Question 1 of 20 135 total questions
In Economics, want means…………aspiration
A endless
B qualitative
C quantifiable
D satisfied
The indices used to measure the cost of living is
A consumption expenditure
B national income
C per capital income
D price index
E savings and investment
The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is
A motive
B aim
C determination
D self discipline
E none of the above
The decision of whether to use labour or capital intensive techniques in production process is a problem of
A for whom to produce
B how to produce
C resource allocation
D what to produce
E when to produce
Arrangement of wants in order of importance is brought about by
A excess supply of goods
B interest in doing so
C scarcity of resources
D opportunity cost
E limited wants
Which of the following is NOT a factor to be considered in siting an industry in a particular area?
A access to raw material
B availability of recreational facilities
C market
D sources of power
E transport facilities
The amount of money required for the day-to-day running of a business is known as
A economics capital
B fixed capital
C paid- up capital
D reserve capital
E working capital
The excess profit made by a firm in a competitive market situation in the short-term is known as
A break even
B marginal profit
C net profit
D normal profit
E super normal profit
Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called
A bears
B brokers
C bulls
D jobbers
E stags
Which of the following is true about average cost?
A Fixed cost/quantity
B Marginal + Fixed cost
C Quantity × Fixed cost
D Total cost/quantity
E Total cost - fixed cost Quantity
The most generally accepted definition of Economics was given by
A Adam Smith
B David Ricardo
C Lord Robinson
D Thomas Mathus
E Sam Aluko
In a socialist economic system, decisions relating to the fundamental economic problems are taken by
A academicians
B government
C individuals
D judiciary
E manufacturers
When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is
A competitive demand
B complementary demand
C composite demand
D independent demand
The assumptions of the principles of comparative cost advantage is based on
A II & III only
B I & II only
C I, II & III only
D II only
E III only
To an individual, the term cost will include expenditure on the following EXCEPT
A clothing
B Entertainment
C housing
D payment of school fees
E settling national debts
The types of unemployment that evolved the use of machines to replaces human labour is known as
A cyclical unemployment
B frictional unemployment
C seasonal unemployment
D structural unemployment
E technological unemployment
The introduction of money into the economy has helped to resolve the following problems EXCEPT
A accessibility of needs
B availability of goods
C coincidence of wants
D making deferred payments
E measure and store of value
The following are the main problems of distribution of essential commodities in Nigeria EXCEPT
A excessive demand
B hoarding of goods
C long chain of distribution
D poor storage facilities
E poor transportation network
When total utility is at maximum, then marginal utility is
A decreasing
B increasing
C maximum
D negative
E zero
A major achievement of the Organization of Petroleum Exporting Countries (OPEC) is that
A crude oil price has increased tremendously
B petroleum product price have remained low
C producing countries are highly industrilized
D price of crude oil has remained relatively state
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