Question 1 of 20 100 total questions
In long run, all factors inputs are
A variable
B diminishing
C constant
D fixed
The precautionary motive for holding money is to enable the holder to
A buy stocks when interest are high
B overcome unforseesn contigencies
C buy goods and services on daily basis
D buy fixed assets
In determining cost economics considers
A implicit cost only
B explicit cost only
C implicit and explicit costs
D explicit cost less implicit
Productivity , per worker, is best measured by
A total output less number of workers
B total output multiplied by number of workers
C number of workers less total output
D total output didvided by number of workers
The graph of the function X = a + bY is
A linear
B quadratic
C cubical
D exponential
The system whereby goods are exchanged for goods is known as
A stock exchange
B barter system
C banking
D co-operative system
which of the following best describes capital as a factor of production?
A a natural resources found everywhere
B a stock of physical assets used for production
C the organization of human and material resources for production
D resources used in training labour
every society strive to pursue all the following economic objectives except
A increase production
B price stability
C an inequitable distribution of income
D sustainable growth and income
The price elasticity of coefficient indicates
A how far business can reduce cost
B the degree of competition
C the extent to which curve shifts
D consumer responsiveness to price changes
E none of the above
The money payment made to owners of land and labour are
A rent and wages
B interst and profits
C wages and interest
D didvidends and salary
E tax
Calculate the total number of people engaged in tertiary production from the data above
A 5,000,000
B 6,250,000
C 11,750,000
D 12,250,000
Use the diagram above to answer this question. Identity the three Important factors that can make So to become either S1 or S2
A Technology, weather and population
B Technology, price and tastes
C Weather, price and technology
D Population, weather and taste
Use the diagram above to answer this question. Points E6 and E5 are respectively equilibrium points for
A Do and So D o and S2
B D1 and S2 ; D2 and So
C D2 and S1 ;D2 and S2
D D2 and So Do and S2
In the diagram above, the consumer attains equilibrium at point
The graphs illustrate
A joint demand
B derived demand
C composite demand
D competitive demand
In the table, the income elasticity of clothing is
From the table calculate the national income
A N18,500m
B 19,000m
C 19,500m
D 20,500m
The most acceptable economic measure for trade protection is to?
A improve standards of living
B protect infant industries
C safegard strategic industries
D promote foreign trade
Favorable terms of trade is important to a country because it facilities?
A economic prosperity for importers and exporters
B export of hard currency by the government
C economic prosperity for country
D import of hard currency by the government
Gains from trade depends on?
A comparative advantage
B absolute advantage
C distributive cost advantage
D absolute cost advantage
Next
Question Navigator
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
