Question 1 of 20 4,545 total questions
when a worker changes from one tye of job to another, it is called
A geographical mobility of labour
B occupational mobility of labour
C immobility of labour
D rural-urban migration
when all factors input are reduced by half, the production possibility curve will shift
A outwards
B inwards
C downwards
D upwards
The production factor, whose entire world supply is fixed is
A land
B skilled labour
C capital goods
D entrepreneur
The remuneration of the entrepreneur as a factor of production is called
A wages
B salary
C interest
D profit
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
A Olu's real cost is 150.00 Naira
B Olu's opprtunity cost is the T-shirt he bought
C Olu's opportunity cost is the textbook
D Olu's money cost is also the real cost
A list of consumer's wants arranged in order of priorities is known as
A a budget
B an opprotuniy cost
C A scale of preference
D choice
Farming, mining and fishing are
A primary production
B secondary production
C tertiary production
D intermediate production
Economic activities are undertaken to solve the problem of
A Desire to spend more income on consumption
B opprotuinity cost
C production
D scarcity
\(\begin{array}{c|c}
A 450kg
B 630kg
C 240kg
D 580kg
The savings deposit in a commercial bank is called
A Capital
B Fund
C Near
D Money
E Call money
A profit maximizing monopolist should produce within the range where his demand is
A Inelastic
B Elastic
C Infinitely elastic
D Unitary elastic
The difference in each country's total output on specification is
A 16000 units
B 9000 units
C 8000 units
D 7000 units
Find the mean price of the distribution
Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?
A 7000 units
B 16000 units
C 9000 units
D 8000 units
What is the median quantity?
An institution that regulates trade relations among members is the
If government increases in its expenditure on public works, the desired effect is
A a reduction in the use of capital equipment
B an increase in the level of emploment
C an increase in the level of inflation
D an increase in the use of capital equipment
The factor responsible for the current inflationary pressures in Nigeria is the
A exchange rate depreciation
B increase in exports
C low per capital income
D budget surplus
Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are
A partnerships and limited liability companies
B partnerships and sole proprietorships
C cooperatives and sole proprietorship
D corporation and sole proprietorship
A long-term capital outflow is recorded in the balance of payment as a
A credit on the capital account
B credit on the current account
C debit on the current account
D debit on the capital account
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