Economics is often described as a science because it
2
Scarcity in Economics means that
3
which of the following has a derived demand?
4
In Economics production is complete when
5
Goods are said to be in competitive demand when they
6
The formula for calculating price elasticity of demand coefficient is
7
when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's
8
a shift in supply curve to the right will result in a
9
one of the disadvantages of the division of labour is that it
10
The value of money is affected by the
11
which of the following is not a problem in the barter economy?
12
The optimum population of a country is reached when the
13
when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of
14
In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant
15
for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when
16
If the price of product K declines , the demand curve for the complementary product J will
17
a stock exchange is a market that
18
The situation whereby government revenue is less than government expenditure is referred to as
19
which of the following will not increase the population of a country?
20
the actual output of an economy is the output
21
one of the instruments of protection of infants industries is the
22
inflation caused by increase in demand can be curbed by
23
which of the following is a function of commercial banks?
24
Division of labour leads to
25
The largest employment sector in a typical West African country is
26
The indigenisation policy in Nigeria is aimed at
27
the foregone alternative in Economics is simply the
28
all the following are different forms of money except
29
The developments banks are essentially different from commercial banks because they
30
The outward shift to the production possibility curve could be due to
31
which of the following is not true of a firm in equilibrium condition in perfect competition?
32
Hoarding in distributive trade leads to
33
Hoarding in distributive trade leads to
34
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
35
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
36
Free Trade means
37
In a public company , entrepreneural function are performed by the
38
Term of trade is the
39
Tariff can be define as a compulsory levy on
40
international trade is different from internal trade because of the
41
which of the following is not a visible item in international trade payments?
