Question 1 of 20 49 total questions
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
Long-run production is called
A diminsihing returns to scale
B returns to scale
C external economies of scale
D economies of scale
The distinction between onshore and offshore operations in oil exploration lies in the
A location of sites
B output generated
C size of production
D techniques of production
Agricultural backward-linkage effect means the establishment of
A subsidiary industries to increase the number of industries
B main industries to increase output
C industries to reduce imports
D subsidiary industries to feed the main industry
If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county
Localization of industries in Nigeria is mainly influenced by
A market size
B population groupings
C raw materials
D external economies
During a conflict between management and workers, the union's bargaing power is based on
A work-to-rule
B negotiation
C picketing
D management decision
The major contribution of the petroleum industry to the Nigerian economy is the
A generation of revenue for the oil companies
B provision of employment opportunities for communites
C generation of revenue for government
D promotion of industrial harmony
The short-run inelasticity of supply of agricultural produce causes
A stability in prices
B a steady rise in prices
C a steady decline in prices
D instability in prices
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