Question 1 of 20 2,540 total questions
If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?
A an increase in profit by 43%
B a net gain
C a decrease in profit 43%
D a net loss
The firm whose sales and total revenue of the commodity as given in the table is
A a monopolist
B a monopolistic competitor
C an oligopolist
D a perfect competitor
How many student took the examination?
If the pass mark was 40. how many students passed the examination?
In a price-taking firm, the portion UT above is the firm's
A average revenue curve
B Long-run average cost curve
C demand curve
D supply curve
The marginal product X is
The average product Y is
In the diagram L1 L1 and L2 L2 are budget lines. 11 12 and 1 3 are indifference curves. which points are optimal?
A U and W
B V and W
C U and Z
D Y and Z
Commodities I and II are
A competitive supply
B Substitute supply
C Joint supply
D Derived supply
The supply of commodity II increasing from S 1 S 1 to S 2 S 2
A Moves the price below OP 2
B Leads to a fall in price from OP 1 to OP 2
C Increases the price from OP 2 to OP 1
D Moves the price to OP 1
Being a member of the OPEC, Nigeria is in a favorable position to?
A export her crude oil
B control world crude oil prices
C reap the benefit of a cartel
D borrow money from members
If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?
A $0.05 = N1.00
B $0.06 =N1.00
C $0.11 =N1.00
D $0.12 =N1.00
A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade?
A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be?
A developing
B developed
C poor
D underdeveloped
Public debt is composed of?
A internal debts and World Bank loans
B money owed to local and foreign contractors
C internal and external debts
D loans granted by IMF and ADB
An aspect of taxation that involves normative economics is the?
A ]tax rate
B effect on incentive to work
C fairness of the tax
D tax burden
A capital market differs from the money market in that in the former?
A loan sought is short term
B loan reayment is guaranteed
C loan sought is long term
D the percentage of interest chargedis more
Two principal ways by which banks can lend money to their customers are through?
A loans and overdrafts
B loans and discounting bills
C overdrafts and cheques
D overdraft and treasury bills
A persistent rise in the general level of prices implies?
A an increase in some prices
B a one-time rise in prices
C a steady fall in the purchasing power of money
D that the higher the price level, the more the value of money
An increase in money supply, other things being equal, will?
A lower interest rates
B reduce income
C ensure trade balance
D increase money demand
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