Question 1 of 20 98 total questions
From the table above, the average product of the 3rd unit of labour is
The basic principle of cooperative societies is to ________
A maintain the integrity of their members
B protect the interest and pursue the welfare of members
C ensure better working conditions for members
D provide voluntary services to the members
Cost - push inflation occurs when_______
A production cost is high
B government embarks on deficits financing
C factors decrease
D there is too much in circulation
Goods sold in perfectly competitive markets are generally
A homogenous
B intermediate and final
C durable and non-durable
D heterogeneous
A a decrease in quantity supplied
B an increase in supply
C a decrease in supply
D an increase in quantity
The equilibrium price clears the market; it is the price at which___________
A Everything is sold
B Buyers spend all their money
C Excess demand is zero
D None of the above
Which of the following statement is TRUE about ECOWAS?
A The aim of ECOWAS is to ensure economic stability
B Bigger state in the community dominate the small state
C Members of the ECOWAS community can form cartel and create monopolies
D English is the only official language of ECOWAS
Which of the following is NOT illustrated by the production possibility curve
A Risk
B Scarcity
C Opportunity cost
D Allocative efficiency
One of the functions of the price system is that it
A encourages high volume of production
B dictates what the citizens will consume
C discourages the consumption of harmful goods
D regulates production and consumption
When the government fix the price of essential commodities, this is referred to as:
A Price equilibrium
B Price control
C Demanded price
D Asking price
Which of the following source of income is spectacular only to Government ?
A Payment from business transfer
B Bonuses
C Tax
D Wages
One of the major causes of farmers' unstable income in Nigeria is _________
A the effect of diseases and pests
B industrial pollution
C mining and extraction activities
D population growth
The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
In economics, the “how” or input question refers to:
A The problem of allocating scarce resources among competing uses
B The way in which factors of production may be combined to produce output
C The way in which a firm decides on its profit maximising rate of output
D The problem of how output is distributed among individuals and groups in society.
One of the unique features that distinguishes the perfect and imperfect market condition is _________
A profit motive principles
B absence of price control board
C price determines production and distribution
D number of sellers and buyers
Which of the following is not an indicator of economic growth?
A CPI
B PPI
C GDP
D High Level of Unemployment
Changing the structure of a commodity in order to increase its utility is called?
A Time utility
B form utility
C marginal utility
D place utility
A country's terms of trade can be improved by ____?
A collective bargaining
B imposing lower export duties
C revelation of currency
D reducing demand for imported goods
Given that Qd = 10 - 2p while Qs = 5 + 3P, if P = N 1 determine the equilibrium quantity
Which of the following is NOT an instrument in the money market?
A Treasury bill
B Bill of exchange
C Stocks and shares
D Call money fund
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