Economic activities are undertaken to solve the problem of
2
Farming, mining and fishing are
3
A list of consumer's wants arranged in order of priorities is known as
4
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
5
The remuneration of the entrepreneur as a factor of production is called
6
The production factor, whose entire world supply is fixed is
7
when all factors input are reduced by half, the production possibility curve will shift
8
when a worker changes from one tye of job to another, it is called
9
which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate
10
Age distribution is important because it helps the government to
11
A group of firm producing similar commodities for the same market constitute
12
a factor that has slowed down the rate of industrial development in West Africa is
13
To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its
14
Price control refers to
15
The desire for goods without the ability to pay is called
16
amount of goods offered to the market at respective prices and presented in a table is called
17
At the equilibrium price, quantity demanded is
18
If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be
19
one of the factors determining price elasticity of demand for a commodity is the
20
If elasticity of demand for a commodity is less than one, demand is
21
The transfer of ownership of a public enterprise to individuals and firms is called
22
One-man business are popular in West Africa because of all the following except the
23
Wholesalers are often criticized because they
24
In which of the following business units are the owners mostly customers?
25
information about new goods is passed on to buyers through
26
The profit of the producers can be calculated as the
27
The direct exchange of one goods for another without the use of money is known as
28
Acceptability, durability, homogeneity and portability are all attributes of good
29
The term demand for money means
30
A persistent and appreciable rise in the general level of price is known as
31
A commercial banks deposits are
32
The lender of last resort in the banking system is the
33
Discounting a bill of exchange means the bill is
34
The central banks control credit in the economy through the use of
35
Among the principles of taxation propounded by Adam Smith was that
36
Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is
37
Government revenue from the groundnut industry is from
38
The theory of comparative cost advantage is associated with
39
When the value of a nation’s export is greater than its imports
40
To improve the balance of payment s position in West African countries, there must be
41
The Economic Community of the West African States (ECOWAS) is an example of
42
One reason for the low agricultural production in West African countries is that
43
Mono-product economies are those that
44
An essential characteristics of market economy is
45
In a capitalist system goods are produced for those who
46
An economy which exhibits features of both private and State enterprises is known as
47
In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of
48
Economic development is define as
49
Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?
