Question 1 of 10 50 total questions
The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the?
A role of supply and demand
B role of material incentive
C existence of buyers and sellers
D role of money
The U-shape of the long run average cost curve can be explained by the?
A law of increasing returns
B law of constant returns
C law of diminishing returns
D concepts of economies and diseconomies of scale
The higher the price of capital relative to the price of labour, the more production techniques should be?
A labour-intensive
B capital-intensive
C fixed
D technology-intensive
BY definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation?
A VC =TC + FC
B VC = TC - FC
C VC = TC/FC
D VC = (TC)(FC)
The migration of young people from rural to urban areas in Nigeria should help to raise the?
A standard of living in the urban areas
B total productivity of labour in the rural areas
C marginal productivity of labour in the rural areas
D marginal productivity of labour in the urban areas
the major objective of current campaign for family planning in Nigeria is to?
A reduce the death rate
B limit the number of women a man can marry
C keep the population growth rate constant
D raise the standard of living of the population
Which of the following is applicable in a wholly capitalist economy?
A There is government intervention in price determination
B Consumer sovereignty does not exist
C The price mechanism allocates resources
D Households cannot freely decide what to spend on goods and services
For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?
A amount of X it could not produced
B amount of Y it produced
C total amount of Y it could have produced
D extra amount of Y it could have produced
Scale of preference refers to?
A consumers preference for luxury goods
B the household monthly income
C list of goods and servicesin order of priority
D budget perparation without paying due regard to priority
Which of the following situations can give rise to economic problems?
A Unlimited human wants
B Wants of varying important
C Limited means available for satisfying wants
D Means used in different ways
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