Question 1 of 20 4,545 total questions
A market condition where profit is maximized when MR = AR = MC = P is known as
A monopoly
B oligopoly
C monopsony
D perfect competition
E duopoly
Which of the following will increase the GNP of an economy?
A increase government expenditure on the salary of the civil serants
B An increase in the proportion of the productively employed population
C a decrease in the rate of unemployment
D A decrease in the output per worker
E An increase in the population dependency ratio
A change in supply implies a
A shift in the supply curve to the right and not to the left
B shift in supply curve to the left and not to the right
C shift in supply curve to the left or to the right
D movement along the supply curve
E decrease in price and quantity supplied
The greater burden of the taxes on essential goods is borne by
A the middle income group
B high income group
C low income group
D people between the middle and high income group
E few top rich people
The comparative cost of doctrine of international trade means specialization in production according to
A absolute cost advantage
B absolute cost disadvantage
C comparative cost disadvantage
D comparative cost advantage
E the availability of labour
which of the following is not a good reason for the importation of agriculture in West African countries? it
A employs about 60% of the people
B provides the highest tax revenue
C is a major foreign exchange earner in most of the countries
D provides the raw materials for all import-substitution industries
E provide raw materials only for foreign industries
the largest part of the revenue of a country is derived from
A direct taxation
B indirect taxation
C excise duties
D company taxes
E non-tax revenue
Proportional tax is a tax whose
A percentage rate remains constant as the tax base increases
B percentage base increases as the tax base increases
C percentage rate decreases as the tax rate increases
D percentage rate fluctuates as the tax base increases
E burden falls heavily on consumer
Which of the following is not function of central bank
A Banker to the Government
B Banker's bank
C Acceptance of deposit from the public
D Responsibility for monetary policy
E Lenders of last resort
Which of the following is not a negative effect of inflation
A Lenders earn less
B Pensioneers and salary earners on fixed income suffer
C Exports tends to decline
D Savings are discouraged
E Borrowers tends to gain
Which of the following is not characteristics of a perfect competition ?
A many sellers and buyers are in the market
B there is perfect knowledge of the market situation
C supply and demand are equal
D there is no discrimination
E Products are identical
Near Money is made up of
A very liquid asset which can be easily converted into money
B currency in circulation and demand deposit
C note and coins
D fixed assets which cannot be converted into money
E the total money supplied in the economy
A stockholder partakes of the profit of a l8imited liability business by receiving
A shares
B profit
C wages and salaries
D dividends
E gifts
which of the following does not increase the population of country
A an increase in birth rate
B a decrease in death rate
C emigration
D immigration
E Early marriage
Money as a unit of account implies that it can be
A counted in units
B use to facilitate exchange
C used to measure the value of goods and services
D used to store goods and services
E used for future payment
if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
A decrease
B increase
C remain constant
D fluctuate
E be inelastic
The market price of a commodity is determine by the
A total number of people in the market
B total demand for the commodity
C quantity of the commodity supplied
D interaction of demand and supply
E law of demand
Economic growth is the
A rate of increase in a country's full employment and real output
B rate of increase in a nation's total population
C rate of increase in inflation
D rate of decrease inflation
E growth in birth rate
Money becomes a very poor store
A deflation
B stable prices
C recession
D inflation
E harvest
A society that is on its production possibility curve
A has attained full employment but not full production
B has attained full production but not full employment
C is using its resources inefficiently
D has attained both full employment and full production
E has a lower output level than it should have
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