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Adam Smith's Theory of value stated that the value of a commodity depended on________
Consider the diagram below which shows a demand curve (d).
Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________
If AC and MC are represented on a graph, the MC curve will cut the AC curve_______
Consider the following figures which refer to a firm's production department during one week:
Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are
A contractionary monetary policy is used to control__________
The term "Money at call and short notice" in a bank's assets represents the bank's loans to______
The second equation of exchange is__________
The term M \(^3\) comprises M \(^1\) together with deposits on deposit account held by_______
The following are measures of location except________
Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.
Use the following information given to answer this question
Total of all expenditure incurred during the year ₤80,000 m
Indirect taxes on goods and services ₤8,000m
Capital consumption ₤6,000m
Gross national expenditure at factor cost is_________
Use the following information given to answer this question
Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m
National income is__________
A supply curve slopes upwards from the left to the right indicating__________
When of the following matters may account for changes in supply?
I - technological advances in an industry
II - changes in labour costs
III - changes in source of supply
IV - changes in levels of taxation
An example of a vertical combination is the merger of_________
Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________
An example of a market which approaches fairly near to perfection is____________
Which of the following matters may account for changes in demand?
I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation
A commodity is defined as normal when its demand changes in the same direction as______
Effective demand for a commodity is desire for that commodity backed by_______