Question 1 of 20 4,545 total questions
The elasticity of demand for a firm's product is 2.
A 10 per cent
B 20 per cent
C 30 per cent
D 40 per cent
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?
A the equilibrium price and quantity will increase
B only the price will increase
C only the quantity will increase
D the price will remain constant
Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?
A 20 and 80
B 30 and 120
C 40 and 60
D 60 and 240
A good is said to be inferior if its demand?
A rises as it price rises
B falls as it price rises
C rises as it price falls
D is perfectly inelastic
The type of cost which has to be covered for a firm to continue production in the short-run is the?
A overhead cost
B fixed cost
C marginal cost
D average variable cost
Labour productivity is the ratio of?
A labour to output
B man-hours to output
C output to man-hours
D average product to man-hours
One of the objectives of Nigeria's current population policy is to?
A reduce the birth rate
B reduce the emmigration rate
C increase the birth rate
D enhance longevity
In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the?
A dependency is ratio high
B population is optimum
C active population is large
D population is growing according to Malthus theory
When a country's population is experiencing increase returns, that country is said to be?
A overpopulated
B economically poor
C over-producing goods and services
D underpopulated
One of the fundamental differences between a capitalist and a socialist economy is that while?
A the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
B in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
C taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
D income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
One of the features of a free market economy is that?
A resources are directed by the price mechanism
B workers do not earn equal wages
C the profit motive is serverly constrained
D descisions on the economy are taken by bureaucratic structures
Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore?
A inconsistent
B consistent
C transitive
D rational
With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?
A total utility derived from each goods and services is increasing at an increasing rate
B marginal utility derived from each good or service is increasing at the same rate
C marginal utility derived per naira spent is the same for all the goods and services
D total utility derived from all the goods and services is large
An economic system in which most means of production are owned and controlled by the State is known as a
A socialist economy
B capitalist economy
C mixed economy
D political economy
E feudal economy
The International Monetary Fund (IMF) is an international organization which
A gives annual grants to all developing countries
B assist countries to solve their balance of payment problems
C execute their development projects
D help to promote regional economic groupings
E is owned by all developed countries
The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the
A political conflicts in the United Nation Security Council
B educational needs of the developed countires
C religious affairs in the Southern Africa
D revenue allocation in Nigeria
E better terms of trade in the world
The international cartel formed to stabilize the world oil market is the
A Economic Commissioner for Africa
B International Monetary Fund
C Organization of Petroleum Exporting Countries
D Organization of Petroleum Importing Countries
E International Trade Organization
The petroleum industry in Nigeria is an example of a
A capital-intensive industry
B service industry
C labour-intensive industry
D tertiary production industry
E localized industry
The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is
A N2.52
B N3.28
C N3.75
D N3.96
E N9.20
Economic growth specifically refers to the
A reliance on imported goods in preference to home-made goods
B sustained increase in the output of goods and services per head
C change in technical and institutional arangment of the economy
D continued increase in the depletion of a country's natural resources
E increase in the total number of people in the economy
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