Economics — 1996

The ranking of a consumer’s need in order of importance is termed

If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is

If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

Subsistence agriculture means

Farm produce are graded, packed and distributed by

Localization of industries is

Which of the following correctly illustrates the chain of distribution?

The natural growth rate of a population is the

Decreasing returns to scale implies ta if all factors of production are doubled, output will be

Rents and interest are rewards to

The process that leads to an agreement on the condition of service between employer and employee is termed

Diminishing return occurs in short run when there is a reduction in the

In production, factory buildings are regarded as

The Ownership of a Public Limited Company is made up of

All the following are the economic reasons for establishing public enterprises except the provision of ,

The unemployment associated with decrease in demand is referred to as

Monopoly can best be described as a market in which

which of the following market structure are imperfect in competition. I monopoly II duopoly III oligopoly

Demand-pull inflation results when there is

Changes in the value of money can be measured by

The efficiency of a country's labour force depends on all the following except

which of the following is a bank's responsibility to it's shareholders?

Deficit financing means

Development banks mainly provides

In calculating the Gross National Product (GNP) by the income approach , all the following are included except

Exchange control is a weapon used in regulating

The current and capital accounts in Nigeria’s balance of payments contain all the following items except

Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The

Economic growth specifically refers to the

The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is

The petroleum industry in Nigeria is an example of a

The international cartel formed to stabilize the world oil market is the

The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the

The International Monetary Fund (IMF) is an international organization which

An economic system in which most means of production are owned and controlled by the State is known as a