời
(A)
the effect of diseases and pests
28
Which of the following source of income is spectacular only to Government ?
Trả lời
(C)
Tax
29
When the government fix the price of essential commodities, this is referred to as:
Trả lời
(B)
Price control
30
One of the functions of the price system is that it
Trả lời
(D)
regulates production and consumption
31
Which of the following is NOT illustrated by the production possibility curve
Trả lời
(A)
Risk
32
Which of the following statement is TRUE about ECOWAS?
Trả lời
(A)
The aim of ECOWAS is to ensure economic stability
33
The equilibrium price clears the market; it is the price at which___________
Trả lời
(C)
Excess demand is zero
34
The graph above shows;
Trả lời
(D)
an increase in quantity
35
Goods sold in perfectly competitive markets are generally
Trả lời
(A)
homogenous
36
Cost - push inflation occurs when_______
Trả lời
(A)
production cost is high
37
The basic principle of cooperative societies is to ________
Trả lời
(B)
protect the interest and pursue the welfare of members
38
From the table above, the average product of the 3rd unit of labour is
Trả lời
(A)
50
39
Which of the following institutions does not operate in the money market?
Trả lời
(B)
mortgage banks
40
Other products gotten from Petroleum include the following EXCEPT:
Trả lời
(A)
Rubber
41
\(\frac{∑f(x-x̄)}{N}\)
Is a formula used to calculate for ____________
Trả lời
(D)
mean deviation
42
Completely competitive market exist when each member is a —
Trả lời
(B)
price taker
43
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
Trả lời
(B)
22.00
44
A partnership sourcing for funds to expand its business would approach _______
