Question 1 of 20 50 total questions
Scarcity in economics generally refers to
A A period of feminine
B Monopolization of existing supply of resources
C Nationalization of sources of raw materials in Nigeria
D The control of outlets to sell goods
E None of the above
External economies are
A The advantage accuring to a firm as a result of its expansion
B The advantages accuring to one firm as a result of the existence of other firms in the same locality
C Benefits derived by a firm as a result of its own individual policy
D Reaped only by agricultural firms
E Bound to increase the costs of production whatever the circumstances
A movement along a given demand curve for a good is caused by a change in
A A consumer income
B The price of the good
C Taste
D The prices of other goods
E Population
If P8 and P9 represent the population of West African in 1978 and 1979 respectively, and given that in 1979.
A P9 = P8 + D - B = I - E
B P9 = P8 + B - D + I - E
C P9 =P8 + B - D + E - I
D P9 = B - D + I - E
E P9 = P8 + B + D + I + E
Market for Garri: At a price of N5, the excess supply is`
A 30 tins per week
B 45 tins per week
C 15 tins per week
D 20 tins per week
E indeterminate
Which of the following is NOT a visible iterm in international trade payments?`
A Payments for imported cars
B Receipts from coca exports
C Payments to foreign shipping companies
D Payments for steel imports
E Payments for petroleum imports
Which of the following statements does NOT describe a situation of perfect competition?
A The firm faces an infinitely elastic demand curve
B The firm makes no pure profit in the short run
C The price does not change with changes in the output level of the firm
D There is freedom of entry into and exit out of , the industry
E The firm can sell all it produces at the market price
Summary of production conditions in countries l and ll.
A country I has absolute disadvantage in the production of both cocoa and cloth
B country I has absolute advantage in the prodcttion of both cocoa and cloth
C country ll has absolute advantage in the production of both cocoa and cloth
D country ll has a comparative advantage in the production of cocoa
E country ll should leave the production of both cocoa and cloth to country l.
From the above, the Growth Rate of Total National Output or GDP is
A 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B 20.0%, i.e. (2 + 5 + 10 +3)%
C 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E not obtainable
In this diagram, So So is the original supply curve while S1 S1 represent?
A A movement along a give supply curve
B an increase in supply
C decrease in supply
D A perfect elastic supply curve
E An abnormal supply curve
From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are
A 15k, 13,000
B 20k, 17,500
C 13k, 20,000
D 18k, 18,000
E 18k, 15,000
Progressive income tax can be expressed as
A tax that falls as income rises
B tax that rises as income falls
C tax that is independent of income
D tax that rises as income rises
E tax that is neutral to income
Opportunity cost is best defined as?
A the penalty for not seizing golden opportunities
B sacrificed alternative (output, income etc.)
C the cost of creating job opportunities
D payment made to an industrial worker
E the difference between fixed and variable costs
Which of the following is NOT a characteristic of perfect competition?
A many sellers and buyers in the markets
B There is perfect knowledge
C Supply and demand are equal
D There is no advertising
E Products are identical
Inflation is likely to benefit?
A persons with bank savings
B persons employed in financial houses
C debtors
D persons who lived on fixed pension funds
E creditors
If the income of a consumer rises and his demand for good X falls, good X can be described as
A a normal good
B an adnoral good
C a good with inelastic demand
D a good with unitary elastic demand
E none of the above
One of the probable effects of an increased minimum wage in Nigeria is?
A to create volunteer unemployment
B to decrease the wage rate
C to increase the level of unemployment
D to create involuntary unemployment
E to increase the demand for labour
unlimited liability means?
A The government can tax a company without limit
B The debts of a company must be paid out of it assets
C A company ceases to exist at the death of one of its owners
D A firm must pay its debts from business as well as private funds
E None of the above
When a nation’s exports are greater than its imports
A The net foreign trade is zero
B an unfavourable balance of payment exist
C A favourable balance of payment exists
D An un favourable balance of trade exist
E A favourable balance of trade exists
An equilibrium price?
A keeps excess demand within limits
B keeps excess supply within limits
C generates the greatest possible demand and supply
D generates the greatest possible profits
E equates the quantity supplied to be equal to the quantity demanded.
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