Question 1 of 11 91 total questions
Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?
A 20 and 80
B 30 and 120
C 40 and 60
D 60 and 240
A good is said to be inferior if its demand?
A rises as it price rises
B falls as it price rises
C rises as it price falls
D is perfectly inelastic
The type of cost which has to be covered for a firm to continue production in the short-run is the?
A overhead cost
B fixed cost
C marginal cost
D average variable cost
Labour productivity is the ratio of?
A labour to output
B man-hours to output
C output to man-hours
D average product to man-hours
One of the objectives of Nigeria's current population policy is to?
A reduce the birth rate
B reduce the emmigration rate
C increase the birth rate
D enhance longevity
In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the?
A dependency is ratio high
B population is optimum
C active population is large
D population is growing according to Malthus theory
When a country's population is experiencing increase returns, that country is said to be?
A overpopulated
B economically poor
C over-producing goods and services
D underpopulated
One of the fundamental differences between a capitalist and a socialist economy is that while?
A the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
B in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
C taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
D income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
One of the features of a free market economy is that?
A resources are directed by the price mechanism
B workers do not earn equal wages
C the profit motive is serverly constrained
D descisions on the economy are taken by bureaucratic structures
Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore?
A inconsistent
B consistent
C transitive
D rational
With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?
A total utility derived from each goods and services is increasing at an increasing rate
B marginal utility derived from each good or service is increasing at the same rate
C marginal utility derived per naira spent is the same for all the goods and services
D total utility derived from all the goods and services is large
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