Question 1 of 20 50 total questions
The creation of utility can be referred to as
A value added
B profit maximization
C entreprenuership
D production
The reduction in the value of a country's currency of other nations is known as
A deflation
B devaluation
C inflation
D revaluation
A form of tax in which the poor pay a higher rate than the rich is known as
A regressive tax
B backward tax
C oppressive tax
D retrogressive tax
One quality of money which makes it possible to be carried easily is its
A Scarcity
B Durability
C portability
D acceptability
In a socialist economy, factors of production are owned and controlled by the
A citizens
B businessmen
C government
D foreigners
The situation where by a government spends more than its budgets for a fiscal year is known as
A extra budget
B surplus budget
C mid-year budget
D deficit budget
Mortgage banks give loan to investors on long term basis to
A finance agriculture
B establish banks
C acquire machinery
D build houses
Deflation can be controlled by increase in
A the bank rate
B income tax
C the price level
D the budget deficit
In the money market , money can only be borrowed for
A long term
B short term
C capital project
D public utilities
When price elasticity of supply is equal to 0.4, supply is said to be
A inelastic
B elastic
C unitary elastic
D public utilities
In a perfect market price and quantity to be bought are determined by the
A consumers and retailers
B producers and wholesalers
C forces of demand and supply
D interest of government and producers
Government imposes taxes mainly to
A punish the citizens
B provide social amenities
C donates to poorer countries
D execute white elephant projects
The establishment of industries in rural areas will help to reduce
A urban-rural migration
B urban-urban migration
C rural-urban migration
D rural-rural migration
income elasticity of demand is measurement of the responsiveness of
A price to change in income
B quantity demanded to change in income
C change in expenditure to change in income
D change in expenditure to change in price of the commodity
when all factor inputs are doubled , the production possibly curve will
A shift from left to right and return to its orignal position
B shift from left to right
C remain in its former position
D shift from right to left
The marginal revenue curve of a monopolist is
A upward sloping from the right to left
B downward sloping from left to right
C paralell to the quantity axis
D downward sloping from right to left
Profits can be calculated by
A subtracting total cost from total revenue
B subtracting average revenue from total cost
C dividing total revenue from total output
D dividing marginal revenue by marginal cost
A priority rating of aggregate individuals wants is called
A Scarcity
B choice
C A scale of preference
D opportunity cost
Per capita income in any West African country is measured by
A dividing the GNP by total population
B adding the total savings to the GNP
C multiplying the GNP by the total population
D subtracting the GNP fron the GDP
The benefits that result from concentrating similar firms in an area is referred to as
A external diseconomies of scales
B internal diseconomies of scales
C internal economies of scales
D external economies of scales
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