Question 1 of 20 135 total questions
In a capitalist system, the means of production is owned and controlled by
A the government
B politicians
C private indidviduals
D the workers
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers
A I and IV only
B I,II,III and IV
C I, II and IV only
D I, II and III and III
The three broad categories of productions are
A direct, secondary and extractive
B primary, tertiary and direct
C primary, secondary and tertiary
D secondary , primary and direct
The reward for land as a factor of production is
A interest
B rent
C dividends
D wages
Which of the following is an economic activity?
A attending a town's meeting
B a visit to the stadium
C payment of school fees
D arresting a petty thief
A movement from M to T implies that there has been
A A decrease in supply
B An increase in demand
C A decrease in price
D An increase in price
When there is a change from T to N, it implies that
A Supply has increased
B Quantity supplied has increased
C Quantity demanded has increased
D Price has fallen
The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?
The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is
A 2 units of rice
B 5 units of beans
C 17 units of rice
D 20 units of beans
In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point
The diagram above represents the short-run position of a monopolist. The profit-maximizing output is
A black market can occur when
A supply is in excess of demand
B consumption of the commodity is restricted
C prices are set by government above the equilibrum
D prices are set by government below the equilibrium
In a textile factory, the cost of cotton used is a typical example of
A an average cost
B a variable cost
C a fixed cost
D a total cost
A firm operating at full capacity will experience rising short-run total costs when
A prices of its variable inputs rise
B prices of its variable inputs fall
C there is a change in management
D labour productivity increases
A necessary condition for specialization in an economy is the existence of
A a regulated market
B a competitive market
C a medium of exchange
D adequate capital
If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be
A jointly supplied
B competitive
C composite
D jointly demanded
Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?
A N720.00
B N216.00
C N44.00
D N880.00
A major characteristic of a mixed economy is that
A economic decisions are made by both the rich and the poor
B both primary and secondary production are undertaken
C the federal and the state governments undertaken joint projects
D economic activities are undertaken by both the public and private sectors
A large standard deviation is an indication of
A the size of the sample
B a wide spread around the mean
C a wide difference between the mean and the mode
D the difference between the highest and the lowest values
One of the assumptions of ordinal utility in consumer behaviour is that
A consumers are irrational
B marginal utility rises continuously
C utility is measurable
D utility can only be ranked
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