Question 1 of 20 143 total questions
What is the median quantity?
An institution that regulates trade relations among members is the
If government increases in its expenditure on public works, the desired effect is
A a reduction in the use of capital equipment
B an increase in the level of emploment
C an increase in the level of inflation
D an increase in the use of capital equipment
The factor responsible for the current inflationary pressures in Nigeria is the
A exchange rate depreciation
B increase in exports
C low per capital income
D budget surplus
Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are
A partnerships and limited liability companies
B partnerships and sole proprietorships
C cooperatives and sole proprietorship
D corporation and sole proprietorship
A long-term capital outflow is recorded in the balance of payment as a
A credit on the capital account
B credit on the current account
C debit on the current account
D debit on the capital account
Economic growth is different from economic development because economic growth
A describes expansion and change
B is measurable but not objective
C describes expansion and not change
D is not measurable but objective
The loans from the World Bank to developing countries are mainly to support
A capital-intensive technology
B the establishment of universities
C their infrastructure investment
D their level of consumption
The raising of funds by selling stocks to the public is called
A equity financing
B deflcit financing
C loan financing
D debt financing
The problem of planning in Nigeria is mainly in the
A implementation of the plans
B appraisal of the plans
C allocation of scarce resources
D articulation of the plans
The price index computed between two time periods is given as 128%,This implies that the
A disposable income have increased by 28%
B living standards have fallen by 128%
C living standards have risen by 128%
D living standards have fallen by 28%
The monetization policy of the Nigerian government is aimed at
A encouraging public servants to retire early and become self-employed
B transferring government's properties to retired public servants
C reducing government's burden on the provision of fringe benefits to public servants
D helping government recover properties held by public servants
In economics, production takes place only when
A producers sell to retailers
B value has been added to a commodity
C modern equipment is used
D consumption has taken place
If elasticity of demand is greater than I and less than infinity, demand is said to be
A elastic
B perfectly inelastic
C inelastic
D perfectly elastic
Economic freedom is a basic feature of economy
A an industrialized economy
B a planned economy
C a developed economy
D a market economy
When the marginal utility of a commodity is zero the total utility is
A at its minimum
B upward-sloping
C downward-sloping
D at its maximum
An inverse relationship between price and quantity demanded implies that
A the two variables change in opposite directions
B the two variables change in the same direction
C only one variable changes
D the two variables remain unchanged
A buyer who haggles in the market is applying the principle of
A choice
B price mechanism
C opportunity cost
D utilty maximization
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
A the price-quantity ratios are equal
B equal amounts of X and Y are consumed
C less of Y and more of X are consumed
D less of X and more of Y are consumed
The technical relationship between input combination and maximum attainable output is called
A a production function
B an indifference curve
C an isocost
D an isoquant
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