Economics — 2008

The main concern of economists is to

Productive resources can also be called

Production covers all the following except when

Data presented in tables are usually arranged in

The theory of diminishing marginal utility states that as more units of a commodity are consumed, the

Which of the following factors does not cause a change in demand

If good P and Q are jointly demanded, an increase in the price of P will likely

The gap between demand and supply curves above the equilibrium price is

A major function of the price mechanism is that it determines the

Which of the following determinants of supply cannot be predicted easily?

If the co-efficient of elasticity of demand is 1.5, then the demand is

Small scale enterprises are important in a country because

In the long run all factors of production are

The transformation curve slopes indicate that

Which of the following is regarded as fixed cost?

Revenue is the

A business outfit is said to be a public limited company when it

The main characteristics of an ordinary shares are

the monopolist can determine

A market situation with a larger number of firms selling closely related but, differentiated products is

equilibrium under perfect competition requires that

The purely competitive firm should close down when its price is less than its

During a sale by auction, the price at which the goods finally sold is determined mostly by

which of the following does not affect a country's population?

The trade unions in West Africa have achieved the following for the workers except

The employer's demand curve for labour is represented by the

agriculture plays a dominant role in our country because

the main objective of specialization is to

industry can be define as

Which of the following is a disadvantage of large scale production?

Which of the following is a disadvantage of large scale production?

The national income off a country can be estimated through the

A medium of exchange which is generally acceptable is

Since money is demanded for what it can buy, the demand is said to be

The supply of money in the economy includes

A continuous fall in the general price level is called

The indicator of the value of money is

The Central Bank can restrict credit through

Creation of money by commercial bank is done by

Public finance is basically an analysis of the

All indirect taxes tend to be

Which of the following will have a more destabilizing effect on the economy?

An important feature of economic development is

Trades among nations is desirable because

Invisible trade refers to trade in?

Balance of payment surplus implies that the value of the country’s

The Economic Commission for Africa is an agency of the