Economics — 2007

The three principal economic unit in any system are

The satisfaction derived from the use of a commodity is its

The reward which accrues to labour for participating in production is

The Malthusian theory of population does not concern itself with

one characteristics of labour is that it is

a country where labour is not sufficient to make proper use of natural resources is said to have an

When population is classified according to professions, it is called

What must be added to variable cost to give total cost?

Revenue is the

Given that TR is total revenue, then TRn -TR (n-1) can be used to find the

The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’

The demand for beans in bags is given by the function Q - 36 + 0.4P = 0. Where P is price in naira and Q is quantity. Find Q when P = 20 naira.

If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be

in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in

Patents are examples of

which of the following is a characteristics of monopoly

when a firm is nationalized ,

The practice whereby a business is owned by two or more independent firms is termed

The main objective of privatizing a government business is to

the return of investment that is just sufficient to satisfy the owner of a business is called?

which of the following is a middleman in the chain of distribution?

A negative effect of the presence of a large number of middlemen in the distributive network is

An example of a producer goods is a

To promote the development of agricultural sector, government of West African countries should

The most important quality of money is that it must be

A certain amount of money is needed for everyday expenditure like buying of goods, transportation and others. This is

Long-term loans can be secured from

The value of money is generally measured in relation to the

which of the following is true under rapid inflation? People

which of the following financial institutions was originally known as a Building Society?

A non-bank financial intermediary which is regarded as a pool of risks is the

A foreign exchange market deals in

Which of the following institutions assists the government in managing the national debt?

If tax takes a large proportion of the income of people with lower income, the tax is

Which of the following is an example of direct tax?

Monetary control measure are coordinated by

A country whose economy is buoyant is likely to have

The Net National Product (NNP) is Gross National Product (GNP) less

If the population of a country is low and the Gross National Product is high, the per capita income will be

The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?

One of the advantages of capitalism is that

Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?

International trade depends on the concept of?

One advantages if international trade is that

The practice of selling goods overseas and often below the cost of production is known as

A summary of all the receipts and payments of a country in international transaction is called

Which of the following countries export cocoa?

Which of the following are examples of transfer payments?

ECA means