Question 1 of 20 4,545 total questions
Economic growth is different from economic development because economic growth
A describes expansion and change
B is measurable but not objective
C describes expansion and not change
D is not measurable but objective
The loans from the World Bank to developing countries are mainly to support
A capital-intensive technology
B the establishment of universities
C their infrastructure investment
D their level of consumption
The raising of funds by selling stocks to the public is called
A equity financing
B deflcit financing
C loan financing
D debt financing
The problem of planning in Nigeria is mainly in the
A implementation of the plans
B appraisal of the plans
C allocation of scarce resources
D articulation of the plans
The price index computed between two time periods is given as 128%,This implies that the
A disposable income have increased by 28%
B living standards have fallen by 128%
C living standards have risen by 128%
D living standards have fallen by 28%
The monetization policy of the Nigerian government is aimed at
A encouraging public servants to retire early and become self-employed
B transferring government's properties to retired public servants
C reducing government's burden on the provision of fringe benefits to public servants
D helping government recover properties held by public servants
In economics, production takes place only when
A producers sell to retailers
B value has been added to a commodity
C modern equipment is used
D consumption has taken place
If elasticity of demand is greater than I and less than infinity, demand is said to be
A elastic
B perfectly inelastic
C inelastic
D perfectly elastic
Economic freedom is a basic feature of economy
A an industrialized economy
B a planned economy
C a developed economy
D a market economy
When the marginal utility of a commodity is zero the total utility is
A at its minimum
B upward-sloping
C downward-sloping
D at its maximum
An inverse relationship between price and quantity demanded implies that
A the two variables change in opposite directions
B the two variables change in the same direction
C only one variable changes
D the two variables remain unchanged
A buyer who haggles in the market is applying the principle of
A choice
B price mechanism
C opportunity cost
D utilty maximization
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
A the price-quantity ratios are equal
B equal amounts of X and Y are consumed
C less of Y and more of X are consumed
D less of X and more of Y are consumed
The technical relationship between input combination and maximum attainable output is called
A a production function
B an indifference curve
C an isocost
D an isoquant
The hoarding of goods is usually experienced when
A supply is greater than demand
B the market price above the equilibrium price
C demand is greater than supply
D excess demand is greater than excess supply
Under perfect competition, the short-run supply curve of a firm is determined by its
A total cost curve
B marginal cost curve
C average fixed cost curve
D average cost curve
In a car assembly plant, division of labour is demonstrated by
A assigning each worker to a specific activity
B assigning each worker a given number to produce
C increasing the daily output
D producing a specific model
An example of a long-run cost of a firm is
A fuel and maintenace cost
B the planned size of plant equipment
C the existing size of plant and equipment
D rent on buildings
An increase in the quantity supplied of commodity suggests
A a leftward shift of the supply curve
B a rightward shift of the supply curve
C a movement along the supply curve
D an increase in elasticity of supply
For a firm to break even in the long run, the marginal cost curve must cut the
A average variable cost curve at its higest point
B average cost cure at its lowest point
C average cost curve at its lowest point
D total cost cure at its lowest point
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