Economics — 2004

Which of the following is an economic activity?

The reward for land as a factor of production is

The three broad categories of productions are

A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers

In a capitalist system, the means of production is owned and controlled by

Mixed economy refers to a system in which the means of production are controlled by

An economic goods is described as a good which

The concept of opportunity cost is important to the firm because it

As a firm expand s , it enjoys some advantages called

division of labour is limited by

An entrepreneur is likely to make more profits when

Natural growth rate is

A major effect of ageing population is

One of the problems associated with the middlemen in the distribution of goods is that he

The distribution of goods is said to be completed when it reaches the

The gap between demand and supply curve below the equilibrium price indicates

Demand for inferior goods is an example of

When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is

For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the

The market structure in which the operation are many and none of them can influence the price is

one main benefit of partnership is

Joint ventures are partnerships involving

The value of money is best determined by

Which of the following will be an effect of inflation?

Government can control inflation by

The market consisting of a network of dealers where currencies can be bought and sold is known as

Open Market Operation (OMO) means the

which of the following is an advantage of localization of industry?

which of the following will ensure efficiency in the in the industrial sector of your country?

The number of people who are qualified to work and who offer themselves for employment are called

When the general price level persistently falls, the rate of unemployment

Which of the following is not a direct effort to increase agricultural production?

To ensure high employment rate, developing countries should

The act of selling goods in foreign markets at prices below those charged at home market is called

Taxes levied on commodities are

One disadvantages of direct tax is that

International trade is an application of the principle of

Trade among West African countries is poor because the

A policy by which government restrict the amount of foreign currencies bought and sold is known as

which of the following item is under the capital account of a balance of payment?

A surplus in the balance of payment should be used to

Development planning which take an overall view of the economy is described as

The national income of a country can be estimated by the

which of the following is excluded when making national income?

The Economic Community of West African States (ECOWAS) has been been slow in achieving its objective sbecause of

A major achievement of the Organization of Petroleum Exporting Countries (OPEC) is that